ORGANIZATION OF COMMERCE & MANAGEMENT - DISTINGUISH BETWEEN

ORGANIZATION OF COMMERCE & MANAGEMENT 


A. Distinguish between of all chapters

1. Sole Trading Concern & Partnership Firm

Sr. No.	Point of Distinction	Sole Trading Concern	Partnership Firm
1.	Meaning	Owned and controlled by only one person.	In this form of business organization two or more persons come together to undertake a business activity  and share profits.
2.	Formation	It can be formed at any time when proprietor decides.	It can be formed by an agreement between two more competent persons.
3.	Ownership	Sole trading concern has only one owner.	Minimum number of members are 2 and maximum 10 in banking and 20 in other firm.
4.	Registration	Registration is not necessary.	Registration is not necessary, but it is useful. (compulsory in Maharashtra)
5.	Secrecy	A sole trading concern ensures maximum secrecy.	Secrecy is shared by the partners.
6.	Managerial	The entire burden of management lies on owner.	All partners contribute these skills so there is division of work and expertise.
7.	Capital	Because of only one owner, amount of capital is very small.	Contribution of all partner’s capital increases.
8.	Profit & Loss	A Proprietor is himself receiver all the profit or loss.	Profit is shared by partners as per their agreement.
9.	Disputes	No question of disputes as it is a one man show.	There are chances of disputes among the partners.
10.	Flexibility	A sole trading concern is flexible.	A partnership firm is less flexible.

2. Sole Trading Concern & Joint Hindu Family Firm

Sr. No.	Point of Distinction	Sole Trading Concern	Joint Hindu Family Firm
1.	Meaning	It is a form of commercial organization which is owned and managed by a single person.	It is a form of commercial organization. The ancestral business is conducted by the family members of a Joint Hindu Family.
2.	Membership	There cannot be more than one owner.	There is no maximum limit on membership.
3.	Ownership	The business assets and properties are owned by the proprietors.	All the family members are joint owners of business properties.
4.	Liability	The liability of sole trader is unlimited.	Karta’s liability is unlimited. Co-parcener’s liability is limited.
5.	Financial Resources	The financial resources are available.	The funds are more than that of a proprietor.
6.	Stability	It lacks stability since the existence of sole trading concern depends upon the survival of the sole trader.	It is comparatively more stable since after the death of Karta, the next senior family member takes over as Karta and continues business activities.
7.	Profit and losses	All the profit of the concerned belong to the sole trader and all losses are to be borne by him.	The profit and losses are shared by all the co-parceners.
8.	Management	Sole trading concern is managed by sole trader himself.	Joint Hindu Family business is managed by Karta.

3. Partnership Firm & Joint Hindu Family Firm

Sr. No.	Point of Distinction	Partnership firm	Joint Hindu Family Firm
1.	Meaning	When two or more person come together to undertake some business activity and agree to share that profit, it is called a partnership firm.	When joint Hindu family conducts business, inherited by it as per Hindu law, it is called a Joint Hindu family firm.
2.	Creation	Partnership firm emerges out of contract between the partners.	Joint Hindu family firm is created by the operation of Hindu Law.
3.	Membership	There can be a minimum of 2 partners and a maximum of 10 partners in banking business and 20 in nonbanking business.	There is no limit on the number of members since the membership keeps on changing depending upon the birth and death in the family.
4.	Management	All partners in partnership firm have equal managerial rights. The business is jointly managed by all the partners.	Karta is the key manager of business who may be assisted by co-parcenersto a limited extent.
5.	Minor Members	A minor member can be admitted to the benefits of partnership with the consent of all the partners.	A male minor become a member merely by his birth.
6.	Regulating law	It is governed by the Indian partnership Act, 1932.	It is governed by the Hindu Law.
7.	Liability of Members	The liability of all the partners is unlimited Only.	Karta’s liability is unlimited co-parcener’s liability is limited.
8.	Capital	Contribution is more.	Contribution is comparatively less.

