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A business undertaking is an institutional arrangement to conduct any type of business activity. The undertaking may be run by one person or association of persons. It may be based on formal or informal agreement among persons who undertake to run the concern. The persons join together and pool their resources. They conduct the activities of the undertaking for the benefit of all.
A number of forms of organizations exist to suit the standards requirements of different business undertakings. There are five types of business undertakings:
- Sole Proprietorship.
- Partnership
- Limited Liability Company.
- Joint Stock Company.
- Cooperative Society.
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