A collective business system or collective business model is a business organization or association

typically composed of relatively large numbers of businesses, tradespersons or professionals in the same or
related fields of endeavor, which pools resources, shares information or provides other benefits for their
members. In the past, collective business systems such as the trade association, the cooperative and
the franchise were created to allow groups of independently owned businesses with common interests to
successfully compete in the marketplace.

An HUF is a separate entity that can be created by members of a family, wherein the members are lineal
ascendants or descendants. Hindus, Buddhists, Jains and Sikhs can open HUFs.
A single person cannot create an HUF. Usually the senior-most member of the family is considered
the karta, the person who manages the affairs of the HUF.
Once a person gets married, an HUF is automatically created. But to be recorded by tax authorities, it
needs to have an income-generating asset, which can only come as a gift from a relative or through a Will
for all members of the HUF. Once it has such an asset, the HUF needs to be registered in a particular
name and other formalities such as opening a bank account and acquiring a Permanent Account Number
(PAN) have to be done.
A form of partnership that arises where no fixed term has been agreed for the duration of the partnership or
the partnership has been entered into for an undefined term. A partnership at will may be dissolved at any time
by a partner serving notice on the other partner(s). A partnership will be a partnership at will unless contrary
intention can be proved, for this, there must be an express or implied agreement that is inconsistent with the
right which a partner would otherwise have to determine the partnership by notice.
A joint venture agreement is an arrangement where two companies develop a new entity to their
mutual benefit. It normally involves a sharing of resources, which could include capital, personnel,
physical equipment, facilities or intellectual property such as patents.

A joint venture (JV) is a business agreement in which the parties agree to develop, for a finite time, a new
entity and new assets by contributing equity. They exercise control over the enterprise and consequently share
revenues, expenses and assets.

Unlimited Company
A company in which all members or shareholders have total and joint responsibility to cover all debts and other liabiliti
es the companygenerates, regardless of how much capital each contributes. An unlimited company presents higher ri
sk than a limited company (suchas a publicly-traded company or a limited liability company). However, the finances of
an unlimited company are able to remain privateand, for that reason, it may be a preferable business structure in som
e circumstances. One may register an unlimited company in theUnited Kingdom, Germany, Ireland and many Commo
nwealth countries.

Statutory corporation it mean any company company that is formed under secial legislation eg rbi,lic

cooperative is a member-owned business organisation with at least five shareholders, all of

whom have equal voting rights regardless of their level of involvement or investment. However,
every shareholder is expected to help run the cooperative.