4. Partnership Firm & Joint Stock Company

Sr. No.	Point of Distinction	Partnership firm	Joint stock company
1.	Meaning	When two or more persons join hands to undertake a business activity, it is called a partnership firm.	It is voluntary association of individuals for profit having capital divided into transferable shares, the ownership which is the condition of membership.
2.	Membership	The minimum number of partners are 2, the maximum for banking business is 10, while for non banking business, it is 20 The minimum of number of members are 2 in private limited company and a maximum of 50.	In a public limited company, minimum number of members are 7 and there is no maximum limit.
3.	Formation	The formation is comparatively simple and less costly. Only a partnership deed is required to be prepared. Even registration is option (Except in Maharashtra)	The formation involves many complicated legal formalities. Therefore it is tedious, costly legal formalities. Therefore it is tremendously time consuming.
4.	Liability	The liability of partners is unlimited. It is joint as well as several .	The liability of every shareholders is limited to the extent of the unpaid amount on shares held by him.
5.	Act	Partnership is controlled under partnership Act, 1932.	Joint Stock company is controlled under the India companies Act, 1956.
6.	Legal Status	The partnership firm does not enjoy independent legal status distinct from its partners.	The joint stock company enjoys independent legal status. Distinct from its shareholders.
7.	Management	Partnership firm is managed by the partners themselves.	Joint Stock company is managed by the elected representatives of the shareholders i.e. the Board of Directors.
8.	Continuity and stability	The partnership firm lacks continuity and stability.	Any partner can dissolve the firm by giving a fourteen days’ notice. Joint stock company enjoys continuity and stability. It is not affected by death, insanity or insolvency of the shareholders.

5. Co-operative Society & Joint Stock Company

Sr. No.	Point of Distinction	Co-operative Society	Joint stock company
1.	Formation	Formation of a co-operative society is comparatively cheaper.	Formation of a joint stock company involves many legal formalities. It is lengthy, complicated and costly process .
2.	Motive	The main motto of a cooperative society is to provide services to members. Profit making is its secondary objective.	The main motto of a joint stock company is to earn profit. Providing service is the secondary motive.
3.	Transferability of shares	Shares are not transferable to other members though they can be surrendered to the society.	Shares are freely transferable in a public limited company.
4.	Numbers of Members	A minimum of 10 members are required for formation of a cooperative society though there is no maximum limit.	A private company must have at least 2 members and a maximum of 50 members. A public company has a minimum 7 members but there is no maximum limit.
5.	Management	Managing committee is the managing body of cooperative society. However the management is not very efficient.	Board of Directors constitute the management of company. Directors run the business very efficiently since they possess the required expertise.
6.	Capital	Raising capacity It can raise limited capital since the dividend is fixed and there is no capital appreciation.	It can raise large capital since attractive dividend is paid and there is capital appreciation.
7.	Voting Rights	The principle of voting is one member one vote.	The principle of voting is one share one vote.
8.	Remuneration	Managing committee works honorary capacity.	Directors are paid fees (allowances) for attending Board Meetings.

6. Co-operative Society & Partnership Firm

Sr. No.	Point of Distinction	Co-operative Society	Partnership firm
1.	Meaning	It is voluntary association of individuals which is formed for providing services to members.	When two or more persons join hands to undertake certain activities with the objective of earning profits, it is called a partnership firm.
2.	Motive	The main motive is to provide services to its members.	The main motive is to earn profits.
3.	Membership	A minimum of ten members are required to form a co-operative society. No maximum limit.	A minimum of 2 members are required to form a partnership firm. However the maximum limit is 10 for banking business and 20 for non-banking business.
4.	Transferability of shares	Shares can be transferred in favour of the society at any time by the members.	No partner can transfer his share in favour of others without the consent of other partners.
5.	Legal status	Co-operative society enjoys an independent legal status different from its members.	Partnership firm does not enjoy an independent legal status. Legally there is no difference between the partnership firm and its partners.
6.	Registration	Registration of cooperative society is compulsory under State Co-operative Society Act.	Registration of partnership firm is optional. Registration is   compulsory in the state of Maharashtra.
7.	Management	The general body elects the managing committee which looks into the management of cooperative society.	The partners themselves manage the partnership firm.
8.	Secrecy	There is no secrecy as members are more and books of accounts have to be published.	Secrecy can be maintained as limited number of members and books of accounts need not be published.
9.	Act	The co-operative society is governed by the State Co-operative Societies Act, 1960.	The partnership firm is governed by Partnership Act, 1932

