a) State five features each of the following business units: Cooperative Society; Mail Order Business....

Explanation

(a) (i)Features of Cooperative Society:

• One man one vote no matter the amount contributed/operated on democratic principle;
• Profits are shared based on patronage;
• Management is by the elected committee;
• It has no maximum number of members;
• It has perpetual existence;
• It is a legal entity;
• It is privately owned by people with a common interest.

(ii)Features of Mail Order Business:

• It is a form of large scale trading;
• It requires no retail outlet but a large warehouse;
• Goods are sold with the use of catalogue;
• The post office is used to deliver goods to customers;
• Goods are sold on cash on delivery or cash with order;
• It deals on durable goods;
• It employs few workers.

(b)Ways by which partnership could be brought to an end:

• By admission of new partners;
• By the expiration of agreed period/completion of a project;
• By court order/liquidation/bankruptcy;
• If the partnership continued to make losses for a long time/insolvency;
• If the object of the partnership becomes illegal;
• By mutual agreement of the partners;
• If any of the partners retires as a result of ill-health or incapacitation/insanity;
• If any partner dies.