LEGAL ASPECTS OF BUSINESS Credit Units: 03 Course Objectives To give insight to various Legal Aspects of Business so that the students are able to interpret the provisions of some of the important laws and apply the same in commercial and industrial enterprises. Course Contents Module I: Indian Contract Act, 1872 Nature and kinds of Contracts, Concepts related to offer, Acceptance and Consideration, Principles Governing Capacity of Parties and Free Consent, Legality of Objects, Performance
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model is possible, but unlikely since business activities ought to be designed by many stakeholder groups, other than the executives. (p. 211). This is because public relations is an effective tool for shaping the opinion of consumers regarding a corporation and structuring the image of the business. However, in expressing his argument, Friedman relies on several logical fallacies that constitute abstract relations meant to stir the emotions of the reader. By creating a false society where
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organizing a business as a corporation. The primary advantages are no personal liability of stockholders for the debts of the business, the transferability of ownership shares, continuity of existence, ability to hire professional management, and the relative ease of accumulating large amounts of capital. The primary disadvantages are double taxation of earnings and greater governmental regulation. LO 2 Distinguish between publicly owned and closely held corporations. The stock of publicly
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Critique Paper INTRODUCTION Is it too late to enter China by Edward Tse the Chairman of Booz & Company, Greater China and the author of the China Strategy: Harnessing the Power of the World’s Fastest-Growing Economy? China is a tough market and the competitors may have gotten their first by the biggest mistake would be choosing not to invest in China by Edward Tse. Summary of article While many other countries have slipped into an economic coma, China is humming alone with Goldman Sachs Projecting
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A corporation is a separate legal entity that has been incorporated through a legislative or registration process established through legislation. Incorporated entities have legal rights and liabilities that are distinct from their employees and shareholders,[1] and may conduct business as either a profit-seeking business or not for profit business. Early incorporated entities were established by charter (i.e. by an ad hoc act granted by a monarch or passed by a parliament or legislature). Most jurisdictions
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global environment. For this chapter, the application is on the development of the sporting goods firm that would conduct international business. Developing a Multinational Sporting Goods Corporation 1. Is Sports Exports Company a multinational corporation? ANSWER: Sports Exports Company is a multinational corporation because it sells products to foreign countries. 2. Why are the agency costs lower for Sports Exports Company than for most MNCs? ANSWER: Agency costs are lower because the owner and manager
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Who is on the Board of Directors A corporation consists of low-level management, middle management, top management, a board of directors, and the shareholders. The board of directors oversee the top management (which oversee the middle and low-level management) with the agreement of the shareholders. According to Wheelen & Hunger, the board of directors are responsible for setting the corporate strategy, overall direction, mission, or vision; the hiring and firing of the CEO and top management;
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Building Relationships “Just Because” Relationships are key to what PI is trying to establish as it helps other businesses. Perceptionicity was a phrase coined, “to define and encompass all the processes used to align perceptions within organizational and/ or corporate cultures.” (Aguayo, 4). With the help of the City of Influence, this section will help explain why developing relationships are key in order to help this idea of Perceptionicity expand across the business world. These principles
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Five different IT systems that have affected business in the past few years. 1. Social Media/Business (Facebook, Twitter, Instagram) – Social Media provides a more intimate platform for advertising and promotions. Business can use software to detect trends and research patterns in order to determine what demographic to target, thus making their advertising strategy more effective. Social Media will continue to evolve just technology evolves and adjust to consumers for direct advertising efforts
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partners sharing responsibility and tasks of running the company, the workload is lightened and they can benefit and feed off of each other’s skills and interests. (3) Ease of formation. Partnerships are relatively easy to stand up compared to corporations. The only thing required to get started is an agreement among two or more people. (4) Possible tax advantages. Partnership earnings are taxed as the partners’ personal income, which means that it is not touched by the IRS. This eliminates the
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