Following steps are required for raising funds from public:
1. SEBI Approval: SEBI regulates the capital market of India. A public company is required to take approval from SEBI.
2. Filing of Prospectus: Prospectus means any documents which invites offers from the public to purchase share and debenture of the company.
3. Appointment of Bankers, Brokers, Underwriters: Bankers of the company receive the application money. Brokers encourage the public to apply for the shares. Underwriters are the persons who undertake to buy the shares if these are not subscribed by the public. They receive a commission for underwriter.
4. Minimum Subscription: According to the SEBI guidelines, minimum subscription is 90% of the issue amount. If minimum subscription is not received then the allotment cannot be made and the application money must be returned to the applicants within 30 days.
5. Application to Stock Exchange: It is necessary for a public company to list their shares in the stock exchange. Therefore, the promoters apply in a stock exchange to list company shares.
6. Allotment of Shares: Allotment of shares means acceptance of share applied. Allotment letters are issued to the shareholders. The name and address of the shareholders is to be submitted to the Registrar.

Registration of a partnership firm is not compulsory under law. The Partnership Act, 1932 provides that if the partners so desire they may register the firm with the Registrar of Firms of the state in which the main office of the firm is situated.
Consequences of Non-Registration: An unregistered partnership firm suffers from the following situations:
1. It cannot enforce its claims against a third party in a court of law.
2. It cannot claim adjustment for any sum exceeding Rs.100. Suppose an unregistered firm owes Rs.1200 to A and A owes Rs.1000 to the firm the firm cannot enforce adjustment of Rs.1000 in a court of law.
3. It cannot file a legal suit against any of its partners.
4. Partners of an unregistered firm cannot file any suit to enforce a right against the firm.
5. A partner of an unregistered firm cannot file a suit against other partners. Nonregistration of a firm, however, does not affect the following rights:
(i) The right of a partner to sue for the dissolution of the firm or for the accounts of a dissolved firm or to enforce any right or power to realise the property of a dissolved firm.
(ii) The power of an Official Assignee or Receiver to realize the property of an insolvent partner.
(iii) The rights of the firm, or its partners, having no place of business.
(iv) Any suit or set off in which the claim does not exceed rupees one hundred.
(v) The right of a third party to sue the unregistered firm or its partners.

Procedure for Registration: In order to get a partnership firm registered an application in the prescribed form must be filed with the Registrar of Firms. The application should contain the following information:
(i) The name of the firm,
(ii) The principal place of business of the firm,
(iii) Names of other places where the firm's business is carried on,
(iv) Names in full and permanent addresses of the partners,
(v) The date on which each partner joined the firm,
(vi) Duration of partnership, if any.
The application should be signed and verified by each partner. A small amount of registration fee is also deposited along with the application. The application is to be submitted to the Registrar for registration of the firm for its verification. If everything is in order and all legal formalities have been observed, the Registrar shall make an entry in the register of firms. He will also issue a certificate of registration. Any change in the information submitted at the time of registration, should be communicated to the Registrar. Registration does not provide a legal entity to the partnership firm.

