I. Open Procedure:
This type of voting has no secrey as the all the members assembled can see voting. There are two popular methods of open voting namely voice voting and voting by show of hands.
(a) By Voice : Voice voting is a popular type of voting in which the chairman allows themembers to raise their voice in favour or against an issue 'Yes' for approval and 'No' for rejection. Chairmnan announces the result of voice voting on the basis of strength of words shouted, It is an unscientific method. I cannot be Employed for deciding complex ssue.
(b) By show ot hands: Under this methed, the chairnan, requests the menbers to ratse their hands of those who are in favour of the proposal or Candidate andthen requeststhose are against. llhenthe chairmancounts the number of hands ralsed for 'Yes' and 'No' respectively can announce the result on the basis of hands counted,
II. Secret Procedure:
Secret procedure is adopted to decided certain vital issues. It is a popular voting methodtthat couldnaintain the secrecy of the voter.
(a) By Ballot : Under this system, ballot paper bearingserial number is given to the members to record their opinion by marking with the symbol or Shareholders have to cast their vote ina secret chamber and put the ballot paper into the ballot box. The votes are counted and the results are announced.
(b) Postal Ballot : Big companies or big associations having members scattered all over the country follow this method of voting. The members or voters fill in the ballot papers and return them in sealed covers which are opened when the ballot box is opened for counting the votes.

A person shall not be capable of being appointed director of a company, if the director is
(a) Of unsound mind.
(b) An undercharged insolvent.
(c) Has been convicted by a court for any offence involving moral turpitude and sentenced in respect there of to imprisonment for not less than six months.
(d) Has not paid any call in respect of shares of the company held by him, whether alone or jointly with others.
(e) An order disqualifying him for appointment as director has been passed by a court in pursuance of section 203.
(f) He has been convicted of the offence dealing with related party transactions under section 188.
(g) He has not got the Director Identification Number.

SI.No	Share Certificate	Share Warrant
1.	A share certificate is a written document	A Share Warrant is a negotiable instrument
2.	All the companies limited by shares irrespective of public or private	Only public limited companies have the right to issue share warrant
3.	Issued against fully or partly paid up share	Issued only against fulIy paid up share

(i) The project reports need to be prepared according to the format prescribed in the loan application form of term lending institutions.
(ii) An entrepreneur can get the report prepared either by technical consultancy organisation or by auditors or by consultants or by development agencies.
(iii) This report should cover aspects like sources of finance, technical know-how, sources of labor and raw materials, market potential and profitability.
The project report should include the following
Technical Feasibility:
It should mention the following
(i) Description of product specification
(ii) Raw materials availability
(iii) Manufacturing process
(iv) Quality control measures
(v) Availability of water, power, transport ,and communication facilities.
Economic Viability:
It essentially involves compilation of demand for domestic and export market, installed capacity of machines, market share, revenue expected, and suitable price structure.
Financial Viability:
It should cover aspects like
(i) Non-recurring cost such as Land and Building, Plant and Machinery, etc.
(ii) Recurring expenses like wages, salaries, and overheads, etc.
(iii) Probable cost of production
(iv) Profit on expected sales.
Managerial Competency
1. Entrepreneur has to include the mechanism for managing the venture in the project report.
2. In the case of small sized ventures, the owner or partners may take care of managerial activities while a team of managerial personnel is to be brought in for manning various managerial positions across different levels of management in the case of corporate form of organisation.
3. He has to provide details of the organisational structure contemplated in the project report for implementing the venture.
Provisional Registration Certificate
1. Entrepreneur has to apply for Provisional Registration certificate. It will be issued to entrepreneur after the fulfilment of certain conditions for a period of one year subject to renewal of two periods of six months duration.
2. If an entrepreneur is not able to commence production beyond the extension period, further extension will not be granted
Permanent Registration Certificate
Once the venture has commenced production or when it is ready to commence production, it is eligible to get permanent registration cerificate.
Statutory Licence
1. Entrepreneur has to obtain Municipal License from the authority concerned.
2. Then the Entrepreneur has to register the unit with the Central and Sales Tax Department.
3. If a unit comes,within the provisions of Factories Act, he/she has to register it with Inspector of Factories or it has to register the unit under the Shops and Establishment Act.
Power Connection
Entrepreneur has to make application to Assistant Divisional Engineer of State Electricity Board for power connection after paying Security Deposit and fulfilling the official formalities prescribed.
Arrangement of Finance
1. Entrepreneur requires two types of finance namely long term and short term.
2. While long-term requirements are needed for acquiring fixed assets, short term requirement are meant for meeting working capital needs.

