By far the most universal and resilient of business structures, both on the national and international level, is the corporation. Most state, federal and international regulatory control is directed at corporate business. Therefore, more emphasis is placed on corporations than on other business forms in the discussions that follow. Corporate business structures date back to at least the sixteenth …
A "proprietorship" is a declaration to operate as a business, such as an entrepreneurship. It requires no special documentation to be created, but local regulation may require the filing of "DBA" ("doing business as . . . ") documents in the county clerk's office. The business itself is usually not taxed on its earnings; rather, the earnings (or losses) are passed on to the proprietor as personal …
States apply the provisions of the Uniform Commercial Code (UCC) to all businesses involved with commercial transactions (sales of goods, some services, commercial paper, bank deposits and collections, letters of credit, bulk transfers, warehouse receipts, bills of lading, investment securities, and secured transactions). A wide array of state laws also protect individuals from business misconduct…
On a national level, several federal agencies and entities have regulatory and enforcement powers over business concerns. Penalties include the imposition of fines, the revocation of licenses or charters, and the restriction of business transactions. Entities such as the Federal Wage and Labor Board insure protection of business employees from unfair work requirements. The Environmental Protection…
After World War II, the push for a global economy led to the creation and development of three important transnational organizations: the International Bank for Reconstruction and Development (commonly known as the World Bank), the International Monetary Fund (IMF) and the General Agreement on Tariffs and Trade (GATT). The three agencies together, although formally designated as special agencies o…
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