Q: What are the types of business ownership in India ?

Ans: There are four forms of business ownership in India: 

1. Sole Proprietorship : Under Shop and Establishment Act of State. 
2. company : Under Companies Act, 2013, 2017
3. Partnership firm: Partnership Act, 1932
4. Hindu Undivided family ( No seperate act) but mentioned in Income tax act, 1961.

HUF is treated as a ‘person’ under Section 2 (31) of the Income Tax Act, 1961 (IT Act).

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