The various steps involved in setting up a business enterprise will be most complex when it relates to an industrial unit. The steps in setting up a small industrial enterprise are as follows: Step # 1. Deciding to go into Business: This is the most crucial decision a youth has to take, shunning wage-employment and opting for self-employment/entrepreneurship. Step # [...]
There are mainly three forms of business organisation which are as follows: 1. Sole Proprietorship 2. Partnership 3. Joint Stock Company. While starting a business one has to choose one out of these different forms. Form # 1. Sole Proprietorship: One man business or sole proprietorship is the oldest form of business organisation from ownership point of view. In this [...]
In an international trade transaction, there is a time lag between the transfer of goods by the exporter to the importer, and transfer of payment by the importer to exporter. To protect both parties from counter-party risk, a number of documents are created and used. These are listed below: 1. Bill of Exchange 2. Bill of Lading 3. Letter of [...]