Mr. Mukul Gupta contracted with a firm . According to the contract , he has advanced a loan of ₹ 20 lakh to the firm and in exchange he got the power to take a few decisions regarding the firm's business .
Is Mr. Mukul Gupta a partner of the firm ? Give reaons in support of your answer .

Mr . Aman wants to set up a business organisation . He has two main expectations from the business organisation - (i) Limited Liability and (ii) Continuity . What form of business organisation is suitable for Mr. Aman ? Give reasons in support of your answer .

Gopal Sharma and Balram Sharma are two brothers , who inherited some ancestral property . They decided to form a Hindu Undivided Family (HUF) business consisting of four male members . Gopal Sharma is the elder brother . So he became 'Karta' . The business took a loan of ₹ 20 lakh from Punjab National Bank having maturity period of 5 years . Due to poor financial position of the business , they were unable to repay the loan . They sold the ancestral property for ₹ 10 lakh and paid the same to Punjab National Bank . They could not pay the balance amount of loan with interest . The bank filed a case for recovery of the balance amount . Gopal Sharma pleaded the court that the loan was taken for the purpose of business , therefore , all the members of the business were liable to repay the loan . The court held that all other members were responsible only to the extent of their share in business , and the business property was already sold . However , Gopal Sharma , being 'Karta' would have to repay the balance amount even by selling his personal properties . Gopal Sharma had to sell some of his personal assets to repay the balance amount to bank loan . (a) Is the court's decision justified ? Give reasons in support of your answer . (b) State any three other feartures of HUF businesses .

Anshuman was a very industrious sales executive with a small herbal cosmetic manufacturer , he earned a good salary and commission on the business he brought for the firm and very good command over the Delhi market for which he had virtually beacome indispensable . he was aware of the enviable position he held in the firm and thought aloud: " the key to success in any business is the sale of its products , the begining and end of the business cycle is nothing but sale and " Other " people working in the factory to manufacture products are mere cogs in the business machine set in motion by sales people . so why carry this burden and get only a tiny share of the prosperty of the firm ? instead others enjoying the fruits of my labour why should i not start my Own business ?'' (a) should anshuman takea a leap? Give reasons for your answer . ( b) state any four functions Ans human will perform as an entrepreneurs in relation to economic development.

You are a business consultant . Mr . Madanpal has recently retired from government service . He is 60 years old and he wants to set up a factory to manufacture plastic goods . He has come to consult you so that you may suggest to him the most suitable form of business organisation . The following are his main expectations from the business organisation . (i) Ease in formation, (ii) Flexibility in operations, (iii) Sharing of profits with limited persons and (iv) Sufficient persons to look after various business activities . Which form of business organisation will you suggest to Mr. Madanpal ? Give reason in support of your answer .