 In our last session, we were basically talking about the organization as a corporate identity. And we talked about the history of the corporates coming in from the 17th century up till the 21st century. Today, we are going to be talking about the different forms of business organizations. And in that particular context, I would just like to mention that there can be three fundamentally different type of organizations. One could be a public sector organization. The second one could be a business organization. And the third one could be a social organization. Now when we look at these three fundamental dimensions of corporations, then we talk about the fact that the public sector organization basically is dealing with the public sector with government, with semi-government and also with government-owned organizations. And these are called public sector companies or public sector departments or public sector ministries. Now this is the public sector. And in a country like Pakistan, the biggest employer of the market or of the economy is the public sector. And therefore the public sector organizations are also very important. And because they can be doing business, they also are business organizations but working under the domain and nomenclature of public sector companies. And we have many like them in Pakistan. We have the Pakistan Steel Mills. We have the Pakistan International Airways. We have Pakistan Railways. We have Pakistan Post Offices. We have different companies, even the notorious 56 public sector companies in the Punjab. They were also business organizations working on different sectors of development. Then we have the National Highway Authority and all of these are different organizations which are working in the public sector. Then we have the social sector. The social sector is basically dealing with the development work and also sometimes in different businesses. Now when we talk about the social sector, it can be registered in seven different types of organizations based upon different laws with the most common being the Society's Registration Act. And the most complex and difficult actually comes under the Security Exchange Commission of Pakistan under section 42 and we call them section 42 organizations. And they can do business if they want to but they would be non-profit. That basically means that the profit will not be going to the directors or to the shareholders but would remain within the organization. So what we see is that there can be social organizations and those social organizations can be doing business. But those social organizations would remain confined to the fact that if they are a section 42 organization they would have limited liability. And then another very important thing would be that they can do business but their business would always be not for profit. So ladies and gentlemen when we are talking about the SECP, the Security Exchange Commission of Pakistan section 42 company in the social dimension then they can do business but they would be having limited liability and they would be not for profit and that basically means that all of the profits would be used within the organization and cannot be taken up by the shareholders or by the different stakeholders or by the board of directors. So again ladies and gentlemen when we are seeing all of this so in the social sector also we are talking about different forms of organizations which are primarily involved in doing business or social work and they tend to do something good for the society and nowadays there is also a terminology which is called social entrepreneurship. So coming back to business organizations, business organizations can also be of many types. They could be a proprietorship, they could be a partnership, they could be a private limited company, they could be a public limited company or they could be a joint venture, they could be a collaboration or they could be a conglomerate. So all of these different forms of businesses and business organizations tend to exist. We will be looking at the more corporate organizations, why because we will be looking it from the corporate governance context and we will see how the Securities Exchange Commission tends to regulate these different organizations to create an environment of corporate governance. So ladies and gentlemen when we are talking about proprietorships then in proprietorships there is no form of registration and individual can just simply for example Sayidusan Heather can have a organization called SHH Incorporate. Now this does not have to be registered separately. I can use the same text number, I can use my home address and I can do as much business as I want and again I can have a separate account or I can be using my own individual account but I would not be having limited liability. So as an individual I would have absolute liability even for my own company which is a proprietorship. Now when we look at a partnership then the partnership basically comes in two fundamental forms. One form is the is the partnership, the classical partnership which is basically regulated by the partnership act and then there is a new form in which there is limited partnership which comes under the limited partnership act. So again there are two different laws which regulate these two different partnerships and in a partnership again there is unlimited liability except for the limited partnership one and in that there are different partners. Those partners get together, they sign a partnership deed, they can or cannot get the partnership registered, they would have a separate account and that account would be basically for the different business. So again there could be proprietorship or there could be a partnership but when we go on to corporate organizations then ladies and gentlemen we are talking about the SECP regulated organizations and in that the most primary difference is that there is a limited liability. A primary motive for incorporating a business is the desire to limit individual's liability for the obligations of the enterprise. It consists of different partners and those partners are personally liable for the firm's debt. So that is what is happening in a partnership but in a corporate body what we see is that their liability is limited and therefore the organization is a separate legal entity, corporate entity and that is what is happening over there. Secondly what we see is that in a company there is perpetual succession. In perpetual succession what we see is that the succession is vested in the legal capacity and powers of an individual and then secondly what we see in that is that even if there is a debt or there is a bankruptcy it does not affect the company. So in the perpetual succession what we see is that it doesn't depend upon the different shareholders but there is continuity and it does not end. However in a partnership or in a proprietorship with the death of the individual then we see that those entities tend to vanquish. So that is the fundamental differences that we see that one is limited liability and the second one is perpetual succession. So in our next session what we are going to do ladies and gentlemen is that we are going to see how these different organizations tend to work and further see how they tend to work independently of personal liability and that is what we are going to do. Thank you so much.