In this above presentation, I have listed some important functions of Business law, which can be very useful for he laws aspirants. Designed by CC Designs. Please note that case results depend upon a variety of factors unique to each case. Use of the information on this site and its contents does not establish an attorney-client relationship. If we will analyse the above definitions very carefully we can reach at a conclusion that law is a body of rules recognised and maintained by the state to regulate the human behavior and conduct in a society. Scribd will begin operating the SlideShare business on December 1, 2020 However, Section 2(20) of the Companies Act, 2013, defines the term ‘Company’ as follows: “Company means a company incorporated under this Act or under any previous company law.” Let us see the elements of company law … 1. It is considered a Primary Authority. A business name must be registered with Business Registry as an assumed business name if the legal name of each person who is carrying on the business is not conspicuously disclosed to the public in the business name. You are welcome to contact the office by email or phone. Prior case results do not guarantee or predict a similar result in any future case. As of this date, Scribd will manage your SlideShare account and any content you may have on SlideShare, and Scribd's General Terms of Use and Privacy Policy will apply. it is an economic activity corned with creation of utilities for the satisfaction of […] Here is a list of some of the characteristics of the main business entities. A company is a volun­tary association of persons, recognised by law, having a distinctive name, a common seal, formed to carry on business for profit, with capital divisible into transferable shares, limited liability, a … Slideshare uses cookies to improve functionality and performance, and to provide you with relevant advertising. But when [law] is in the usual manner notified, or prescribed, it is then the subject’s business to be thoroughly acquainted therewith; for if ignorance of what he might know were admitted as a legitimate excuse, the laws would be of no effect, but might always be eluded with impunity. There are many definitions of a Company by various legal experts. Economic activity: Business is an economic activity of production and distribution of goods and services. Sovereignty is its exclusive and most important element. Statutes command or prohibit something, or declare policy and get added and amended to add to a current legislation. Types & Characteristics of Business Entities. 1) It is a set of rules. DISCLAIMER: The information contained on the pages of this website is for informational and advertisement purposes only and does not nor is it intended to constitute legal advice. This includes all of the laws that govern how to start, buy, manage and close or sell any type of business. Each person’s legal name must include both the first and last names. Selecting the right structure for your business is one of the most important decisions you will make. [Blackstone, 1 COMMENTARIES *46.] Learn more. If you are seeking legal advice, you should consult an attorney. It should come from the inner part of the soul. © 2018 The Law Office of Tonya N. Gibbs, PLC – TNG Legal SM It is the supreme power of the state over all its people and territories. Business law is one of the courses that most business students have to take. The staff can explain the law, let you know what exemptions may be available, and provide copies of the securities law and forms required for registration. It must be accepted as self-indulgence by any businessman. If you are seeking legal advice, you should consult an attorney. DISCLAIMER: The information contained on the pages of this website is for informational and advertisement purposes only and does not nor is it intended to constitute legal advice. SOLE PROPRIETORSHIP. Characteristics of the BUSINESS LAW 2. Business law is that branch of law which is concerned with business entities like companies and partnerships. Business entities play an important role in the society and significantly impact the economy of a nation. Learn contract business law 4 characteristics with free interactive flashcards. All Rights Reserved. The Importance of Business Succession Planning, A sole proprietorship is a business made up of one individual, the sole proprietor, No formal filing requirements in Virginia, Sole proprietor is personally liable for all businesses debts, obligations, and liabilities, Business income is filed on sole proprietor’s personal tax return on form Schedule C, A business or association that consists of two or more individuals, Partners share in the profit and losses of the business, Partners have equal rights in the management of the business, The general partnership is a distinct entity from its partners, All of the partners are liable for the obligations of the general partnership, unless the general partnership registers for limited liability partnership status with the state, A partnership that consists of two or more individuals where there is at least one general partner and one limited partner, General partner(s) manage the operations of the business, Limited partners contribute financially, in property or in services for an interest in the partnership, The limited partner shares in the profits and losses of the partnership, Limited partners are generally not liable for the obligations of the partnership and are not liable beyond their investment, The general partner(s) is liable for the obligations of the limited partnership unless the limited partnership registers with the state for Limited Liability Partnership status, The limited partnership is a distinct entity from its partners, Formal filing requirements under Virginia Law to create, Can have one member or consist of more than one member, Members share in the profits and losses of the LLC as defined in the Operating Agreement or if there is no Operating Agreement in accordance with the Virginia Limited Liability Company Act, The Limited Liability Company is an entity separate from its Members, Generally, the Members and Managers are not liable for the debts and obligations of the Limited Liability Company, Generally, owners are not liable for the liabilities of the business, Corporation as an entity pays its own taxes, Required to hold annual meetings and maintain records of meetings, Hybrid of a non-profit and a for profit organization, One of its purposes must be to create a general public benefit on society and/or the environment, Annual reporting requirements made publicly available.

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