7. Private Company & Public Company

Sr. No.	Point of Distinction	Private Company	Public Company
1.	Definition	A private company is a company which by its articles restricts the right to transfer its shares, if any, limit the number of its members to 50.	A public company means a company which is not a private company.
2.	Number of Directors	In a private limited company a minimum number of 2 directors is essential.	In a public limited company a minimum number of 3 directors is essential.
3.	Transfer of share	Shares in Private company are not transferable.	Public company can invite public for issuing its shares and debentures.
4.	Number of members	The minimum number of members are 2 and maximum 50.	The minimum number of members are 7 and there is no maximum limit of members.
5.	Name	It is compulsory to add the word ‘Private Limited’ after the name of private company.	It is compulsory to add the word ‘limited’ after the name of public company.
6.	Issue of Prospectus	It is not compulsory to issue the prospectus and statement in lieu of prospectus.	It is compulsory to issue of prospectus and in the absence of prospectus to sent statement in lieu to the registrar.
7.	Minimum Capital	Minimum paid-up capital is one lakh rupee.	Minimum paid up capital is five lakh rupees.
8.	Quorum	For a meeting of members the quorum is minimum two members.	For general meeting of members the quorum is minimum five members.

8. Sole Trading Concern & Co-operative Society.

Sr. No.	Point of Distinction	Sole Trading	Co-operative Society
1.	Meaning	It is a private enterprise that belongs to a single individual.	It is a voluntary association of persons, who come together to provide service to its members.
2.	Regulating Law/Act	There is no law that governs proprietorship firm.	General regulations, tax and labour laws have to be followed It is governed by the Indian Cooperative Societies Act, 1912. However, every state has a separate regulating law.
3.	Management	The sole proprietor is the owner and manager of the concern.	The management of a Co-operative society is based on the democratic principle of management. The managing committee is elected by the members and acts as a representative of the co-operative society.
4.	Membership	The sole proprietor is the owner and the only member of the sole trading concern.	A minimum number of 10 members are required for the formation of a Cooperative society.
5.	Motive	Profit making is its only motive.	Providing service to the members is its main motive.
6.	Profit and Loss Sharing	Profits earned belong wholly to the proprietor as his personal income. Losses, if any, are also to be borne by him.	Profits are distributed in the form of dividend. (Max 15% p.a.).
7.	Liability	The owner of a proprietorship firm has unlimited liability.	The liability of the members is limited to the extent of the unpaid amount of shares held by them.
8.	Legal Status	A proprietorship firm doesn't have a separate legal status.	Co-operative society has a separate legal status distinct from its members.

9. Joint Hindu Family Business & Co-operative Society.

Sr. No.	Point of Distinction	Joint Hindu Family Business	Co-operative Society
1.	Meaning	In this form of business organization, business is conducted by the members of Joint Hindu Family which is inherited by them as per the law.	It is a voluntary association of persons, who come together to provide service to its members.
2.	Regulating Law/Act	It is regulated by the Hindu law.	It is governed by the Indian Cooperative Societies Act, 1912. However, every state has a separate regulating law.
3.	Management	Karta is the key person responsible for the management of the business. He may be assisted by the coparceners to a certain extent.	The management of a Co-operative society is based on the democratic principle of management. The managing committee is elected by the members and acts as a representative of the co-operative society.
4.	Membership	There is no maximum limit on the number of members in a Joint Hindu Family Business.	A minimum number of 10 members are required for the formation of a Cooperative society.
5.	Motive	Earnings profit it its main motive.	Providing service to the members is its main motive.
6.	Liability	The liability of the Karta is unlimited whereas the liability of all the coparceners is limited.	The liability of the members is limited to the extent of the unpaid amount of shares held by them.

10. Sole Trading Concern & Joint Stock Company.

Sr. No.	Point of Distinction	Sole Trading Concern	Joint Stock Company
1.	Meaning	It is a form of business organization which is owned and managed by a single person.	It is an incorporated association which is an artificial person created by law, having a common seal, ensuring perpetual succession and a common stock comprising of transferable shares carrying limited liability.
2.	Membership	There can be only one owner of the business.	The minimum number of members in case of a public limited company is 7.
3.	Liability	The liability of the sole owner is unlimited.	The liability of the members is limited to the extent of the amount unpaid on the shares held by them.
4.	Legal Status	A sole trading concern does not have a separate legal status   different from its owner.	The joint stock company enjoys independent legal status. Distinct from its shareholders.
5.	Financial Resources	Financial resources are very limited in a sole proprietorship.	A joint stock company has access to large financial resources.
6.	Stability	Since the sole trading concern depends on the survival of its sole owner, it lacks stability.	A joint stock company enjoys perpetual succession. Its stability and continuity is not dependent on its members.

