Q12. Mr. Joseph worked as a manager in ‘Inspop Limited’ a trading company.He decided to start his own business selling similar products. After Preparing all details he realised that he does not have sufficient funds to start business on his own. He discussed the business plan with his friend Raman and both decided to join hands as partners and start business together. They opened a bank account with Indian Bank for business transactions and prepared all documents to register their business with the authorities. Ranbir, Joseph’s colleague also wanted to be part of the business but he could not take the risk of leaving a secured job so he decided to invest money in the business but not take active part in the business activities. Ranbir used his position to inform Joseph about important decisions or strategies followed by Inspop Limited so that Joseph can plan his strategies accordingly for the benefit of their business. The CEO of Inspop Limited came to know about the misdeeds of Ranbir and he immediately terminated him from his services.(a) Identify the type of economic activity Joseph was involved in before starting his own venture. Quote line from the above case.(b)Name the form of organisation Joseph and Raman decided to form. State the benefits of registering the business.(c) Suggest the type of account Joseph and Raman opened ? Give reason for your answer.(d) Identify what type of partner was Ranbir. Quote lines to support your answer.(e) Do you think Joseph and Ranbir were doing ethical business ? Give one reason to support your answer.​