(i) Business Entrepreneur:
(a) Business entrepreneur is called solo entrepreneur.  He/She is the one who conceives an idea for a new product/ service and establishes a business enterprise to translate his is idea into reality.
(b) Business entrepreneur takes up production, operations  and pursues marketing activities.
(ii) Trading Entrepreneur:
(a) Trading entrepreneurs are those who restrict themselves  to buying and selling finished goods.
(b) They may be engaged in domestic and international trade. Their core strength lies in distribution and marketing
(iii) Industrial Entrepreneur:
(a) These are entrepreneurs who manufacture products to cater to the needs of consuming public after identifying the need left unfulfilled by the manufacturer hitherto.
(b) Industrial entrepreneurs mobilise the resources of   various types and create an entity to manufacture the  products or service.
(iv) Corporate Entrepreneur:
(a) Corporate entrepreneur is called promoter. He/She entrepreneur takes initiative necessary to start an entity under corporate format.
(b) Corporate entrepreneur assembles all the resources and put in place organisation to run the business on a day-to-day basis.
(v) Agricultural Entrepreneur:
(a) Agricultural entrepreneurs are those entrepreneurs who  raise farm products and market them.
(b) Those who raise allied products like poultry, meat, fish, honey, skin, agricultural implements, flower, silk, fruits,  prawn, etc. are called
agriculturalentrepreneur.

Classification of Entrepreneur.
i) Based on Function
a. Innovation
b. Imitative
c. Fabian
d. Drone
ii) Based on Type of Business
a. Business
b. Trading
c. Industrial
d. Corporate
e. Agricultural
f. Retail H. Service
ii) Based on Technology
a. Technical
b. Non-Technical
c. Professional
iv) Based on Motivation
a. Pure
b. Induced
c. Motivated
d. Sportaneous
v) Based on development
a. First Generation
b. Modern
c. Classical
vi) Based on Area
a. Urban
b. Rural
vii) Based on Ownership
a. Private
b. State
c. Joint

Certain presumptions as briefly mentioned below:
(i) Every negotiable instrument is presumed to have been drawn, accepted, etc. for consideration.
(ii) A negotiable instrument is presumed to have been accepted.
(iii) Every negotiable instrument bearing, a date is presumed to have been made or drawn on such a date.
(iv) It is presumed to have been accepted within a reasonable time after the date and before its maturity.
(v) The transfer of a negotiable instrument is presumed to have been made before maturity.
(vi) The endorsements appearing upon a negotiable instrument are presumed to have been made in the order to which they appear thereon.
When a negotiable instrument has been lost, it is presumed to have been duly stamped.
(vi) The holder of a negotiable instrument is presumed to be a holder in due course.

Following essential elements are necessary for a contract of sale
(i) Two Parties :
(1) A contract of sale involves two parties - the seller and the buyer.
(2) The buyer and the seller should be two different persons. If a person buys his own goods, there is no sale.
(ii) Transfer of Property :
(1) To constitute sale, the seller must transfer or agree to transfer the ownership in the good to the buyer.
(2) A mere transfer of possession does not amount to sale.
(iii) Goods :
(1) The subject matter of contract of sale must be goods. It excludes money, actionable claims and immovable property.
(2) The term 'goods' includes every kind of movable property, stocks and shares, growing crops etc.
(3) Goodwill, trademarks, copy rights, patent rights etc., are all also regarded as goods.
(iv) Price :
(1) The monetary consideration for the goods sold is called price.
(2) If goods are exchanged for goods, it is only barter and not a sale.
(3) But if goodsare sold partly for goods and partly for money, the contract is one of sale.
(v) Includes both 'Sale' and 'Agreement to Sell' :
(1) The term contract of sale includes both sale and agreement to sell.
(2) If the property in goods is transferred immediately to the buyer it is called a sale.
(3) On the other hand, if the transfer of property takes place at a future date or on fulfillment of certain conditions, it is called 'an agreement to sell'.

