Companies law
Corporation · Company
Partnership (General · Limited · LLP)
Cooperative
Sole proprietorship
United States:
S corporation · C corporation LLC · LLLP · Series LLC Delaware corporation Nevada corporation Business trust
UK/Ireland/Commonwealth:
Limited company (By shares · By guarantee) (Public · Proprietary) Community interest company
European Union/EEA:
SE · SCE
Other countries:
AB · AG · ANS · A/S · AS · GmbH
K.K. · N.V. · OY · S.A. · Full list
Doctrines
Corporate governance
Limited liability · Ultra vires
Business judgment rule
Internal affairs doctrine
De facto corporation and corporation by estoppel
Piercing the corporate veil
Rochdale Principles
Related areas of law
Contract · Civil procedure

In economics, a business (also called firm or enterprise) is a legally recognized organizational entity designed to provide goods and/or services to consumers or corporate entities such as governments, charities or other businesses. Companies law (or the law of business associations) is the field of Law concerning business and other organizations A corporation is a separate legal entity usually used to conduct business Generally a company is a form of Business organization. The precise definition varies For partnership in cricket terminology see List of cricket terms A partnership is a type of Business entity in which partners In the commercial and legal parlance of most countries a general partnership or simply a Partnership, refers to an association of persons or an unincorporated A limited partnership is a form of Partnership similar to a General partnership, except that in addition to one or more general partners (GPs there are A limited liability partnership (abbreviated as LLP) has elements of Partnerships and Corporations. A sole proprietorship, or simply proprietorship ( Benjamen Clark An S corporation or S-corp, for United States federal income tax purposes is a Corporation that makes a valid election to be taxed under Subchapter S of A C corporation (or C corp) is a Corporation in the United States that for Federal income tax purposes, is Taxed under and Subchapter C ( et A limited liability company (abbreviated LLC or LLC) in the law of the vast majority of the United States is a legal form of business Company The limited liability limited partnership (LLLP is a relatively new modification of the limited partnership a form of Business entity recognized under U A Series LLC is a special form of a Limited liability company that provides liability protection across multiple "series" each of which is theoretically protected A Nevada Corporation is a Corporation chartered under the Laws of the U A Massachusetts business trust or MBT is a legal trust set up for the purposes of business but not necessarily in the state of Massachusetts. A limited company in the United Kingdom is a Corporation whose liability is limited by law A private company limited by shares is a type of company incorporated under the laws of England and Wales, Scotland, that of certain Commonwealth countries In British or Irish Company law, a company limited by guarantee is an alternative type of Corporation used primarily for Non-profit A Public Limited Company ( PLC, plc or plc or p l c is a type of Limited company in the United Kingdom or the Republic of Ireland which is A proprietary company is a form of Corporation in Australia that is limited by Shares. A community interest company (CIC is a new type of company introduced by the United Kingdom government in 2005 under The Community Interest Act 2004, designed The European Economic Area ( EEA) came into being on 1 January 1994 following an agreement between member states of European Free Trade Association (EFTAthe The Council Regulation on the Statute for a European Company of the European Union was adopted October 8 2001. TemplateExpert and TemplateExpert-subject, has been modified to include two WikiProjects and Portals (Expert-subject is limited to Aktiebolag (literally " share Company " or " Stock Company " is the Swedish term for " Limited Aktiengesellschaft ('aktsiəngəzεlʃaft abbreviated AG) is a German term that refers to a Corporation that is limited by shares i An ansvarlig selskap is a Norwegian personal responsibility Company model mainly used in small-to-medium businesses which translates directly into "Responsible An Aktieselskab (abbreviated A/S) is the Danish name for a Stock -based Corporation. Aksjeselskap is the Norwegian term for a Stock -based Company. Gesellschaft mit beschränkter Haftung ( GmbH) is a type of legal entity very common in Germany (where it was created in 1892 Austria nl '''''Naamloze Vennootschap''''' (usually abbreviated NV) is the Dutch term for a Public Limited liability Corporation. Osakeyhtiö, literally a " stock company " is the Finnish equivalent of a Limited company ( Ltd or LLC) or Gesellschaft For the art organization see Société Anonyme (art SA generally designates Corporations in various countries mostly those employing There are many types of business entity defined in the legal systems of various countries Corporate governance is the set of Processes customs Policies, laws and institutions affecting the way a Corporation is directed administered or controlled Limited liability is a concept whereby a person's financial Liability is limited to a fixed sum most commonly the value of a person's investment in a company or partnership Ultra vires is a Latin phrase that literally means "beyond the powers" The business judgment rule is an American Case law -derived concept in Corporations law whereby the "directors of a corporation. The internal affairs doctrine is a Choice of law rule in Corporations law. De facto corporation and corporation by estoppel are both terms that are used by Courts to describe circumstances in which a business organization that has The corporate law concept of piercing (lifting the corporate veil describes a legal decision where a shareholder or director of a Corporation is held liable for the The Rochdale Principles are a set of ideals for the operation of Cooperatives. A contract is an exchange of promises between two or more parties to do or refrain from doing an act which is enforceable in a court of law Civil procedure is the body of law that sets out the process that Courts will follow when hearing cases of a civil nature (a " Civil action " as opposed to Economics is the social science that studies the production distribution, and consumption of goods and services. A service is the non-material equivalent of a good. A service provision is an economic activity that does not result in Ownership, and this is what differentiates Consumers refers to individuals or households that use goods and services generated within the economy. Businesses are predominant in capitalist economies, most being privately owned and formed to earn profit to increase the wealth of owners. Capitalism is the Economic system in which the Means of production are owned by private Persons and operated for Profit and where Wealth derives from the old English word "weal" which means "well-being The owners and operators of a business have as one of their main objectives the receipt or generation of a financial return in exchange for work and acceptance of risk. Return on invested capital (ROIC is a financial measure that quantifies how well a company generates cash flow relative to the capital it has invested in its business Work in Project management is the amount of Effort applied to produce a Deliverable or to accomplish a Task (a Terminal element) Risk is a Concept that denotes the precise probability of specific eventualities Notable exceptions include cooperative businesses and state-owned enterprises. A government-owned corporation, state-owned enterprise or government business enterprise is a legal entity created by a Government to undertake commercial Socialistic systems involve either government, public, or worker ownership of most sizable businesses. Socialism refers to a broad set of economic theories of social organization advocating state or collective ownership and administration of the Means of production and distribution

