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Encyclopedia > Business
Business and Economics Portal
Companies law
Corporation · Company
Partnership
(General · Limited · LLP)
Cooperative
Sole proprietorship
United States:
S corporation · C corporation
LLC · LLLP · Series LLC
Delaware corporation
Nevada corporation
Business trust
UK/Ireland/Commonwealth:
Limited company
(By shares · By guarantee)
(Public · Proprietary)
Community interest company
European Union/EEA:
SE · SCE
Other countries:
AB · AG · ANS · A/S · AS · GmbH
K.K. · N.V. · OY · S.A. · Full list
Doctrines
Corporate governance
Limited liability · Ultra vires
Business judgment rule
Internal affairs doctrine
De facto corporation and
corporation by estoppel
Piercing the corporate veil
Rochdale Principles
Related areas of law
Contract · Civil procedure

In economics, a business (also called firm or enterprise) is a legally recognized organizational entity designed to provide goods and/or services to consumers or corporate entities such as governments, charities or other businesses. Businesses are predominant in capitalist economies, most being privately owned and formed to earn profit to increase the wealth of owners. The owners and operators of a business have as one of their main objectives the receipt or generation of a financial return in exchange for work and acceptance of risk. Notable exceptions include cooperative businesses and state-owned enterprises. Socialistic systems involve either government, public, or worker ownership of most sizable businesses. Image File history File links Portal. ... Image File history File links Scale_of_justice_2. ... Companies law is the field of law concerning business and other organizations. ... For other uses, see Corporation (disambiguation). ... Look up company in Wiktionary, the free dictionary. ... A partnership is a type of business entity in which partners (owners) share with each other the profits or losses of the business undertaking in which all have invested. ... This article needs to be wikified. ... A limited partnership is a form of partnership similar to a general partnership, except that in addition to one or more general partners (GPs), there are one or more limited partners (LPs). ... A limited liability partnership (LLP) has elements of partnerships and corporations. ... Co-op redirects here. ... A sole proprietorship, or simply proprietorship, is a type of business entity which legally has no separate existence from its owner. ... An S corporation or S-corp, for US federal tax purposes, is a corporation that makes a valid election to be taxed under Subchapter S of Chapter 1 of the Internal Revenue Code. ... A C corporation (or C corp. ... This article is about a U.S.-specific corporate form; for a general discussion of entities with limited liability, see corporation. ... The limited liability limited partnership (LLLP) is a relatively new modification of the limited partnership, a form of business entity recognized under US commercial law. ... A Series LLC is a special form of a Limited liability company that provides extra protection for personal assets comprised of multiple business entities. ... A Delaware corporation is a corporation chartered in the U.S. state of Delaware. ... It has been suggested that this article or section be merged into Nevada. ... A Massachusetts business trust or MBT is a legal trust set up for the purposes of business in the state of Massachusetts. ... It has been suggested that this article or section be merged into Limited liability company. ... A limited company by shares (limited or Ltd. ... In British or Irish company law, a Limited Company is a person on its own right. ... The initials PLC after a UK or Irish company name indicate that it is a public limited company, a type of limited company whose shares may be offered for sale to the public. ... A Proprietary limited company or abbreviated as under Australian law is a business structure that has at least one shareholder with a limited number of shares. ... A community interest company (CIC) is a new type of company introduced by the United Kingdom government in 2005. ...  EFTA countries (except Switzerland)  EU countries Together these form the EEA. The European Economic Area (EEA) came into being on January 1, 1994 following an agreement between the European Free Trade Association (EFTA) and the European Union (EU). ... The Council Regulation on the Statute for a European Company of the European Union (adopted October 8, 2001; OJ L 294, 10 November 2001, pp. ... The Council Regulation on the Statute for a European Company of the European Union (adopted October 8, 2001; OJ L 294, 10/11/2001, pp. ... Aktiebolag is the Swedish term for a corporation, i. ... Aktiengesellschaft (IPA: ; abbreviated AG) is a German term that refers to a corporation that is limited by shares, i. ... An ansvarlig selskap is a Norwegian personal responsibility company model, mainly used in small-to-medium businesses, which translates directly into Responsible Company. This reflects that the participants - or owners - are personally responsible for any outstanding debts the company would aquire. ... An Aktieselskab (abbreviated A/S) is the Danish name for a stock-based corporation. ... An aksjeselskap is the Norwegian term for a stock-based corporation. ... Gesellschaft mit beschränkter Haftung (GmbH or GesmbH) is a type of legal entity created in Germany in 1892. ... Business corporation ) is a type of corporation ) defined under Japanese law. ... The term Naamloze Vennootschap (usually abbreviated NV) is the Dutch terminology for a public limited liability company. ... Osakeyhtiö, directly translated as share corporation, is the Finnish equivalent of Limited company (Ltd or LLC) or Gesellschaft mit beschränkter Haftung (GmbH). ... S.A. is the abbreviation of Société Anonyme in French, Spółka Akcyjna in Polish, Sociedad Anónima in Spanish, Sociedade Anónima in Portuguese, or Naamloze Venootschap (N.V.) in Dutch, generally designating corporations in various countries. ... Corporate governance is the set of processes, customs, policies, laws and institutions affecting the way in which a corporation is directed, administered or controlled. ... Limited liability (LL) is liability that is limited to a partner or investors investment. ... Ultra vires is a Latin phrase that literally means beyond the power. ... The business judgment rule is a case law-derived concept in Corporations law whereby a court will refuse to review the actions of a corporations board of directors in managing the corporation unless there is some allegation of conduct that (1) violates (a) the directors duty of care, (b... The internal affairs doctrine is a choice of law rule in corporations law. ... De facto corporation and corporation by estoppel are both terms that are used by courts to describe circumstances in which is a business organization that has failed to become a de jure corporation (a corporation by law) will nonetheless be treated as a corporation, thereby shielding shareholders from liability. ... The corporate law concept piercing (Lifting) the corporate veil describes a legal decision where an officer, director, or shareholder of a corporation is held liable for the debts of the corporation despite the general principle that those persons are immune from suits in contract or tort that otherwise would only... The Rochdale Principles are a set of ideals for the operation of cooperatives. ... A contract is a legally binding exchange of promises or agreement between parties that the law will enforce. ... Civil procedure is the body of law that sets out the process that courts will follow when hearing cases of a civil nature (a civil action, as opposed to a criminal action). ... Face-to-face trading interactions on the New York Stock Exchange trading floor. ... A good or commodity in economics is any object or service that increases utility, directly or indirectly, not to be confused with good in a moral or ethical sense (see Utilitarianism and consequentialist ethical theory). ... This article is about a term used in economics. ... Consumers refers to individuals or households that use goods and services generated within the economy. ... For other uses, see Capitalism (disambiguation). ... This article or section does not cite any references or sources. ... For the business meaning, see Wealth (economics). ... Return on Capital, also known as Return On Invested Capital (ROIC) is defined as Net Income / Invested Capital usually expressed as a percentage. ... Work in project management is the amount of effort applied to produce a deliverable or to accomplish a task (a terminal element). ... For the Parker Brothers board game, see Risk (game) For other uses, see Risk (disambiguation). ... Co-op redirects here. ... A government corporation or government-owned corporation is a legal entity created by a government to exercise some of the powers of the government. ... For information on mainstream political parties using the term Socialist, see Social democracy and Democratic socialism, For the governments of the USSR, the PRC, and others, see: Communist state, Other variants of Socialism include Marxism, Communism, and Libertarian Socialism. ...


