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This content was published on December 18, This means that unless there is misconduct, the owner's own possessions are strongly protected in law if the business does not succeed. Where two or more individuals own a business together but have failed to organize a more specialized form of vehicle, they will be treated as a general partnership. The terms of a partnership are partly governed by a partnership agreement if one is created, and partly by the law of the jurisdiction where the partnership is located.
No paperwork or filing is necessary to create a partnership, and without an agreement, the relationships and legal rights of the partners will be entirely governed by the law of the jurisdiction where the partnership is located. A single person who owns and runs a business is commonly known as a sole proprietor , whether that person owns it directly or through a formally organized entity. Depending on the business needs, an adviser can decide what kind is proprietorship will be most suitable. A very detailed and well-established body of rules that evolved over a very long period of time applies to commercial transactions.
The need to regulate trade and commerce and resolve business disputes helped shape the creation of law and courts.
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The Code of Hammurabi dates back to about BC for example, and contains provisions that relate, among other matters, to shipping costs and dealings between merchants and brokers. In many countries, it is difficult to compile all the laws that can affect a business into a single reference source. Laws can govern treatment of labour and employee relations, worker protection and safety , discrimination on the basis of age, gender, disability, race, and in some jurisdictions, sexual orientation, and the minimum wage, as well as unions , worker compensation, and working hours and leave.
Some specialized businesses may also require licenses, either due to laws governing entry into certain trades, occupations or professions, that require special education or to raise revenue for local governments. Professions that require special licenses include law, medicine, piloting aircraft, selling liquor, radio broadcasting, selling investment securities, selling used cars, and roofing.
Business is business - Idioms by The Free Dictionary
Local jurisdictions may also require special licenses and taxes just to operate a business. Some businesses are subject to ongoing special regulation, for example, public utilities , investment securities, banking, insurance, broadcasting , aviation , and health care providers. Environmental regulations are also very complex and can affect many businesses. When businesses need to raise money called capital , they sometimes offer securities for sale. Capital may be raised through private means, by an initial public offering or IPO on a stock exchange , or in other ways.
Most countries with capital markets have at least one. Businesses that have gone public are subject to regulations concerning their internal governance, such as how executive officers' compensation is determined, and when and how information is disclosed to shareholders and to the public. Other western nations have comparable regulatory bodies. The proliferation and increasing complexity of the laws governing business have forced increasing specialization in corporate law. It is not unheard of for certain kinds of corporate transactions to require a team of five to ten attorneys due to sprawling regulation.
Commercial law spans general corporate law, employment and labor law, health-care law, securities law, mergers and acquisitions, tax law, employee benefit plans, food and drug regulation, intellectual property law on copyrights, patents, trademarks, telecommunications law, and financing. Other types of capital sourcing include crowdsourcing on the Internet, venture capital, bank loans, and debentures. Businesses often have important " intellectual property " that needs protection from competitors for the company to stay profitable. This could require patents , copyrights , trademarks , or preservation of trade secrets.
Most businesses have names, logos, and similar branding techniques that could benefit from trademarking.
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Patents and copyrights in the United States are largely governed by federal law, while trade secrets and trademarking are mostly a matter of state law. Because of the nature of intellectual property, a business needs protection in every jurisdiction in which they are concerned about competitors.
Many countries are signatories to international treaties concerning intellectual property, and thus companies registered in these countries are subject to national laws bound by these treaties. In order to protect trade secrets, companies may require employees to sign noncompete clauses which will impose limitations on an employee's interactions with stakeholders, and competitors. A trade union or labor union is an organization of workers who have come together to achieve common goals such as protecting the integrity of its trade, improving safety standards, achieving higher pay and benefits such as health care and retirement, increasing the number of employees an employer assigns to complete the work, and better working conditions.
The trade union, through its leadership, bargains with the employer on behalf of union members rank and file members and negotiates labor contracts collective bargaining with employers. The most common purpose of these associations or unions is "maintaining or improving the conditions of their employment ".
From Wikipedia, the free encyclopedia. This is the latest accepted revision , reviewed on 11 December For other uses, see Business disambiguation. For other uses, see Firm disambiguation. This article needs additional citations for verification. Please help improve this article by adding citations to reliable sources. Unsourced material may be challenged and removed.
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business is business
Theory of the firm. Business and economics portal. American Heritage Dictionary "business [: The activity of buying and selling commodities , products, or services". The Performance Implications of Repeated Partnerships". Academy of Management Journal. Lessons from the Kauffman Firm Survey". Journal of Marketing Channels. Principles of Financial Accounting. Financial Accounting Series 12 ed. Retrieved 31 December Foster School of Business.
Milbank Quarterly, 89 4 , OSHA and small businesses: When small businesses tap into OSHA's many resources, everyone benefits. Occupational Hazards, 69 3 , Wearable Devices at Work. Business Insurance, 50 2 , 1. Retrieved October 15, Archived from the original PDF on History of Trade Unionism.
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