11. Joint Hindu Family Firm & Joint Stock Company.

Sr. No.	Point of Distinction	Joint Hindu Family Firm	Joint Stock Company
1.	Meaning	It is a form of business which is conducted by the members of joint Hindu family.	It is an incorporated associated which is an artificial person created by law, having a common seal, ensuring perpetual succession and a common stock comprising of transferable shares carrying limited liability.
2.	Regulating Law / Act	A joint Hindu family business is a family concern that operates under the provisions of the Hindu Law and Hindu Succession Act, 1956.	Joint Stock Company is controlled under the Indian Companies Act, 1956.
3.	Membership	There is no maximum limit on the number of members in a joint Hindu family business.	The minimum number of members in case of a public limited company is 7. There is no maximum limit on the number of members. In a private company, the minimum number of members is 2 and the maximum number is 50.
4.	Financial Resources	The financial resources of joint Hindu family firm are limited as compared to a joint stock company.	A joint stock company has access to large financial resources.
5.	Liability	The liability of the Karta is unlimited and the liability of co-parceners is limited.	The liability of the members is limited to the extent of the amount unpaid on the shares held by them.
6.	Stability	The stability of joint hindu family firm depends on the birth and death in the family. After the death of the Karta, the business is passed on to the next generation.	A joint stock company enjoys perpetual succession. Its stability and continuity is not dependent on its members.

1. Life Insurance & Fire Insurance & Marine Insurance

Life Insurance	Fire Insurance	Marine Insurance
1.       Meaning
A contract whereby the insurance company undertakes to pay a certain sum of money either on death or maturity (whichever is earlier) for a consideration (Premium).	A contract which insurer promises to pay compensation to insured if something happens to the subject matter due to fire or related events.	A contract whereby the insurance company undertakes to pay compensation to the insured in case of loss to him due to dangers (perils) of the sea.
2.       Who takes it
It can be taken by an individual for his own life or for his family members	It can be taken by individuals for their properties or by businessmen for their goods, properties business liabilities, etc.	It can be taken by exporters, importers and shipping companies
3.       Subject Matter
In Life Insurance, the life of the Insured is a subject matter	In Fire Insurance, the goods and assets or property of the insured is the subject matter	In Marine Insurance, Goods in ship, cargo and freight is the subject matter
4.       Insurable Interest
It must exist at the time of contract	It must exist both at the time of contract and also at the time of loss	It must exist at the time of loss
5.       Period
The policy can be issued for any number of years, even until death of the assured	It is generally for a short period like one year	It is generally for a short period and may range from one month to a year. Normally, it does not exceed one year
6.       Compensation
It is paid either on death or maturity whichever is earlier	It is paid only if there is loss due to fire during the term of policy	It is paid only if there is a loss causing event during the term of the policy
7.       Point of Distinction
It is not applicable as a human life cannot be valued in terms of money for calculating the actual loss	It is applicable as insurance company compensates for the financial loss and the insured is brought back to the same financial condition that he was before the event	It is applicable as insurance company compensates for the financial loss and the insured is brought back to the same financial condition that he was before the event.
8.       Number of Policies
Insured can take any number of policies on the same life.	Generally, only one policy can be taken. However, double insurance is possible	Generally, only one policy can be taken. However, double insurance is possible. The beneficiary is the insured person or company.
9.       Beneficiary
The beneficiary can be insured (if the survives the selected term) or else the nominee or the legal heir on the death of the assured	The beneficiary is the insured who has insured the property or goods.	The beneficiary is the insured person or company.
10.   Surrendering of policy
The policy can be surrendered before the expiry of the term subject to certain conditions	It cannot be surrendered	It cannot be surrendered