The etymology of "business" relates to the state of being busy either as an individual or society as a whole, doing commercially viable and profitable work. The term "business" has at least three usages, depending on the scope — the singular usage (above) to mean a particular company or corporation, the generalized usage to refer to a particular market sector, such as "the music business" and compound forms such as agribusiness, or the broadest meaning to include all activity by the community of suppliers of goods and services. However, the exact definition of business, like much else in the philosophy of business, is a matter of debate. Etymologies redirects here. ... Viability means in general capacity for survival and is more specifically used to mean a capacity for living, developing, or germinating under favorable conditions. ... Look up company in Wiktionary, the free dictionary. ... For other uses, see Corporation (disambiguation). ... The term Market Sector is used in economics and finance to describe a set of businesses that are buying and selling such similar goods and services that they are in direct competition with each other. ... In agriculture, agribusiness is a generic term that refers to the various businesses involved in the food production chain, including farming, seed, agrichemicals, farm machinery, wholesaling, processing, distribution, and retail sales. ... // Definition and scope The philosophy of business considers the fundamental principles that underlie the formation and operation of a business enterprise; the nature and purpose of a business, for example, is it primarily property or a social institution; its role in society; and the moral obligations that pertain to it. ...


Business Studies, the study of the management of individuals organizing to maintain collective productivity toward accomplishing particular creative and productive goals (usually to generate profit), is taught as an academic subject in many schools. To meet Wikipedias quality standards, this article or section may require cleanup. ... For other uses, see Management (disambiguation). ... --158. ... Academia is a collective term for the scientific and cultural community engaged in higher education and research, taken as a whole. ...

