After passing his 12th class with entrepreneurship as an elective subject 'Guru' started his own business. He invested Rs.2,00,000 as capital which was given to him by his father. He obtained a loan of Rs.1,00,000 from his elder brother Ravi, who was working as an assistant manager in Bank of Baroda. In the first year he incurred a loss of Rs.50,000 and had to pay to his suppliers their outstanding bills. This created a financial problem for him and he had to take a loan of Rs. 1,00,000 from the Bank of Baroda on the personal guarantee of his brother. He started doing hard work, lowered the prices and informed his customers about the qualities of goods sold by him. Because of this the sales increased four times and he earned a net profit of Rs.75,000 in the second year.(a) Identify the form of business organisation started by 'Guru'. (b) State any five features of such a form of business organisation.