In a Hindu Joint Family, the Karla or Manager occupies a pivotal and unique place. In that there is no comparable office or institution in any other system in the world. His office is independent and hence, his position is termed as sui generis. Karta's position is sui generis. As had been explained earlier, his position! office is independent and there is no comparable office in any system in the world.
1. He has unlimited powers and even though he acts on behalf of other members, he is not a partner or agent.
2. He manages all the affairs of the family and has widespread powers.
3. Ordinarily he is accountable to none. The only exception to this rule is if charges of misappropriation, fraud or conversion are levelled against him.
4. He is not bound to save, economise or invest. That is to say that he need not invest in land if the land prices are about to shoot up, and hence, miss out on opportunities etc. He has the power to use the resources as he wishes, unless the above-mentioned charges are levelled against him.
5. He is not bound to pay income of joint family in any fixed proportion to other members. This means that the Karla need not divide the income generated from the joint family property equally among the family members. He can discriminate one member from another and is not bound to treat everyone impartially. Only responsibility is that he has to pay everyone something so that they can avail themselves of the basic necessities such as food, clothing, shelter, education etc.
Karta's Liabilities:
Apart from all the unlimited powers that are bestowed upon the Karta, he also has liabilities thrust on him.
1. Karta has to maintain all the members of the joint family properly. If there is any shortfall in his maintenance, then any of the members can sue for maintenance.
2. He is responsible for marriage of all the unmarried members in the family. Special emphasis is laid with respect to daughters in this case.
3. In case of any partition suit, the Karta has to prepare accounts.
4. He has to pay taxes on behalf of the family.
5. Karta represents the family in all matters including legal, religious and social matters.

The right of all the partners in a partnership to act as the agents for the partnership's normal business activities, with the authority to bind the partnership into business agreements which have been entered into is called mutual agency. This statement sums up the partnership relationship. The relationship should offer flexibility, opportunity and balanced against that, risk. In partnership you entrust to fellow partners your future reputation and prosperity. Each of us has within our power the ability to enter into undertakings which could bankrupt our fellow partners.

When a person, by words spoken or written or by conduct, represents himself or herself, or consents to another representing him or her to anyone, as a partner in an existing partnership or with one or more persons not actual partners, he or she is liable to any such person to whom such representation has been made, who has, on the faith of such representation, given credit to the actual or apparent partnership and, if he or she has made such representation or consented to its being made in a public manner, he or she is liable to such person, whether the representation has or has not been made or communicated to such person so giving credit by or with the knowledge of the apparent partner making the representation or consenting to its being made, as follows:
1. If a partnership liability results, he or she is liable as though he or she were an actual member of the partnership.
2. If no partnership liability results, he or she is liable jointly with the other persons, if any, so consenting to the contract or representation as to incur liability, otherwise separately.
3. When a person has been thus represented to be a partner in an existing partnership, or with one or more persons not actual partners, that person is an agent of the persons consenting to such representation to bind them to the same extent and in the same manner as though that person were a partner in fact, with respect to persons who rely upon the representation where all the members of the existing partnership consent to the representation, a partnership act or obligation results; but in all other cases it is the joint act or obligation of the person acting and the persons consenting to the representation.

Cooperative is a form of organization wherein persons voluntarily associate together as human beings on the basis of equality for the promotion of an economic interest for themselves. In a cooperative society, the power to take decisions lies in the hands of an elected managing committee. The right to vote gives the members a chance to choose the members who will constitute the managing committee and this lends the cooperative society a democratic character. Also, the principle of 'one man, one vote' governs the cooperative society. irrespective of the amount of capital contribution by a member, each member is entitled to equal voting rights. The membership of a cooperative society is voluntary. A person is free to join a cooperative society, and can also leave anytime as per his desire. Membership is open to all, irrespective of their religion, caste and gender. Thus, by keeping all these points in mind, a cooperative society exemplifies democracy and secularism.