2. Current Account & Savings Account & Fixed Deposit Account & Recurring Deposit Account

Current Account	Savings Account	Fixed Deposit Account	Recurring Deposit Account
1.       Meaning
It is that account which is maintained by businessman and others who have regular bank transactions	It is that account which is opened by individuals in order to save a part of their income	It is that account where a fixed sum of money is deposited for a fixed period	It is that account where depositors can regularly save fixed amount for a specific period
2.       Withdrawals
Customers can withdraw money by cheques	Customers can withdraw either by cheques or by withdrawals slip	Customers cannot withdraw during the fixed period. If withdrawn earlier, rate of interests will be less than applicable.	Customers cannot withdraw during the fixed period. If withdrawn earlier, rate of interest will be less than applicable.
3.       Facilities
The bank gives a passbook, cheque book, statements of account and pay-in-slip book to the customers	The bank gives a pass book, cheque book and pay-in-slip book to the   customers	The bank gives a fixed deposit receipt to the customers	The bank gives a pass book and pay-in-slip book
4.       Who takes it
It is suitable for traders, businessmen, firms or institutions.	It is suitable for fixed income group, wage or salary earners	It is suitable for any person with temporary idle cash	It is suitable for fixed income group
5.       Consideration Operations and Withdrawals
There are no restrictions on the operation of a current account as long as there is balance in the account	The Customer have certain restrictions on withdrawals	Payment is received only on expiry of the fixed period. If withdrawn earlier, then the rate of interest will be less than applicable	Payment is received after the expiry of the fixed period.
6.       Rate of Interest
Normally, interest is not given	Interest rate if low.	Interest rate is higher. Longer the period, higher will be the rate of interest	The rate of interest is higher than savings account but less than fixed deposit account
7.       Nature of Account
It is of continuous nature	It is of continuous nature	90% of the amount of fixed deposit can be given as loan	90% of the amount in the account can be given as loan
8.       Facilities
Temporary overdraft facility is given	No Overdraft facility is given	It is for fixed period of time except when the fixed deposit receipt renewed	It is for a fixed period of time

3.  Road Transport & Rail Transport & Water Transport & Air Transport

Road Transport	Rail Transport	Water Transport	Air Transport
1.       Speed
Road transport has limited speed due to bad road conditions, accidents, etc.	It has considerable speed since it runs on tracks which rarely gets disturbed	It is the slowest mode of transport	It is the fastest mode of transport
2.       Carrying Capacity
It has limited carrying capacity	It has huge carrying capacity	It has a very huge carrying capacity	It has limited carryings capacity
3.       Cost of construction and maintenance
It requires limited capital investment in terms of construction of road, vehicles and their maintenance	The cost of construction of trains, railway tracks is high. Also the maintenance of trains, tracks and stations is high.	It uses waterways which are natural highways and hence there is no cost involved. However, there is high cost involved for construction of ships and ports and also maintenance of ships and ports.	It uses airways which are natural and hence there is no cost involved. However, there is a huge cost for constructions of aircrafts and airports. These costs are very high compared to other modes of transport.
4.       Distance
Recommended for short distance	Recommended for both short and long distance	Suitable for long distances specially across countries and continents.	Suitable for long distances.
5.       Transport Charges
Transport charges are not fixed but are high due to increased fuel prices.	Transport charges are relatively low and are fixed according to the distance.	Transport charges are lowest	Transport charges are the very high
6.       Door to Door service
It provides door to door service	It does not provide door to door service	It does not provide door to door service	It does not provide door to door service
7.       Means of Transport
It uses animals, animal carts, motor-cycles three and four wheelers.	It uses passenger and goods train	It uses boats, big ships, liners, tankers, etc.	It uses aircraft, helicopeters, jets, etc.
8.       Suitability
It is suitable for transporting the goods in relatively smaller quantities for short distance.	It is suitable for transporting heavy goods in large quantity over long distance.	It is suitable for transporting very heavy goods, machineries in large quantities to any part of the world.	It is suitable for transporting light weight perishable and valuable goods to any part of the world.
9.       Safety
It provides limited safety to goods from sun, rain, wind, etc.	Goods are kept in locked wagons which provides protection against sun, wind, rain etc.	Goods are safe as they are specially packed.	Goods are safe as they are specially packed.
10.   Accidents
Chances of accidents are more due to poor road conditions and negligent drivers.	Chances of accidents are less because of one way track and good signal system.	Chances of accidents are less in waterways.	Chances of accidents are less because of good maintenance and expert.
11.   Ownership
Ownership is in the hands of private parties	Ownership is in the hands of the government	It is owned by both private sector as well as public sector.	It is owned by both private sector as well public sector.

4. Cheque & Bank Draft

Sr. No.	Point of Distinction	Cheque	Bank Draft
1.	Meaning	According to the Indian Negotiable Instrument Act, A cheque is an unconditional order directing the banker to pay a certain sum of money only to the order of a certain person.	A draft is an order to pay money drawn by one office of a bank upon another office of the same bank for a sum of money payable to order on demand
2.	Aim	It aims at facilitating businessman for effecting local payments.	It aims at facilitating immediate outstation payments.
3.	Drawer	The drawer is the account holder of the bank	The drawer is the bank itself.
4.	Dishonour	The cheque may or may not be dishonoured	A draft can never be dishonoured as it is already paid for.
5.	Bank Charges	The bank may not charge for issuing cheque book.	The bank charges a nominal amount to issue a draft.
6.	Payments	Payment of crossed cheques cannot be obtained immediately	Payment of bank draft can be obtained immediately
7.	Facility extended to	Cheque facility is extended to account holders of the bank only	Draft facilities is extended to both account holders of the bank as well as outsiders
8.	Reliable	Cheques issued by an individual may not be cleared due to many reasons such as sign not matching, post dated, less balance, etc.	A bank draft is more reliable as it is issued by the bank only after receipt of payment.