The etymology of "business" relates to the state of being busy either as an individual or society as a whole, doing commercially viable and profitable work. Etymology is the study of the History of Words &mdash when they entered a language from what source and how their form and meaning have changed over time The term "business" has at least three usages, depending on the scope — the singular usage (above) to mean a particular company or corporation, the generalized usage to refer to a particular market sector, such as "the music business" and compound forms such as agribusiness, or the broadest meaning to include all activity by the community of suppliers of goods and services. Generally a company is a form of Business organization. The precise definition varies A corporation is a separate legal entity usually used to conduct business The term market sector is used in Economics and Finance to describe a set of businesses that are buying and selling such similar goods and services In Agriculture, agribusiness is a generic term that refers to the various Businesses involved in Food production including Farming, Seed However, the exact definition of business, like much else in the philosophy of business, is a matter of debate. The philosophy of business considers the fundamental principles that underlie the formation and operation of a business enterprise the nature and purpose of a business for example is

Business Studies, the study of the management of individuals to maintain collective productivity in order to accomplish particular creative and productive goals (usually to generate profit), is taught as an academic subject in many schools. Business studies is the name of an academic subject taught at higher level in Australia Ireland and the United Kingdom (at both GCSE and Management (covering theory practice and scope of management and Manager' (covering the people who manage might help clarify and systematise Productivity in Economics refers to measures of output from production processes per unit of input In Marketing, a product is anything that can be offered to a Market that might satisfy a want or need

Basic forms of ownership

Although forms of business ownership vary by jurisdiction, there are several common forms:

• Sole proprietorship: A sole proprietorship is a business owned by one person. In Law, jurisdiction (from the Latin ius iuris meaning "law" and dicere meaning "to speak" is the practical Authority A sole proprietorship, or simply proprietorship ( Benjamen Clark The owner may operate on his or her own or may employ others. The owner of the business has total and unlimited personal liability of the debts incurred by the business.

• Partnership: A partnership is a form of business in which two or more people operate for the common goal of making profit. For partnership in cricket terminology see List of cricket terms A partnership is a type of Business entity in which partners Each partner has total and unlimited personal liability of the debts incurred by the partnership. There are three typical classifications of partnerships: general partnerships, limited partnerships, and limited liability partnerships. In the commercial and legal parlance of most countries a general partnership or simply a Partnership, refers to an association of persons or an unincorporated A limited partnership is a form of Partnership similar to a General partnership, except that in addition to one or more general partners (GPs there are A limited liability partnership (abbreviated as LLP) has elements of Partnerships and Corporations.

• Corporation: A business corporation is a for-profit, limited liability entity that has a separate legal personality from its members. A corporation is a separate legal entity usually used to conduct business Limited liability is a concept whereby a person's financial Liability is limited to a fixed sum most commonly the value of a person's investment in a company or partnership Note This Wikipedia entry deals with the legal concept legal person. A corporation is owned by multiple shareholders and is overseen by a board of directors, which hires the business's managerial staff. A mutual shareholder or stockholder is an Individual or company (including a Corporation) that legally owns one or more shares of

• Cooperative: Often referred to as a "co-op business" or "co-op", a cooperative is a for-profit, limited liability entity that differs from a corporation in that it has members, as opposed to shareholders, who share decision-making authority. Cooperatives are typically classified as either consumer cooperatives or worker cooperatives. A consumers' cooperative is a Cooperative business owned by its customers for their mutual benefit. A worker coperative is a Cooperative owned and democratically controlled by its employees Cooperatives are fundamental to the ideology of economic democracy. Economic Democracy is a socioeconomic Philosophy that suggests transfer of decision-making authority from a small minority of corporate shareholders to