A company can be registered as a private company or a public company. When a company is incorporated as a private company, it enjoys certain privileges and exemptions when compared to a public company. Some of the privileges enjoyed by a Private Company are:
1. The minimum number of members required to form a Private Company is only 2, whereas it is 7 in case of a Public Company.
2. A Private company can start its business immediately after its incorporation. It need not obtain the Certificate of Commencement of Business.
'Certificate of Commencement of Business, is issued by the Registrar of Companies to Public Companies. Once a Company has been registered or formed, it shall apply for the Certificate of Commencement of Business in the prescribed form to the ROC (Registrar of Companies). Only after this certificate has been obtained it can commence its business. This certificate has to be obtained within 6 months from the date of incorporation of a Company.
3. No qualification shares and consent of the Director to act as a Director is required to be filed with the ROC at any time during the tenure of the company, as in case of a Public company.
4. A Private Company is not required to issue or file a prospectus or statement in lieu of prospectus with the Registrar of Companies. 'Prospectus, is an important document for a public company. It is nothing but an invitation to the public to subscribe for the shares of the Company. In case a public company does not intend to invite the public to subscribe to the shares, it has to file a statement in lieu of prospectus.
5. It is not required to have an index of members, as in case of a public company. The reason being the Companies Act limits the maximum number of members required for a Private Company to 50.
6. It is not required to hold a statutory meeting or file a statutory report. 'Statutory meeting is a general meeting of the shareholders of the Company which has to be held within a period of not less than one month and not more than 6 months from the date, on which it is entitled to commence its business. 
7. It is not required to offer new shares to existing shareholders in proportion to their shareholdings. In case of a Public Company further issue of capital shall be made to the persons who at the date of the issue are holders of the equity shares of the Company in proportion to their holding.
8. A Private Company need to have a minimum of two directors only whereas a Public Company needs to have a minimum of three directors.
9. All the Directors may be appointed by a single resolution in case of a Private Company.
10. The Directors of a Private Company need not to retire by rotation i.e., they can be Permanent Directors.

Different types of partners are given below:
1. General/Active Partner: Such a partner takes active part in the management of the firm.
2. Sleeping of Dormant Partner: Although he does not take active part in the management of the firm, he invests money, shares profit and loss, has unlimited liability.
3. Secret Partner: He participates in business secretly without disclosing his association with the firm to general public. His liability is also unlimited.
4. Nominal Partner: Such a partner only gives his name and goodwill to the firm. He neither invests money nor takes profit. But his liability is unlimited.
5. Partner by Estoppels: He is the one who by his words or conduct gives impression to the outside world that he is a partner of the firm whereas actually he is not. His liability is unlimited towards the third party who has entered into dealing with firm on the basis of his pretension.
6. Partner by Holding out: He is the one who is falsely declared partner of the firm whereas actually he is not. And even after becoming aware of it, he does not deny it. His liability is unlimited towards the party who has dealt it with firm on the basis of this declaration.

Incorporation of the company: It means registration of the company under Companies Act, 1956. The second stage involves the following steps:
1. Filling of documents: An application to the registrar for incorporation must be accompanied with following documents:
(a) Memorandum of Association;
(b) Articles of Association or statement in lieu of the prospectus (in case table A is adopted by public limited company);
(c) Written consent of proposed directors;
(d) Agreement (if any) with proposed managing director, manager, etc.;
(e) Copy of registrar's letter approving the company's name;
(f)Statutory declaration;
(g) Notice of the exact address of the registered office.
2. Payment of fees: Along with the above documents, necessary fees is to be paid.
3. Certificate of incorporation: The registrar issues a certificate of incorporation after being satisfied. Certificate is a conclusive evidence of regularity of incorporation of a company irrespective of any deficiency in its registration.

Despite limitations of size and resources, many people continue to prefer sole proprietorship over other forms of organization because of following merits:
1. Easy to start and close: It can be easily started and closed without any legal formalities.
2. Quick decision making: As sole trader is not required to consult or inform anybody about his decisions.
3. Secrecy: He is not expected to share his business decisions and secrets with anybody.
4. Direct incentive: Direct relationship between efforts and reward provide incentive to the sole trader to work hard.
5. Personal touch: The sole trader can maintain personal contacts with his customers and employees.
6. Social utility: It provides employment to persons with limited money who are not interested to work under others. It prevents concentration of wealth in a few hands.

Maintaining trust and confidentiality of information is of utmost importance in a partnership business.
It is also important to use mutual agency in utmost good faith keeping in mind the interests of all partners.

Sole Proprietorship is most desirable from employment generation point of view because it is done at a small scale and small scale labour-intensive methods are used. It will create more employment opportunities.