Nehal T. - Expert Coach

In partnership form of organization, a trade agreement made by one owner is binding on the others. The Indian Partnership Act, 1932 defines partnership as "the relation between persons who have agreed to share the profit of the business carried on by all or anyone of them acting for all." The definition of partnership highlights the fact that it is a business carried on by all or anyone of the partners acting for all. One partner is an agent of other partners as he/she represents them and thereby binds them through his/her acts. He/She is a principal as he/she too can be bound by the acts of other partners. Hence, every partner is both an agent and a principal. This is the reason why a trade agreement made by one owner is binding on the others. Further, the partners are jointly responsible for the payment of debts and they contribute in proportion to their share in the business and as such are liable to that extent. The partners share amongst themselves the responsibility of decision making and control of day-to-day activities.

i. Accelerate the overall efforts for industrialisation of the district.

ii. Rural industrialisation and development of rural industries and handicrafts.

iii. Attainment of economic equality in various regions of the district.

iv. Providing the benefit of the government schemes to the new entrepreneurs.

v. Centralisation of procedures required to start a new industrial unit and minimisation of the efforts and time required to obtain various permissions, licenses, registrations, subsidies etc.

The features of cottage industries are as follows:
Simple equipment: Simple equipment are used in the production of goods.
Indigenous technology: Indigenous technology is used for producing goods.
Individuals: The industries are organized by individuals having private resources.
Investment: Small amount of capital is invested in the production. Simple products: Production of simple products in their own premises.
Family labor: Cottage industries use family labor and locally available talent.

Steps involved in online trading are:
1.Registration: Before online shopping, one has to register with the online vendor by filling up a registration form. Registration means that you have an 'account' with the online vendor. Among various details that needs to be filled in is a 'password' as the sections relating to your 'account' and 'shopping cart' are password protected otherwise, anyone can, log in using your name and shop in your name. This can put you in trouble.
2. Placing an order: You can pick and drop the items in the shopping cart. The shopping cart is an online record of what you have picked up while browsing the online store. Just as in a physical store you can put in and take items out of your cart, likewise, you can do so even while shopping online. After being sure of what you want to buy, you can 'checkout' and choose your payment options.
3. Payment Mechanism: Payment for the purchases through online shopping may be done in a number of ways:
(i) Cash on delivery (COD),
(ii) Cheque.
(iii) Net banking transfer.
(iv) Credit cards.
(v) Debit cards.
4. Digital cash: Digital cash is a type of electronic currency which is found only in cyberspace. It has no physical real properties but still can be used as a real currency in an electronic format. The amount equal to the digital cash which the buyer wants to get issued in his favor is deposited by him in the bank dealing with digital cash through cheque, drafts, etc. The bank sends a special software to the buyer. Hence, while making online purchases, the buyer can make the payment by drawing digital cash from his account with the bank.