Contents

Basic forms of ownership

Although forms of business ownership vary by jurisdiction, there are several common forms: This article does not cite any references or sources. ...

  • Sole proprietorship: A sole proprietorship is a business owned by one person. The owner may operate on his or her own or may employ others. The owner of the business has total and unlimited personal liability of the debts incurred by the business.
  • Cooperative: Often referred to as a "co-op business" or "co-op", a cooperative is a for-profit, limited liability entity that differs from a corporation in that it has members, as opposed to shareholders, who share decision-making authority. Cooperatives are typically classified as either consumer cooperatives or worker cooperatives. Cooperatives are fundamental to the ideology of economic democracy.

For a country-by-country listing of legally recognized business forms, see Types of business entity. A sole proprietorship, or simply proprietorship, is a type of business entity which legally has no separate existence from its owner. ... In the most general sense, a liability is anything that is a hindrance, or puts individuals at a disadvantage. ... A partnership is a type of business entity in which partners (owners) share with each other the profits or losses of the business undertaking in which all have invested. ... This article needs to be wikified. ... A limited partnership is a form of partnership similar to a general partnership, except that in addition to one or more general partners (GPs), there are one or more limited partners (LPs). ... A limited liability partnership (LLP) has elements of partnerships and corporations. ... For other uses, see Corporation (disambiguation). ... Limited liability (LL) is liability that is limited to a partner or investors investment. ... A legal entity or artificial person is a legal construct with legal rights or duties such as the legal capacity to enter into contracts and sue or be sued. ... A shareholder or stockholder is an individual or company (including a corporation) that legally owns one or more shares of stock in a joint stock company. ... Chairman of the Board redirects here. ... Co-op redirects here. ... A consumers cooperative is a cooperative business owned by its customers for their mutual benefit. ... A worker cooperative is a cooperative owned and democratically controlled by its employees. ... Economic Democracy is a philosophy that suggests a transfer of socio-economic decision-making from a small minority of corporate shareholders to the much larger majority of public stakeholders. ...


Classifications

Wall Street, Manhattan is the location of the New York Stock Exchange and is often used as a symbol for the world of business.[citation needed]
Wall Street, Manhattan is the location of the New York Stock Exchange and is often used as a symbol for the world of business.[citation needed]
Commercial Street, Bangalore. India
Commercial Street, Bangalore. India

There are many types of businesses, and, as a result, businesses are classified in many ways. One of the most common focuses on the primary profit-generating activities of a business: Download high resolution version (733x768, 88 KB)View of Wall Street, Manhattan, 2003. ... Download high resolution version (733x768, 88 KB)View of Wall Street, Manhattan, 2003. ... Elaborate marble facade of NYSE as seen from the intersection of Broad and Wall Streets For other uses, see Wall Street (disambiguation). ... This article is about the borough of New York City. ... The New York Stock Exchange (NYSE), nicknamed the Big Board, is a New York City-based stock exchange. ... Image File history File links Download high resolution version (1600x1200, 913 KB) Commerical Street, Bangalore Picture taken by GatesPlusPlus. ... Image File history File links Download high resolution version (1600x1200, 913 KB) Commerical Street, Bangalore Picture taken by GatesPlusPlus. ... For other uses, see Bangalore (disambiguation). ...

  • Manufacturers produce products, from raw materials or component parts, which they then sell at a profit. Companies that make physical goods, such as cars or pipes, are considered manufacturers.
  • Service businesses offer intangible goods or services and typically generate a profit by charging for labor or other services provided to government, other businesses or consumers. Organizations ranging from house decorators to consulting firms to restaurants and even to entertainers are types of service businesses.
  • Retailers and Distributors act as middle-men in getting goods produced by manufacturers to the intended consumer, generating a profit as a result of providing sales or distribution services. Most consumer-oriented stores and catalogue companies are distributors or retailers. See also: Franchising
  • Agriculture and mining businesses are concerned with the production of raw material, such as plants or minerals.
  • Financial businesses include banks and other companies that generate profit through investment and management of capital.
  • Information businesses generate profits primarily from the resale of intellectual property and include movie studios, publishers and packaged software companies.
  • Utilities produce public services, such as heat, electricity, or sewage treatment, and are usually government chartered.
  • Real estate businesses generate profit from the selling, renting, and development of properties, homes, and buildings.
  • Transportation businesses deliver goods and individuals from location to location, generating a profit on the transportation costs