Economic environment:
The business is an integral part ofthe economic system prevalent in a nation. The multiple variables in the macro environment system which has a bearing on a business include
(i) The nature of economy based on the stage of development:
1. The countries across the globe can be categorised on the basis of growth and per capita income as developed nations, developing nations and under developed nations.
2. The USA, Japan, Germany, Canada and Australia developed economies generally have high degree of technological advancement, very strong and robust industrial base, and high standard of living.
3. Many of these developed nations have successtully integrated the computer based technologies with their existing business.
4. Developing nations like India, China, Brazil Mexico are middle income economies are characterised by low to moderate industrial growth, the inequality in the distribution of income, high population, a low standard living and slow absorption of technology.
5. Under developed nations are low income economies with a very low degree of technology adoption and a very poor standard of living.
(ii) The nature of economic systenm: The economic systems can be classified as Capitalistic, Socialistic and Mixed economy. Capitalistic economy is a free enterprise market where individual ownership of wealth is predominant. Socialistic economy is a state controlled with a lot of restrictions on private sector. Mixed economy is a combination of both state owned and private sector ownership.
(iii) The econonmic policies of a nation: Monetary policy, fiscal policy, Export-import policy, Industrial policy. Trade policy, Foreign exchange policy etc., are part of the economic environment.
(iv) Economic indices: The Economic indices like GDP, GNP national income, per-capita income, balance of payments, rate of savings and investments etc., form an important part of economic environment.
(v) Development of financial market: The organisation and development of money market, capital market, securities market and the banking system has a greater impact.
(vi) Economic structure: The Economic structure includes capital formation, investment pattern, composition of trade balance, occupational distribution of workforce and the structure of national output.

The State Commission is to be appointed by the State Government in consultation with the Centre. It has the same function as state level. the state consumer protection council is also known as "Consumer Disputes Redressal Commission". Ihe State Consumer Protection Council is also called State Commission. 
Members : Each Sate Commission shall consist of the following members.
(i) A person who is or has been a Juclge of a High Court appointed by the State Government as its President.
(ii) Two other members who shall be persons of ability, integrity and standing and have adequate knowledge or experience of or have shown capacity in dealing with problems relating to economics, law, commerce, industry, public affairs or administration
of them, one shall be a woman.
Jurisdiction : The Jurisdiction of the State Commission is as follows.
(i) The State Commission can entertain complaints within the territory of entire state and where the value of the goods or services and the compensation, if any claimed exceed Rs. 20 lakhs and below Rupees One Crore.
(ii) The State Commission also has the jurisdiction to entertain appeals against the orders of any District Forum within the State.
Powers : The following are the powers of the State Commission.
(i) The State Commission also has the power to call for the records and pass appropriate orders in any consumer dispute which is pending before or has been decided by any District Forum within the State.
(ii) To furnish such information that may be required for the purposes of the Act to any officer so specified.
Appellate Forum
(i) The State Commission's jurisdiction may be original, appellate or revision.
(ii) Any person aggrieved by an order of the State Conmission may prefer an appeal to the National Conmmissionwithin 30 days
from the date of such order.

(i) Though consumer is said to be the king of entire business sphere, his interests are virtually neglected.
(ii) Shortage of goods makes the consumers to be content with whatever is offered for sale.
(iii) Quality is sacrificed.
(iv) Warranty of performance has no meaning.
(v) Health hazard is never considered.
(vi) Profit maximisation turns out to be sole consideration of business enterprises.

i) In the Globalised business environment, the marketer must move goods, faster and quicker to satisfy the consumer's needs and wants by servicing the best quality goods and services.
ii) Therefore marketers are shipping from transaction thinking to relationship building and also focusing on lifelong customers.
iii) It is possible to carry out all the business transactions thinking to relationship building and also focusing on lifelong customer.
iv) So, marketer has give more emphasis on the notion, "offer more for less" and adopt different strategies to satisfy the consumers.
v) It is possible to carry out all the business transactions over an electronic network, primarily through the Internet.
vi) The number of Internet users is increasing very rapidly. They use a variety of tools like computer, laptops, tablet and smart or android phone devices to access different websites.
vii) Besides the social media networks have opened new aveues of interacting with customers.

