Definition
Just-in-Time (JIT) is a production and inventory management approach aimed at minimizing inventory levels and carrying costs by synchronizing production with customer demand. It involves producing goods or services only when needed, in the right quantity, and at the right time, thereby reducing waste, improving efficiency, and enhancing responsiveness to customer needs. JIT is based on principles such as continuous improvement, waste reduction, and quality management to achieve operational excellence.
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Private Limited Company (Ltd)
A Private Limited Company (Ltd) is a type of company where the ownership is divided into shares held by a small number of shareholders. The liability of shareholders is limited to the amount unpaid on their shares, and the company’s shares cannot be traded publicly on the stock exchange.
Limited Liability Partnership (LLP)
A Limited Liability Partnership (LLP) is a business structure where partners have limited personal liability for the debts and obligations of the partnership. Each partner’s liability is limited to their investment in the LLP, and they are protected from the actions of other partners.