There are many other divisions and subdivisions of businesses. The authoritative list of business types for North America (although it is widely used around the world[citation needed]) is generally considered to be the North American Industry Classification System, or NAICS. The equivalent European Union list is the NACE. Manufacturing is the transformation of raw materials into finished goods for sale, or intermediate processes involving the production or finishing of semi-manufactures. ... A Raw material is something that is acted upon by human labour or industry to create some product that humans desire. ... Good. ... The tertiary sector of industry, also called the service sector or the service industry, is one of the three main industrial categories of a developed economy, the others being the secondary industry (manufacturing and primary goods production such as agriculture), and primary industry (extraction such as mining and fishing). ... In economics, consumers are individuals or households that consume goods and services generated within the economy. ... Drawing of a self-service store. ... Wikibooks [[wikibooks:|]] has more about this subject: Marketing Distribution (or placement) is one of the four aspects of marketing. ... Franchising (from the French franchir: vt to clear an obstacle or difficulty)[1] refers to the method of practicing and using another persons philosophy of business. ... This article is about mineral extractions. ... FINANCIAL is the weekly English-language newspaper with offices in Tbilisi, Georgia and Kiev, Ukraine. ... Not to be confused with capitol. ... A public utility is a company that maintains the infrastructure for a public service. ... Real estate is a legal term that encompasses land along with anything permanently affixed to the land, such as buildings. ... NAICS, (pronounced nakes) is the North American Industry Classification System. ...


Organization

Most businesses must accomplish similar functions regardless of size, legal structure or industry. These functions are often organized into departments. Common departments include (but are not limited to): Image File history File links Question_book-3. ...

Accounting 
Typically responsible for financial reporting, financial controls and the raising of the capital necessary to run the business.
Human Resources 
Typically responsible for hiring, firing, payroll, benefits, etc.
Marketing and sales 
responsible for selling the business' goods or services to the customer and for managing the relationships with the customer
Marketing 
Typically responsible for promoting interest in, and generating demand for, the business' products or services, and positioning them within the market
Sales 
finding likely purchasers and obtaining their agreement (known as a contract) to buy the business' products or services
Operations 
makes the product or delivers the service
Production 
produces the raw materials into the delivered goods, if they require processing
Customer service 
supports customers who need help with the goods or services
Procurement 
responsible for acquiring the goods and services necessary for the business. Sometimes organized as:
Strategic sourcing 
determines the business' needs and plans for acquiring the necessary raw materials and services for the business
Purchasing 
processes the purchase orders and related transactions
Research and Development 
tests to create new products and to determine their viability (e.g. pilot plants)
Information Technology 
manages the business' computer and data assets
Communications/Public Relations 
responsible for communicating to the outside world
Administration 
provides administrative support to the other departments (such as typing, filing, etc.)
Internal Audit 
an independent control function typically accountable to the Board of Directors for reporting on the proper functioning of the other departments

Management is sometimes listed as a "department" but typically refers to the top level of leadership within the business regardless of their functional role. Accountancy (profession)[1] or accounting (methodology) is the measurement, statement or provision of assurance about financial information primarily used by managers, investors, tax authorities and other decision makers to make resource allocation decisions within companies, organizations, and public agencies. ... Historical financial statement Financial statements (or financial reports) are a record of a business financial flows and levels. ... This article is about human resources as it applies to business, labor, and economies. ... Next big thing redirects here. ... The term positioning has more than one meaning: In marketing, see Positioning (marketing) For reader positioning, see Critical literacy (positioning) In telecommunications, see Positioning (telecommunications) In grappling, see Grappling position In editing, positioning may determine the allocation of text on a page Positioning is also the term for the careful... Sales are the activities involved in providing products or services in return for money or other compensation. ... A contract is a legally binding exchange of promises or agreement between parties that the law will enforce. ... Customer service (also known as Client Service) is the provision of service to customers before, during and after a purchase. ... Look up Procurement in Wiktionary, the free dictionary. ... Strategic sourcing is a systematic procurement process that continuously improves and re-evaluates the purchasing activities of a company. ... A Purchase Order (abbreviated PO) is a commercial document issued by a buyer to a seller, indicating the type, quantities and agreed prices for products or services that the seller will provide to the buyer. ... The phrase research and development (also R and D or, more often, R&D), according to the Organization of Economic Cooperation and Development, refers to creative work undertaken on a systematic basis in order to increase the stock of knowledge, including knowledge of man, culture and society, and the use... A pilot plant is a small chemical processing system which is operated to generate information about the behavior of the system for use in design of larger facilities. ... Information and communication technology spending in 2005 Information Technology (IT), as defined by the Information Technology Association of America (ITAA), is the study, design, development, implementation, support or management of computer-based information systems, particularly software applications and computer hardware. ... Internal auditing is a profession and activity involved in advising organizations regarding how to better achieve their objectives. ... For other uses, see Management (disambiguation). ...


