Which of the following law is not for safeguarding the creations of the mind i.e. literary and artistic works?
Copyright law
Intellectual property law
Private property law
Patient law
Trademark law
Answers
A partnership is a business relationship between two or more people who join to conduct business. Each partner contributes resources and money to the business and shares in the profits and losses of the business. The shared profits and losses are recorded on each partner's tax return.
A corporation is a business in which a group of people acts together as a single entity; most commonly, owners of a corporation are shareholders who exchange consideration for the corporation's common stock. Incorporating a business releases owners of the financial liability of business obligations; however, a corporation has unfavorable taxation rules for the owners of the business.
For this reason, a relatively new (first available in Wyoming in 1977 and other states in the 1990s) business structure, a limited liability company (LLC), is available; this structure combines the pass-through taxation benefits of a partnership with the limited-liability benefits of a corporation.
Business Sizes
Business sizes range from small owner-operated companies, such as family restaurants, to multinational conglomerates such as General Electric. Larger businesses may issue corporate stock to finance operations. In this case, the company is publicly traded and has reporting and operating restrictions. Alternatively, smaller businesses may operate more independently of regulators.
Business Industries
A company may describe its business by communicating the industry in which it operates. For example, the real estate business, advertising business, or mattress production business are industries in which a business can exist. Because the term “business” can be interchanged with day-to-day operations as well as the overall formation of a company, the term is often used to indicate transactions regarding an underlying product or service. For example, ExxonMobil transacts business by providing oil.
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Related Terms
Sole Proprietorship: What You Should Know
A sole proprietorship, also known as a sole trader or a proprietorship, is an unincorporated business with a single owner who pays personal income tax on profits earned from the business. more
Limited Liability: What You Need to Know
Limited liability is a type of liability that does not exceed the amount invested in a partnership or limited liability company. more
The Truth About Limited Liability Companies
A limited liability company is a corporate structure in the United States wherein the company members are not personally liable for the company's debts or liabilities. more
Société Anonyme (S.A.)
A société anonyme (S.A.) is a French business structure equivalent to a U.S. corporation. It protects the owners' assets against creditor claims. more
Employer Identification Number (EIN)
An Employer Identification Number (EIN) is a unique number assigned to a business for easy IRS identification for tax reporting purposes. more
Perseroan Terbatas (PT)
PT is an acronym for Perseroan Terbatas -- a limited liability entity formed and acting per Indonesian commercial law. more
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