News By/Courtesy: Ujjwal Shikhar | 28 Jun 2020 22:07pm IST

HIGHLIGHTS

  • Basic description of business.
  • Regulations of business.
  • Requirement of law in business.

A business is defined as an organization or enterprising entity engaged in commercial, industrial, or professional activities. Business can be for-profit entities or non-profit organizations that operate to fulfill a charitable mission or further a social cause. The term business also refers to the organized efforts and activities of individuals to produce and sell goods and services for profit. Business ranges in scale from a sole proprietorship to an international corporation. Several lines of the theory are engaged with understanding business administration including organizational behavior, organization theory, and strategic management. The business name can be one of the most valuable assets of a firm; careful consideration should thus be given when choosing it. Business operating under fictitious names must be registered with the state.

Most legal jurisdictions specify the forms of ownership that a business can take, creating a body of commercial law for each type. Many businesses are operated through a separate entity such as a corporation or a partnership (either formed with or without limited liability). 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.

The rule of law gives everyone a framework for how to act and operate. It holds people, businesses, and governments are accountable for their actions. Without predictable rules and patterns to follow, the business would be chaotic. You would never know how another party would act in any given situation and it would be all too easy to be taken advantage of. The rule of law provides much-needed stability, consistency, and certainty in a potentially volatile landscape. With the guidelines for universal acceptable behavior clear and universal, It’s a lot easier to ensure that organizations act predictably and responsibly. Workplace safety, hiring, wage issues and licensing are just a few areas where some business owners struggle to tick all the boxes. While the rule of law means that there are clarity and consistency in rules and regulations, you still need to learn what the rules are.

THIS ARTICLE DOES NOT INTEND TO HURT THE SENTIMENTS OF ANY INDIVIDUAL, COMMUNITY, SECT, OR RELIGION ETCETERA. THIS ARTICLE IS BASED PURELY ON THE AUTHOR'S PERSONAL VIEWS AND OPINIONS IN EXERCISE OF THE FUNDAMENTAL RIGHT GUARANTEED UNDER ARTICLE 19(1)(A) AND OTHER RELATED LAWS BEING FORCE IN INDIA, FOR THE TIME BEING.

Section Editor: Pushpit Singh | 28 Jun 2020 22:28pm IST


Tags : Business and stock.

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