Management

The study of the efficient and effective operation of a business is called management. The main branches of management are financial management, marketing management, human resource management, strategic management, production management, service management, information technology management, and business intelligence. Image File history File links This is a lossless scalable vector image. ... Business operations are those activities involved in the running of a business for the purpose of producing value for the stakeholders. ... For other uses, see Management (disambiguation). ... The field of finance refers to the concepts of time, money and risk and how they are interelated. ... Next big thing redirects here. ... Organizational studies, organizational behavior, and organizational theory are related terms for the academic study of organizations, examining them using the methods of economics, sociology, political science, anthropology, communication studies, and psychology. ... Strategic management is the art and science of formulating, implementing and evaluating cross-functional decisions that will enable an organization to achieve its objectives[1]. It is the process of specifying the organizations objectives, developing policies and plans to achieve these objectives, and allocating resources to implement the policies... Manufacturing (from Latin manu factura, making by hand) is the use of tools and labor to make things for use or sale. ... Information technology management (or IT management) is a combination of two branches of study, information technology and management. ... The term business intelligence (BI) dates to 1958. ...


Government regulation

The Bank of England in Threadneedle Street, London, England.
The Bank of England in Threadneedle Street, London, England.

Most legal jurisdictions specify the forms of ownership that a business can take, creating a body of commercial law for each type. Image File history File linksMetadata Download high resolution version (2288x1712, 781 KB) The Bank of England in Threadneedle Street, London, England. ... Image File history File linksMetadata Download high resolution version (2288x1712, 781 KB) The Bank of England in Threadneedle Street, London, England. ... Threadneedle Street Threadneedle Street is a road in the City of London, leading from an intersection with Poultry, Cornhill, King William Street and Lombard Street, to Bishopsgate. ... This article is about the capital of England and the United Kingdom. ... For other uses, see England (disambiguation). ... This article does not cite any references or sources. ... Commercial law (sometimes known as business law) is the body of law which governs business and commerce. ...


Organizing a business

The major factors affecting how a business is organized are usually:

  • The size and scope of the business, and its anticipated management and ownership. Generally a smaller business is more flexible, while larger businesses, or those with wider ownership or more formal structures, will usually tend to be organized as partnerships or (more commonly) corporations. In addition a business which wishes to raise money on a stock market or to be owned by a wide range of people will often be required to adopt a specific legal form to do so.
  • The sector and country. Private profit making businesses are different from government owned bodies. In some countries, certain businesses are legally obliged to be organized certain ways.
  • Limited liability. Corporations, limited liability partnerships, and other specific types of business organizations protect their owners from business failure by doing business under a separate legal entity with certain legal protections. In contrast, unincorporated businesses or persons working on their own are usually not so protected.
  • Tax advantages. Different structures are treated differently in tax law, and may have advantages for this reason.
  • Disclosure and compliance requirements. Different business structures may be required to make more or less information public (or reported to relevant authorities), and may be bound to comply with different rules and regulations.

Many businesses are operated through a separate entity such as a corporation, limited partnership or limited liability company. Most legal jurisdictions allow people to organize such an entity by filing certain charter documents with the relevant Secretary of State or equivalent and complying with certain other ongoing obligations. The relationships and legal rights of shareholders, limited partners, or members are governed partly by the charter documents and partly by the law of the jurisdiction where the entity is organized. Generally speaking, shareholders in a corporation, limited partners in a limited partnership, and members in a limited liability company are shielded from personal liability for the debts and obligations of the entity, which is legally treated as a separate "person." This means that unless there is misconduct, the owner's own possessions are strongly protected in law, if the business does not succeed. A stock market or (equity market) is a private or public market for the trading of company stock and derivatives of company stock at an agreed price; both of these are securities listed on a stock exchange as well as those only traded privately. ... Limited liability (LL) is liability that is limited to a partner or investors investment. ... A shareholder or stockholder is an individual or company (including a corporation) that legally owns one or more shares of stock in a joint stock company. ...


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 he or she owns it directly or through a formally organized entity.