(i) Marketing is the performance of buying activities that facilitate to more flow of goods and services from producer to ultimate user.
(ii) Selling is basically concerned with putting the goods into the hands of the buyers for a price, but marketing is much wider than selling.
(iii) The development of marketing is evolutionary rather than revolutionary.

On the basis of Economic the market can be classified into (a) Perfect market (b) Imperfect market
(a). Perfect market: A market is said to be a perfect
market, if it satisfies the following conditions:
(i) Large number of buyers and sellers.
(ii) Prices should be uniform throughout the market.
(iii) Buyers and sellers have a perfect knowledge of market.
(iv) Goods can be moved from one place to another without restrictions.
(v) The goods are identical or homogeneous. It should be remembered that such types of markets are rarely found.
(b). Imperfect market: A market is said to be imperfect when:
(i) Products are similar but not identical
(ii) Prices are not uniform
(iii) There is lack of communication
(iv) There are restrictions on the movement of goods.

The following principles are followed at the time of placement of an employee.
(i) Job First Man next :
Man should be placed on the job according to the requirements of the job.
There is no compromise on the requirements or qualifications of the man with respect to job. "Job First, Man next" should be the principles of management.
(ii) Job offer :
The job should be offered to the man based on his qualification.
(iii)  Terms and conditions :
The employee should be made conversant with the conditions and culture prevailing in the organisation and all those things relating to the job.
(iv) Aware about penalties :
The employee should also be made aware of the penalties if he / she commits a wrong or lapse.
(v) Loyality and Co-operation :
When placing a new recruit on the job, an effort should be made to develop a sense of loyalty and co-operation in him, so that he/she may realise his/her responsibilities better towards the job and the organisation.

There are a number of factors that affect recruitment.
I. Internal factors:
(a) Size of the Organisation: Large organization gets less recruitment problematic than the smaller organization.
(b) Recruiting Policy
Some organizations are preferred through internal sourcing. Because own employees know the organization and they can well fit into it.
(c) Image of Job
Just as image of organization affects recruitment, due to better renumeration and working conditions, etc.
II. External factors:
(a) Demographic factors
It intimately related to human beings like age, sex, literacy, economic status, etc.
(b) Labour Market
Supply and demand of labour is of particular importance in affecting recruitment process.
(c) Labour laws
There are several labour laws and regulations passed by the central and State Government that govern different types of employment.

The managerial functions are as follows:
(i) Planning:
Planning is deciding in advance, what to do, how to do and who is to do it.
It bridges the gap between where we are and where we want to go.
It helps in the systematic operation of business.
(ii) Organising:
It includes division of work among employees by assigning each employee their duties, delegation of authority as required and creation of accountability to make employees responsible.
(iii) Directing:
It involves issue of orders and instructions along with supervision, guidance and motivation to get the best out of employees.
This reduces waste of time, energy and money and early attainment of organisational objectives.
(iv) Controlling :
The control process includes fixing of standards, measuring actual performance, comparing actual with standard laid down, measuring deviations, and taking corrective actions.
This is made possible through observation, supervision, reports, records and audit.

The functions of SEBI are as follows:
(i) Safeguarding the interests of investors by means of adequate education and guidance.
(ii) Regulating and controlling the business on stock markets.
(iii) Conduct inspection and inquiries of stock exchanges, intermediaries and self-regulating organisations and to take appropriate measures wherever required.
(iv) Barring insider trading in securities.
(v) Prohibiting deceptive and unfair methods used by financial intermediaries operating in securities markets.
(vi) SEBI Issues Guidelines and instructions to businesses concerning capital issues.

The various functions of stock exchange are as follows:
(i) Ready and continuous market:
(a) Stock exchange is a market for existing securities.
(b) If an investor wants to sell his securities, he can easily and quickly dispose them off on a stock exchange.
(ii) Correct evaluation of securities:
(a) The prices at which securities are bought and sold are recorded and made public.
(b) These prices are called "market quotations".
(iii) Protection to investors :
(a) All dealings in a stock exchange are in accordance with well-defined rules and regulations.
(b) For example, brokers cannot charge higher rate of commission for their services. Any malpractice will be severely punished.
(iv) Proper channalisation of capital :
(a) People like to invest in the shares of such companies which yield good profits.
(b) The savings of individuals are directed towards promising companies which declare good dividends over a period of time.
(v) Aid to capital formation :
(a) Thepublicity whichthe stock exchange gives to varjous industrial securities and their prices.
(b) Stock exchanges thus ensures a steady flow of capital into industry and assists industrial development.

