Laws Governing Business Entities
Laws Governing Business Organizations
Every business organization in a developed market is governed by laws, which are rather closely monitored to ensure the good fairing of the organization in the business market. Such laws provide for the standard form of the generally established legal entities in the worldwide economy. Such defined entities include, partnerships (general and limited), Limited Liability Company, cooperatives among others. This document outlines such laws and consequently defines their importance in performance of any organization or company established in a stable and developed business economy.
Organization By-laws
laws of most companies and organizations are articulated as below. This list provided below generalizes what is common and basic to most of the organizations or rather legal entities.
Every business organization should specify its official name to ensure proper identification with the concerned legal authorities. Each company has its own specific name, which is considered an intellectual property for every organization. Business names should be registered to allow customers identify persons behind the business name though business names cannot be implied in proprietary rights. A registered name of an organization can be used is used as a trademark and it assists in identification of any pending or registered trademark by applicants of business names.
ii) Purpose / Object
It is expected that a detailed and vivid description of the type and purpose of the organization highlighting anything or everything be actively practiced by the organized society. An organization may be non-profit, governmental just but to mention a few. The articulated statement of purpose authorizes every organization to practice its bound dealings with no compromise from legal authorities binding the company.
iii) Membership
Organizations should qualify all its members by detailing the classes and membership types associated with the organization; this is accompanied with a list of voting rights for every class. The membership by -- law article has its merits in that it outlines any prerequisite for dues, this includes due dates, rights or/and restrictions of members considered to be delinquent, rights for reinstatement, it explains when a member is excluded from payrolls. This article also dispatches rules for resignation seconded to every memberships be it in subordinate or societies at superior levels.
iv) Officers
Designation of office posts (e.g. Chair, Treasurer, and chair -- elect among others) are clearly defined in this article stating the power of each officer. The requirements and duties of each officer beyond those formulated by rule in one's parliamentary authority are articulated here. Appropriation of officers' qualifications; nomination details, election and office terms is done here also. Since this article describes the duties bound to every officer, a cut down on misuse of one's power in organization's operation is greatly looked at.
v) Meetings
The dates set aside for all regular meetings should be stated for every one's knowledge in the company. All meetings of special purpose are authorized in the company's by -- law so as to avoid any illegal and unwanted meetings in the name of the organization. The quorum for meetings should be included in any organizations by -- laws.
vi) Executive Board / Board of Directors
Every organization should have a board of directors who take care of business between the regular scheduled meetings planed for the organization. The requirements and duties of each board member beyond those formulated by rule in one's parliamentary authority are articulated here. Appropriation of the board members' qualifications; nomination details, election and office terms should be outlined in this by -- law article. Since this article describes the duties bound to each member, a cut down on misuse of one's power in organization's operation is greatly looked at.
vii) Committees
All anticipated regular standing committees should be defined in the sense that the description of each committee should involve its name, mode of selecting members as well as its function in the organization. Other committees are also expected to be in demand at some point and so this calls for any form of authorization for formulation of such committees be stated in the organization's by -- laws, this would otherwise require amendment of the by -- laws in order to form any committee.
viii) Parliamentary Authority
Every organization is formed or developed according to the standard requirements set by any local authority or the government. Though the by -- laws of every organization are determined and instituted by and within the organization itself, they should yield to every operational expectations set by the parliamentary authority. Any rules that are bound to the parliamentary rule should be clearly defined by the parliamentary authority so as to avoid any legal action against the organization.
ix) Amendment
Just like the parliamentary lay, the by -- laws of any organization or company...
As part of the research triangle, Raleigh has a significant portion of its population that fits the target market. For the Farmery to succeed, it only needs to capture a small portion of the market share. This is especially true because the store has a small footprint, and has the flexibility to set up on vacant lots without the costs of either renting or developing fixed real estate. The
Business Construction Scenario Business entities vary from countries to countries since the formation of a business is controlled by the various legal systems instituted in those countries. There are many types of business entities, and this is where we find the likes of sole-proprietorship, partnership, cooperatives, corporations and limited liability Company among others (Waddell, 2008). A business may be categorized in any of these entities just by the composition of its
Business Ethics Company Overview Ethics and Code of Conduct Guiding Principles Our Ideology; Our Objectives; Our Core Values that shape us; As a part of my Business Ethics lesson I have a task to criticize and improve my company's code of ethics, before doing that I want to briefly explain about my company; MLS Holding and what we do? The most effective statements in regard to business ethics are rooted in the strategic vision of an organization
Business Ethics "the High Cost of High-Tech Foods case" The cost of high-tech food continues to arouse debates over the ethical, moral, and practical impacts the foods have on the people, market, and economy. However, it is evident that the proponents and opponents of the motion do not seem to come to agreement as each holds their view right. The situation worsens due to the application of emotions in addressing the matter
Business, Law and Ethics Business Law The ethical and legal concepts of a business are normally intertwined. Government put in place effective regulations which necessitate gathering information. When regulatory needs conflict with principles obtained the constitution, ethical and legal needs are raised. Legal strategies nowadays include legal, compliant programs that help institutions to be competitive. Different businesses have one goal of attaining profits, but in the process they should consider different legal
S. small business administration can help with (SBA, 2005). While this is not necessary it can prove useful for legitimizing or legalizing certain aspects of business operations and help businesses with financing and support from investors. An organization will next have to decide a location for their business and select a business structure, which is not limited to a corporation but may also include a sole proprietorship, limited liability company or
Our semester plans gives you unlimited, unrestricted access to our entire library of resources —writing tools, guides, example essays, tutorials, class notes, and more.
Get Started Now