A few relevant factors to consider in deciding how to operate a business include:

  1. General partners in a partnership (other than a limited liability partnership), plus anyone who personally owns and operates a business without creating a separate legal entity, are personally liable for the debts and obligations of the business.
  2. Generally, corporations are required to pay tax just like "real" people. In some tax systems, this can give rise to so-called double taxation, because first the corporation pays tax on the profit, and then when the corporation distributes its profits to its owners, individuals have to include dividends in their income when they complete their personal tax returns, at which point a second layer of income tax is imposed.
  3. In most countries, there are laws which treat small corporations differently than large ones. They may be exempt from certain legal filing requirements or labor laws, have simplified procedures in specialized areas, and have simplified, advantageous, or slightly different tax treatment.
  4. In order to "go public" (sometimes called IPO) -- which basically means to allow a part of the business to be owned by a wider range of investors or the public in general -- you must organize a separate entity, which is usually required to comply with a tighter set of laws and procedures. Most public entities are corporations that have sold shares, but increasingly there are also public LLCs that sell units (sometimes also called shares), and other more exotic entities as well (for example, REITs in the USA, Unit Trusts in the UK). However, you cannot take a general partnership "public."

Double taxation is a situation in which two or more taxes may need to be paid for the same asset, financial transaction and/or income and arises due to overlap between different countries tax laws and jurisdictions. ... IPO redirects here. ... A Real Estate Investment Trust or REIT (rhymes with meet) is a specialized form of investment company in the United States that effectively allows its (usually public) investors to share the ownership of a group of real estate properties. ... A unit trust is a form of collective investment constituted under a trust deed. ...

Commercial law

Most commercial transactions are governed by a very detailed and well-established body of rules that have evolved over a very long period of time, it being the case that governing trade and commerce was a strong driving force in the creation of law and courts in Western civilization.


As for other laws that regulate or impact businesses, in many countries it is all but impossible to chronicle them all in a single reference source. There are laws governing treatment of labor and generally relations with employees, safety and protection issues (OSHA or Health and Safety), anti-discrimination laws (age, gender, disabilities, race, and in some jurisdictions, sexual orientation), minimum wage laws, union laws, workers compensation laws, and annual vacation or working hours time. If you are searching for the organization, click OSHA. Osha (Ligusticum porteri) is a perennial herb used for its medicinal properties. ... Occupational safety and health is the discipline concerned with preserving and protecting human and facility resources in the workplace. ... The Lawrence textile strike (1912), with soldiers surrounding peaceful demonstrators A trade union or labor union is an organization of workers who have banded together to achieve common goals in key areas such as wages, hours, and working conditions, forming a cartel of labour. ...


In some specialized businesses, there may also be licenses required, either due to special laws that govern entry into certain trades, occupations or professions, which may require special education, or by local governments who just want your money. Professions that require special licenses run the gamut from law and medicine to flying airplanes to selling liquor to radio broadcasting to selling investment securities to selling used cars to roofing. Local jurisdictions may also require special licenses and taxes just to operate a business without regard to the type of business involved.


Some businesses are subject to ongoing special regulation. These industries include, for example, public utilities, investment securities, banking, insurance, broadcasting, aviation, and health care providers. Environmental regulations are also very complex and can impact many kinds of businesses in unexpected ways.


Capital

When businesses need to raise money (called 'capital'), more laws come into play. A highly complex set of laws and regulations govern the offer and sale of investment securities (the means of raising money) in most Western countries. These regulations can require disclosure of a lot of specific financial and other information about the business and give buyers certain remedies. Because "securities" is a very broad term, most investment transactions will be potentially subject to these laws, unless a special exemption is available. Capital has a number of related meanings in economics, finance and accounting. ... Securities are tradeable interests representing financial value. ...


Capital may be raised through private means, by public offer (IPO) on a stock exchange, or in many other ways. Major stock exchanges include the New York Stock Exchange and Nasdaq (USA), the London Stock Exchange (UK), the Tokyo Stock Exchange (Japan), and so on. Most countries with capital markets have at least one. The New York Stock Exchange (NYSE), nicknamed the Big Board, is a New York City-based stock exchange. ... NASDAQ in Times Square, New York City. ... The Source by Greyworld, in the new LSE building Paternoster Square. ... The Tokyo Stock Exchange ), or TSE, is one of the largest stock exchange markets in the world by monetary volume located in Tokyo, Japan, second only to the New York Stock Exchange. ...


