Definition: The term 'cartel' refers to an arrangement wherein two or more large producer firms comes together, to regulate the supply of the goods and services with the aim of manipulating the prices. And to do so, the producers agree to cooperate with one another, with which they can limit competition and dominate the entire market. It is also termed as price rings. It is … [Read more...] about Cartel
Limited Liability Partnership (LLP)
Definition: LLP is an acronym for Limited Liability Partnership, which is an emerging form of business organization. It incorporates the features of a Partnership and Body Corporate, as in low compliance cost while allowing the flexibility of a general partnership in terms of internal structure. In finer terms, LLP is the hybrid form of a company and partnership. Salient … [Read more...] about Limited Liability Partnership (LLP)
Cooperative Society
Definition: As the name suggests, cooperative society refers to that type of business organization wherein people work together for a common goal, i.e. welfare of its members. It has to be registered under the Cooperative Societies Act, 1912, in order to obtain the status of a separate legal identity. The members of the cooperative society raise the capital themselves by … [Read more...] about Cooperative Society
Negotiation
Definition: By the term 'negotiation' we mean an open strategic dialogue that is supposed to resolve the issue between the parties concerned, by reaching an agreement. The two parties with different needs and goals having some common interest and others divergent intend to arrive at an agreement. So they discuss the matter, in order to find out a solution which is acceptable … [Read more...] about Negotiation
Employee Benefits
Definition: Employee Benefits implies the financial or non-financial compensation, offered to the employees, which forms part of their employment contract. It has an important role to play in differentiating two jobs offering the same salary, which vary in terms of the benefits offered. In finer terms, any kind of consideration given to the employees, in return for the … [Read more...] about Employee Benefits
Decision Making
Definition: Decision Making is the cognitive process of selecting a course of action, out of a set of available alternatives, so as to achieve the goals of the organization. It is an indispensable part of the management, as decisions are made at each level by the management executives. Characteristics of Decision Making The characteristics of decision making are discussed … [Read more...] about Decision Making
Digital Economy
Definition: In simple words, the digital economy, is an economy which operates predominantly with the help of digital technology. It implies the global network of economic activities, processes, transactions and interactions among, people, businesses, devices, etc. which is supported by Information and Communication Technology (ICT). In this, the maximum number of business … [Read more...] about Digital Economy
Knowledge Process Outsourcing (KPO)
Definition: Knowledge Process Outsourcing (KPO) is a business arrangement in which knowledge or information-oriented activities or services, as well as complex tasks and processes of a business, are outsourced. The provision of service requires collection, creation, interpretation, management, and dissemination of the knowledge. Further, knowledge creation demands analysis, … [Read more...] about Knowledge Process Outsourcing (KPO)
Deed
Definition: A deed is a formal and dignified instrument. In general, it refers to any document by which two or more parties agree to put into force any right or liability. For instance: Gift Deed, Partnership Deed, Trust Deed, Deed of Family Settlement, Mortgage Deed, Lease Deed, Sale Deed, etc. In law, a deed is described as a written instrument which claims or operates … [Read more...] about Deed
Minutes
Definition: Minutes, otherwise called as the Minutes of Meeting (MoM) is the immediate comprehensive written account of the meeting, explaining the business transacted at the meeting. It comprises of accurate and fair notes of the proceedings that happened at the meeting. Contents of Minutes The contents of the minutes are divided into two categories: General Contents It … [Read more...] about Minutes