 
S.No Features Money Market Capital Market 1. Duration of
funds It is a market for short-term loanable funds for a period of not exceeding one year. It is a market for long-term funds
exceeding period of one year. 2. Deals with
Instruments It deals with instruments like commercial
bills (bills of exchange, treasury bill, commercial papers, etc.) It deals with instruments like shares debentures,government bonds, etc. 3 Money Value Each single money market instrument is of large amount.Each certificate of deposits or commercial paper is for minimum of  ₹ 5 lakhs Each single capital market instrument is of small amount. Each share value is ₹10. Each debenture value is ₹100. 4 Role of major
institutions The central bank and commercial banks are the major institutions in the money market Development banks and Insurance
companies play a dominant role in the
capital market. 5 Risk Low credit and market risk High credit and market risk. 6 Liquidity High liquidity in Money Market Low liquidity in Capital Market

The financial market two functions:
I. Intermediary Functions
II. Financial Functions
I. Intermediary Functions: The intermediary functions of a financial market include the following
(i) Transfer of resources: Financial markets facilitate the transfer of real economic resource from lenders to ultimate borrowers.
(ii) Enhancing Income: Financial markets allow lenders earn interest / dividend on their surplus investible funds and thus contributing to the enhancement of the individual and the national income.
(iii) Productive Usage: Financial markets allow for the productive use of the funds borrowed, thus enhancing the income and the gross national income
(iv) Capital Formation: Financial markets provide a channel through which new savings flow to aid capital formation of a country
(v) Price determination: 
1. Financial markets allow for the determination of the price of the traded financial asset through the interaction of buyers and sellers.
2. (ii) They provide a signal for the allocation of funds in the economy, based on the demand and supply; through the mechanism called price discovery process.
(vi) Sale mechanism: Financial market provides a mechanism for selling of a financial asset by investor so as to offer the benefits of marketability and liquidity of such assets.
(vii) Information: The activities of the participants in the financial market result in the generation and the consequent dissemination of information to the various segments of the markets, so as to reduce the cost of transaction of financial assets.
II. Financial Functions
1. The financial functions of a financial market include the following
(i) Providing the borrowers with funds so as to enable them to carry out their investment Plans.
(ii) Providing the lenders with earning assets so as to enable them to earn wealth by deploying the assets in productive ventures.
(iii) Providing liquidity in the market so as to facilitate trading of funds

The disadvantages of MBO are:
(i) MBO fails to explain the philosophy; most of the executives do not know how MBO works? What is MBO? and why is MBO necessary? and how participants can benefit by MBO?
(ii) MBO is a time consuming process. Much time is needed by senior people for framing the MBO.
(iii) Next, it leads to heavy expenditure. Sometimes, managers are frustrated over MBO. MBO requires heavy paper work.
(iv) MBO emphasises only on short-term objectives and does not consider the long-term objective
(v) The status of sub-ordinates is necessary for proper objectives setting. But, this is not possible in the process ofMBO.
(vi) MBO is rigid one. Objectives should be changed according to the changed circumstances, external or internal.
(vii) If it is not done, the planned results cannot be obtained.
(viii) The objectives are set without considering the available resources.

Henry Fayol is the father ofmodern management. The following are the major principles of modern management are,
1. Division of Work:
According to this principle the whole work is divided into small tasks. The specialization of the workforce according to the skills of a person,creating specific personal and professional development within the labour force and therefore increasing productivity.
2. Authority and Responsibility:
Authority means the right of a superior to give the order to his subordinates; whereas responsibility means obligation for performance.
3. Discipline:
It is obedience, proper conduct in relation to others, respect of authority, etc. It is essential for the smooth functioning of all organisations.
4. Unity of Command:
This principle states that each subordinate should receive orders and be accountable to one and only one superior.
5. Unity of Direction:
All related activities should be put under one group, there should be one plan of action for them and they should be under the control of one manager.