Business that have gone "public" are subject to extremely detailed and complicated regulation about their internal governance (such as how executive officers' compensation is determined) and when and how information is disclosed to the public and their shareholders. In the United States, these regulations are primarily implemented and enforced by the United States Securities and Exchange Commission (SEC). Other Western nations have comparable regulatory bodies.


As noted at the beginning, it is impossible to enumerate all of the types of laws and regulations that impact on business today. In fact, these laws have become so numerous and complex, that no business lawyer can learn them all, forcing increasing specialization among corporate attorneys. It is not unheard of for teams of 5 to 10 attorneys to be required to handle certain kinds of corporate transactions, due to the sprawling nature of modern regulation. Commercial law spans general corporate law, employment and labor law, healthcare law, securities law, M&A law (who specialize in acquisitions), tax law, ERISA law (ERISA in the United States governs employee benefit plans), food and drug regulatory law, intellectual property law (specializing in copyrights, patents, trademarks and such), telecommunications law, and more.


In Thailand, for example, it is necessary to register a particular amount of capital for each employee, and pay a fee to the government for the amount of capital registered. There is no legal requirement to prove that this capital actually exists, the only requirement is to pay the fee. Overall, processes like this are detrimental to the development and GDP of a country, but often exist in "feudal" developing countries.


Intellectual property

Businesses often have important "intellectual property" that needs protection from competitors in order for the company to stay profitable. This could require patents or copyrights or preservation of trade secrets. Most businesses have names, logos and similar branding techniques that could benefit from trademarking. 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. For the 2006 film, see Intellectual Property (film). ... The first two pages of the Treaty of Brest-Litovsk, in (left to right) German, Hungarian, Bulgarian, Ottoman Turkish and Russian A treaty is an agreement under international law entered into by actors in international law, namely states and international organizations. ...


Exit plans

Businesses can be bought and sold. Business owners often refer to their plan of disposing of the business as an "exit plan." Common exit plans include IPOs, MBOs and mergers with other businesses. Wikipedia does not yet have an article with this exact name. ... A management buyout (MBO) is a form of acquisition where a companys existing managers acquire a large part or all of the company. ...


See also

Main list: List of business topics

This encyclopedia includes over 1600 business and economics articles, so not all appear listed here. This lists some of the main business-related concepts. For more specific topics, look at the various sublists. Historically, the term business referred to activities or interests. ...

