Fordham International Law Journal Volume 20‚ Issue 5 1996 Article 6 The Role of Law in Business Development Ibrahim F.I. Shihata∗ ∗ Copyright c 1996 by the authors. Fordham International Law Journal is produced by The Berkeley Electronic Press (bepress). http://ir.lawnet.fordham.edu/ilj The Role of Law in Business Development Ibrahim F.I. Shihata Abstract Part I of this Essay concerns the law of developing nations as it effects business growth. Part II describes the legal framework
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Types of Business Business is any activity that seeks to provide goods and services to others while operating at a profit. Business is the solution of how to get money‚ although business can be very risky. Anyone in the world can open a business‚ but there are some steps before deciding how would they structure their business. They will need to know their options. There are many ways to organize a business; the five most common ways are sole proprietorship‚ partnership‚ limited partnership‚ Limited
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corporation. However‚ the difference between business partnership and a joint venture is that a former may be established before a company is formed while the latter is a collaboration of 2 or more existing entities forming a tie. It must be cleared though that a joint venture is still a partnership. Another important point to take note is that a joint venture can be limited to a specific time or project‚ or a formation of another separate entity from two business entities. One main reason why companies
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Meaning ▪ Features ▪ Advantages ▪ Disadvantages ▪ Suitability PARTNERSHIP FIRM ▪ Meaning ▪ Features ▪ Merits ▪ Demerits ▪ Kind of partnership firm ▪ Types of partners ▪ Partnership Deed JOINT HINDU FAMILY BUSINESS ▪ Meaning ▪ Features ▪ Advantages ▪ Disadvantages JOINT STOCK COMPANY ▪ Meaning ▪ Features ▪ Advantages ▪ Disadvantages ▪ Management ▪ Forms of companies ▪ Features‚ Merits and Demerits of types of companies
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Sole Proprietorship • Liability is unlimited. The owner or sole proprietor is legally responsible for all debts‚ law suit settlements and contract fulfillments. Though insurance policies can be purchased to protect against unforeseen events‚ a judgment decree or balance exceeding the purchased plan amount could come directly out of the personal assets of the owner including but not limited to personal home‚ bank accounts‚ college funds or other tangible assets. • Income Taxes for sole proprietorship
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YOU DECIDE Mgmt. 597: Business Law CASE SUMMERY: Coleman is an employee for Software Inc.; Coleman was a member of the sales division that sold security equipment to businesses and bars. Coleman is traveling the majority for the time; he often spends three months in a row on the road. While on a sales trip to Colorado‚ in March of 2008‚ Coleman stole a ring for his wife. Then‚ Coleman met John at Jimmy’s Poor-Man Bar. While
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corporate statute does on its own. A Shareholders’ Agreement provides details of the rights and duties of the stakeholders and the shareholders. It should be reviewed and revised periodically to ensure that it is in line with the current business environment‚ but it should not be revised to often so as to cause instability. A company which is wholly owned by one person need not have such an agreement. However‚ as soon as there is more than one owner‚ such an agreement is essential. Shareholders’
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organisation We have two main types of business organisations. Which are Profit-making organisations and Not-for-profit organisations. In the profit making organisation‚ we have the Sole traders‚ Partnerships and LLPs‚ Companies and The Franchises. While on the Not-for-profit organisation we have the Quangos‚ Voluntary‚ public sector bodies and the charities. *SOLE TRADER- This is a simple business that is easy to set up‚ and which is usually a small business. It is owned and financed by one individual
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A business is an organization or economic system where goods and services are exchanged for one another or for money. Every business requires some form of investment and enough customers to whom its output can be sold on a consistent basis in order to make a profit. Businesses can be privately owned‚ not-for-profit or state-owned. Business also can have a number of different types of owner depending on the aims and objectives of the owners. There are different types of Business organization
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many that means owning a business. That however is much easier said than done. There are many steps to starting and owning a business‚ a mistake on any of them can derail‚ postpone or kill that dream. The most important step to starting a business is to develop a viable business plan. A business plan will layout the remaining steps and help ensure fewer mistakes are made. In addition to developing a business plan the remaining steps are. Choose the type of business to start. Determine licensing
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