5. Loans & Overdraft

Sr. No.	Point of Distinction	Loans	Overdraft
1.	Meaning	It is arrangement under which a certain amount is advanced for a certain fixed period	It is an arrangement under which the current account holder is allowed to overdraw from the account.
2.	Eligibility	Any account holder i.e. current, savings, fixed deposit can get a loan.	Only current account holders can gets overdraft facility
3.	Rate of interest	It is lower than that of overdraft	It is higher than that of loans
4.	Duration	It is for a long period	It is for a short period.
5.	Interest Charged	Interest is charged on the amount of loan sanctioned, whether withdrawn or not	Interest is charged on the amount actually withdrawn.
6.	Amount	Amount of loan is larger.	Amount of overdraft is smaller
7.	Separate Account	Separate account is to be maintained.	No separate account is required.
8.	Purpose	The purpose is to meet long term requirements.	The purpose is to meet short term working capital requirement.
9.	Repayment	Amount of loan is to be repaid in instalments or in lumpsum on the due date.	Amount of overdraft is adjusted against the deposits in the current account.
10.	Security	Some valuable assets are to be given as security	Overdraft is sanctioned against hypothecation of stock.

6. Commercial Bank & Central Bank (RBI)

Sr. No.	Point of Distinction	Commercial Bank	Central Bank (RBI)
1.	Function	The main function is to accept deposits from public for lending to industry and others.	The main function of the central bank (RBI) is to regulate money supply in the country.
2.	Printing of Currency	The commercial banks cannot print current notes.	The central Bank can print currency notes.
3.	Acceptance of Deposits	The commercial bank accepts deposits from public	The central bank does not accept deposits from public
4.	Loans	The commercial banks provides loan to industry and commerce.	The Central Bank provides loan to Bank and Financial Institutions.
5.	Ownership	It can be owned by private and/or by government agencies.	It is owned and controlled by the government of India
6.	Number	There are many Commercial Bank in India.	There is only one Central Bank (RBI) in India.
7.	Monetary Policy	The commercial banks do not frame any Monetary Policy	The Central Bank frames the Monetary and Credit Policy
8.	Monitoring	The Commercial Bank does not keep check on the Central Bank.	The Central Bank keeps a check on the Commercial Banks.

7. Bonded Warehouse & Duty Paid Warehouse

Sr. No.	Point of Distinction	Bonded Warehouse	Duty Paid Warehouse
1.	Meaning	Bonded Warehouse is the warehouse where imported goods on which duty is not paid are stored.	Duty paid Warehouse is the warehouse where imported goods on which duty is already paid is stored.
2.	Location	They are located within the dock area.	They are located in port-town outside the dock area.
3.	Markets	The imported goods stored here are mostly for the domestic markets.	The imported goods stored here are mostly re-exported.
4.	Supervision	The customs authority closely supervises the working of these warehouses.	These warehouses are not supervised by the customs authority. They are supervised by port authority.
5.	Delivery	Delivery of goods is done after payment of Import duty. In case of re-export, the import duty need not be paid, only rent and service charges need to be paid.	Delivery of goods can be obtained after payment of the rent charges of the warehouse.
6.	Purpose	Main purpose would be that either the importer may not be in a position to pay the import duty or he may not require immediate delivery of goods.	Main purpose would be that the importer does not have suitable warehousing facility or he faces any problem in the transportation of the goods.
7.	Ownership	Such warehouses are owned by public authorities.	Such warehouses may be owned by private or dock authorities.