It has been suggested that Accounting scholarship be merged into this article or section. ... Following is a list of accounting topics. ... // Advert redirects here. ... For other uses, see Bank (disambiguation). ... Big Business or big business is a term used to describe large corporations, individually or collectively. ... A business broker is a person or firm that acts as an intermediary between sellers and buyers of businesses. ... Business ethics is a form of the art of applied ethics that examines ethical principles and moral or ethical problems that can arise in a business environment. ... See business ethics, political economy and Philosophy of business for an overview. ... Social responsibility is an ethical or ideological theory that an entity whether it is a government, corporation, organization or individual has a responsibility to society. ... Business hours are the hours during the day in which business is commonly conducted. ... A business school is a university-level institution that confers degrees in Business Administration. ... Business Trip is a novel by Canadian author Brad Norman. ... For other uses, see Capitalism (disambiguation). ... This article does not cite any references or sources. ... Commercial law (sometimes known as business law) is the body of law which governs business and commerce. ... This is a list of business law topics within the field of commercial law. ... Co-op redirects here. ... For other uses, see Corporation (disambiguation). ... Corporate law (also corporations law or company law) refers to the law establishing separate legal entities known as the company or corporation and governs the most prevalent legal models for firms, for instance limited companies (Ltd or Pty Ltd), publicly limited companies (plc) or incorporated businesses (Inc. ... Cost overrun is defined as excess of actual cost over budget. ... Face-to-face trading interactions on the New York Stock Exchange trading floor. ... Economic Democracy is a philosophy that suggests a transfer of socio-economic decision-making from a small minority of corporate shareholders to the much larger majority of public stakeholders. ... Financial economics is the branch of economics concerned with resource allocation over time. ... This aims to be a complete list of the articles on economics. ... Electronic commerce, commonly known as e-commerce or eCommerce, consists of the buying and selling of products or services over electronic systems such as the Internet and other computer networks. ... Electronic business is any information system or application that empowers business processes. ... Entrepreneurship is the practice of starting new organizations or revitalizing mature organizations, particularly new businesses generally in response to identified opportunities. ... The field of finance refers to the concepts of time, money and risk and how they are interelated. ... Topics in finance include: // Finance an overview Arbitrage Capital (economics) Capital asset pricing model Cash flow Cash flow matching Debt Default Consumer debt Debt consolidation Debt settlement Credit counseling Bankruptcy Debt diet Debt-snowball method Discounted cash flow Financial capital Funding Financial modeling Entrepreneur Entrepreneurship Fixed income analysis Gap financing... Franchising (from the French franchir: vt to clear an obstacle or difficulty)[1] refers to the method of practicing and using another persons philosophy of business. ... Public ownership (also called government ownership or state ownership) is government ownership of any asset, industry, or corporation at any level, national, regional or local (municipal). ... This article is about human resources as it applies to business, labor, and economies. ... Organizational studies - an overview Organizational development Management development Mentoring Coaching Job rotation Professional development Upward feedback Executive education Supervisory training leadership development leadership talent identification and management individual development planning 360 degree feedback succession planning Skills management performance improvement process improvement job enrichment Training & Development managing change and also change... For the 2006 film, see Intellectual Property (film). ... International trade is the exchange of goods and services across international boundaries or territories. ... International trade - an overview Absolute advantage Agreement on Trade-Related Aspects of Intellectual Property Rights (TRIPs) APEC Autarky Balance of trade barter Bilateral Investment Treaty (BIT) Bimetallism branch plant Bretton Woods Conference Bretton Woods system British timber trade Cash crop Comparative advantage Continental trading bloc Cost, insurance and freight Currency... The Metropolitan Life Insurance Company is one of the largest New York based life insurance companies Insurance, in law and economics, is a form of risk management primarily used to hedge against the risk of a contingent loss. ... Invest redirects here. ... Limited liability (LL) is liability that is limited to a partner or investors investment. ... For other uses, see Management (disambiguation). ... This is a list of articles on general management and strategic management topics. ... Management Information Systems (MIS), are information systems, typically computer based, that are used within an organization. ... Management information systems an overview E-business Intranet strategies Database management system Data warehousing Data mining Document warehousing Customer relationship management (CRM) Sales force management system Enterprise resource planning (ERP) Human Resource Management Systems (HRMS) Business performance management Project management software Integration management Middleware Groupware and collaborative systems RSA Computer... Manufacturing (from Latin manu factura, making by hand) is the use of tools and labor to make things for use or sale. ... Manufacturing and manufacturing systems manufacturing factory Craft system English system of manufacturing American system of manufacturing Mass production Batch production Just in time manufacturing Toyota Production System Lean manufacturing Computer-aided manufacturing (CAM) Mass customization Theories of production Taylorism Fordism Theory of constraints Productivity Productivity benchmarking cost accounting experience curve... Next big thing redirects here. ... This is a list of over 200 articles on marketing topics. ... Organizational studies, organizational behavior, and organizational theory are related terms for the academic study of organizations, examining them using the methods of economics, sociology, political science, anthropology, communication studies, and psychology. ... A partnership is a type of business entity in which partners (owners) share with each other the profits or losses of the business undertaking in which all have invested. ... A sole proprietorship, or simply proprietorship, is a type of business entity which legally has no separate existence from its owner. ... Real estate is a legal term that encompasses land along with anything permanently affixed to the land, such as buildings. ... Renewable energy effectively utilizes natural resources such as sunlight, wind, tides and geothermal heat, which are naturally replenished. ... This aims to be a complete list of the articles on real estate. ... Mom and pop store redirects here. ... Strategic management is the art and science of formulating, implementing and evaluating cross-functional decisions that will enable an organization to achieve its objectives[1]. It is the process of specifying the organizations objectives, developing policies and plans to achieve these objectives, and allocating resources to implement the policies... Strategic planning is an organizations process SCREW YOU, RILEY of defining its strategy, or direction, and making decisions on allocating its resources to pursue this strategy, including its capital and people. ...

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General

  • Better Business Bureau US & Canada
  • Doing Business project

  Results from FactBites:
 
County Business Patterns Home (329 words)
County Business Patterns is an annual series that provides subnational economic data by industry.
County Business Patterns covers most of the country's economic activity.
For information on businesses with no paid employees, see Nonemployer Statistics.
Business - Wikipedia, the free encyclopedia (2352 words)
The etymology of "business" refers to the state of being busy, in the context of the individual as well as the community or society.
The singular "business" can be a legally-recognized entity within an economically free society, wherein individuals organize based on expertise and skills to bring about social and technological advancement.
Business that have gone "public" are subject to extremely detailed and complicated regulation about their internal governance (such as how executive officers' compensation is determined) and when and how information is disclosed to the public and their shareholders.
  More results at FactBites »

 
 

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