1. Traditional Business & e-business.

Sr. No.	Point of Distinction	Traditional Business	E-Business Concept
1.	Concept	In traditional business, an organizational entity (mostly thought of as a store, restaurant or agency) is designed to offer consumer goods and services	Any business conducted using electronic media is called e-business.
2.	Access to Goods/Services	Consumers can visit only a few traditional outlets per day.	Consumers have access to countless web retailers at the same time.
3.	Access to Information	In this form of business, consumers can get limited product information.	Consumers have access to an unprecedented amount of product information, not just from manufacturer’s websites but also from online reviews written by previous consumers, employees and organization.
4.	Price Comparison	Price comparison can be done for limited products in the traditional form of business.	It is possible to check the price offered by hundreds of online merchants.
5.	Skills required	In traditional form of retailing, salesmanship and negotiation skills are of utmost importance	Online retailers rely on different skill sets to effectively market their product such as internet pop-ups, emails blast (e-mail to large group of people), google adwords, etc.
6.	Face-to-Face interaction	It is possible to have face-to-face interaction in this form of   business.	There is a very low possibility of face-to-face interaction in this form of business.
7.	Areas covered	Role of middleman is indispensable in traditional business.	There is direct communication between the buyer and the seller on the internet which eliminates the role of the middleman in ebusiness.
8.	Space	Physical space required in traditional business is more as compared to online business.	Online business does not require too much physical space.

1. Traditional Social Responsibility & Corporate Social Responsibility

Sr. No.	Point of Distinction	Traditional Social Responsibility	Corporate Social Responsibility
1.	Meaning	It refers to help poor through profit made by business.	It refers to commitment business to contribute economic development.
2.	Evolution	It is evolved in ancient India and Pre-Christian Era	It is evolved after World War II.
3.	Concept	It has philanthropic concept	It refers to ethical, legal and economic concept also.
4.	Scope	It is restricted at individual level.	In considers economy as a whole.
5.	Type	It is primitive a narrow approach	It is global and wider approach
6.	Goals	It has not considered intangible goals.	It has considered tangible as well as intangible goals.
7.	Nature of firms	Business firm adopting traditional social responsibility are generally smaller firms.	Business firms adopting corporate social responsibility are generally large firms including MNCs.
8.	Area Coverage	This concept is operated at local level because it is adopted by small firms.	This concept is operated at national and international level as it is adopted by large firms.

1. Unity of Command & Unity of Direction

Sr. No.	Point of Distinction	Unity of Command	Unity of Direction
1.	Meaning	Unity of command states that an employee should receive orders from only one superior, else the employee may get confused and thus may not be able to perform efficiently.	Unity of Direction states that each group in the organization should have the same objective. Each group should follow one manager and work in the same direction.
2.	Reference	Unity of command speaks about the relation between a single employee and his superior (boss).	Unity of Direction refers to a group working with the same objectives to work in the same direction.
3.	Motive	The motive of this principle is to avoid any confusion in the mind of the employee and to facilitate the employee to work with clarity.	The motive of this principle is to ensure that all members in a team are working in the same direction.
4.	Basis	This principle is based on the idea of one employee one superior (boss).	This principle on the idea of single plan and single manager for one team.

 1. District Forum & State Commission & National Commission

District Forum	State Commission	National Commission
1.       Meaning
A consumer dispute redressal forum working at district level.	A consumer dispute redressal forum working at state level.	A consumer dispute redressal forum working at national level.
2.       Monetary Jurisdiction
It can entertain the cases where the value of goods/ services and the compensation claimed is less than rupees twenty lakhs.	It can entertain the cases where the value of goods/ services and the compensation claimed is more than rupees twenty lakhs and less than rupees one crore.	It can entertain the cases where the value of goods/ services and the compensation claimed is more than rupees one crore.
3.       Duration
Every member should hold office for a term of five years or up to the age of sixty-five years, whichever is earlier.	Every member should hold office for a term of five years or up to the age of sixty-seven years, whichever is earlier.	Every member should hold office for a term of five years or up to the age of seventy years, whichever is earlier.
4.       Nature of complaints
Only original cases can be entertained which are within the local limits of a district.	It can entertain original cases and also appeals against the order of District Forum within the geographical limits of the state.	It can entertain original cases and also appeals against the order of State Commission.
5.       Members
Other than president it has minimum two members	Other than president it has minimum two members	Other than president it has minimum four members
6.       Area Covered
It covers a particular district.	It covers a particular state.	It covers the entire country.
7.       President
District Judge or equivalent.	High Court Judge or equivalent.	Supreme Court Judge or equivalent.

  

1. Planning & Organizing & Staffing & Directing & Co-ordinating & Controlling

Planning	Organizing	Staffing	Directing	Co-ordinating	Controlling
1.       Meaning
Planning is deciding in advance what to do, how to do it, when to do it and who is to do it.	Organizing is the process of defining and grouping the activities of the organization.	Staffing is the process of recruitment, selection, development. Training, promotion, etc.	Directing is a process to instruct, guide, communicate, inspire and motivate employees to achieve organizational objectives.	Co-ordinating is a process to establish harmony and integration of different activities to achieve the desired objectives.	Controlling measures the deviation of actual performance from the standard performance and takes corrective actions.
2.       Objective
The main objective is to set goals and choosing the means to achieve these goals.	The main objective is to identify and bring together all the resources.	The main objective is to appoint right type of people at the right positions and at the right time.	The main objective of giving direction to the subordinates is to get the things done in the right manner.	The main objective is to ensure unity of efforts of the employees and smooth functioning of the organization.	The main objective is to ensure that the targets must be achieved as per the plans.
3.       Area of function
It includes Setting objectives, Identifying alternate course of action, Select the best plan.	It includes Identification of the activities, Grouping of related activities.	It includes Recruitment, Training, Promotion, Transfers, etc.	It includes Guiding, Instructing, Inspiring, Motivating, Communicating.	It includes Top Level Management, Middle level Management, Lower level Management.	It includes Fixation of standards measurement of actual performance.
4.       Factors
Internal as well as external factors are considered while setting targets.	Internal as well as external factors are considered for making arrangement of resources.	Staffing is mostly concerned with Internal factors.	Directing is also concerned directly with Internal (human) factors.	It is concerned with Internal factors.	It takes care of Internal as well as external factors for taking corrective action.
5.       Order
It is the starting point of management. Other functions depends on Planning.	It follows planning resources are organized as per the Planning.	Human Resources are needed for the organization so it follows Organizing.	Direction is always needed. It follows organizing & staffing.	It is an important element of organizing. It follows Planning.	It follows all other functions. It is an end function of management process.
6.       Resources
Planning is done as per the resources required for achieving the   targets.	All the resources needed are arranged i.e. men, machine, methods, materials and money.	It is related with Human Resources.	It gives direction to the employees and regarding use of other resources.	It is related with Human Resources. It is an integrated effort.	It is related with all resources as it helps to achieve targets.
7.       Targets
The targets set are analysed and then selected.	All the resources are arranged to achieve targets.	It includes proper allocation of human resources to achieve better   results.	Proper direction to the employees is needed to achieve the targets.	Internal Co-ordination among employees is to achieve the desired results.	Actual Performance is compared with standard performance are taken to achieve targets.
8.       Nature
It is continuous in nature. Planning will never come to an end till the organization exists.	It takes place till the time all the resources are collected.	It is continuous process as it deals with human being.	It is continuous process as directing is needed till the targets are achieved.	It is a process where only people are concerned so continuity is needed.	It is a process which starts once the actual target is achieved.
9.       Levels of Management
Top level management is with related planning of activities.	Top level management & middle level managers are related with organizing of resources.	Middle level management are related with recruitment, training, promotion, etc.	Middle level manager provides direction to the employees for achieving targets.	All the levels i.e. top to middle to the lower co-ordination is required to achieve targets.	Top level management & middle level managers are responsible for proper controlling of activities.

1. Entrepreneur & Manager

Sr. No.	Point of Distinction	Entrepreneur	Manager
1.	Motive	The main motive of an entrepreneur is to start a venture by setting a enterprise to achieve his ideas.	The main motive of a manager is to give his services to an enterprise owned by someone else.
2.	Status	An entrepreneur is the owner of the enterprise.	A Manager is a servant or paid employee of an enterprise
3.	Risk-Bearing	Being the owner, the entrepreneur undertakes all the risk and uncertainties of the enterprise.	A manager being an employee does not undertake any risk involved in the enterprise.
4.	Qualifications	An entrepreneur requires qualities and qualifications like hard working, patience, foresight, high thinking, independence, etc.	A manager needs to possess educational and technical skills. Special management knowledge and qualification is an additional benefit.
5.	Innovations	Entrepreneurs are born innovators. They set their own goals and work for it.	Managers only execute the plans prepared by the entrepreneur. They only do the practical part of the plan.
6.	Benefits	An entrepreneur gets profits as the benefits of the enterprise which is uncertain.	A manager usually gets fixed salary for the services rendered by him. It is fixed.
7.	Decision Making	An entrepreneur takes decision on his own as the enterprise has to develop as per his ideas.	A manager does not have authority to take decision on behalf of the enterprise, but he may take decision related to the plan which he is executing.
8.	Specialization	An entrepreneur may not be a specialized in his trade but may have sufficient knowledge.	A manager is trained professional, hence is specialized in his field.