For a country-by-country listing of legally recognized business forms, see Types of business entity. There are many types of business entity defined in the legal systems of various countries

Classifications

Wall Street, Manhattan is the location of the New York Stock Exchange and is often used as a symbol for the world of business. Wall Street is a street in lower Manhattan, New York City, United States. Manhattan Island, in New York Harbor, is much the largest part of the Borough of Manhattan, one of the Five Boroughs which form the City of New York The New York Stock Exchange ( NYSE) is a Stock exchange based in New York City. The musical instrument is spelled Cymbal. A symbol is something --- such as an object, Picture, written word a sound a piece

There are many types of businesses, and, as a result, businesses are classified in many ways. One of the most common focuses on the primary profit-generating activities of a business:

• Manufacturers produce products, from raw materials or component parts, which they then sell at a profit. Manufacturing (from Latin manu factura, "making by hand" is the use of tools and labor to make things for use or sale In Marketing, a product is anything that can be offered to a Market that might satisfy a want or need A raw material is something that is acted upon or used by Organisms, or by human labour or Industry, for use as a Building material to create some product Companies that make physical goods, such as cars or pipes, are considered manufacturers.
• Service businesses offer intangible goods or services and typically generate a profit by charging for labor or other services provided to government, other businesses or consumers. Consumers refers to individuals or households that use goods and services generated within the economy. Organizations ranging from house decorators to consulting firms to restaurants and even to entertainers are types of service businesses.
• Retailers and Distributors act as middle-men in getting goods produced by manufacturers to the intended consumer, generating a profit as a result of providing sales or distribution services. Distribution (or place) is one of the four elements of Marketing mix. Most consumer-oriented stores and catalogue companies are distributors or retailers. See also: Franchising
• Agriculture and mining businesses are concerned with the production of raw material, such as plants or minerals. Franchising refers to the methods of practicing and using another person's Philosophy of business. Agriculture refers to the production of goods through the growing of plants and fungi and the raising of domesticated Animals The study of agriculture Mining is the extraction of valuable Minerals or other geological materials from the earth usually (but not always from an Ore body
• Financial businesses include banks and other companies that generate profit through investment and management of capital. The field of finance refers to the concepts of Time, Money and Risk and how they are interrelated
• Information businesses generate profits primarily from the resale of intellectual property and include movie studios, publishers and packaged software companies.
• Utilities produce public services, such as heat, electricity, or sewage treatment, and are usually government chartered. A public utility (usually just utility) is an organization that maintains the Infrastructure for a public service (often also providing a service using
• Real estate businesses generate profit from the selling, renting, and development of properties, homes, and buildings. Real estate is a legal term (in some jurisdictions notably in the USA, United Kingdom
• Transportation businesses deliver goods and individuals from location to location, generating a profit on the transportation costs

There are many other divisions and subdivisions of businesses. Transport or transportation is the movement of people and goods from one place to another The authoritative list of business types for North America (although it is widely used around the world) is generally considered to be the North American Industry Classification System, or NAICS. The North American Industry Classification System or NAICS (pronounced) is used by business and government to classify and measure economic activity in Canada, The equivalent European Union list is the NACE.

Organization

Most businesses must accomplish similar functions regardless of size, legal structure or industry. These functions are often organized into departments. Common departments include (but are not limited to):

Accounting 

Typically responsible for financial reporting, financial controls and the raising of the capital necessary to run the business. Accountancy or accounting is the measurement statement or provision of assurance about financial information primarily used by Lenders managers, Financial statements (or financial reports) are formal records of a business' financial

Human Resources 

Typically responsible for hiring, firing, payroll, benefits, etc.

Marketing and sales 

responsible for selling the business' goods or services to the customer and for managing the relationships with the customer

Marketing 

Typically responsible for promoting interest in, and generating demand for, the business' products or services, and positioning them within the market

Sales 

finding likely purchasers and obtaining their agreement (known as a contract) to buy the business' products or services

Operations 

makes the product or delivers the service

Production 

produces the raw materials into the delivered goods, if they require processing

Customer service 

supports customers who need help with the goods or services

Procurement 

responsible for acquiring the goods and services necessary for the business. In popular usage "marketing" is the promotion of products especially Advertising and Branding However in professional usage the term has a wider meaning of A contract is an exchange of promises between two or more parties to do or refrain from doing an act which is enforceable in a court of law Customer service (also known as Client Service) is the provision of service to customers before during and after a purchase Procurement is the acquisition of goods and/or services at the best possible Total cost of ownership, in the right quantity and quality at the right time in the right place Sometimes organized as:

Strategic sourcing 

determines the business' needs and plans for acquiring the necessary raw materials and services for the business

Purchasing 

processes the purchase orders and related transactions

Research and Development 

tests to create new products and to determine their viability (e. Strategic sourcing is an institutional Procurement process that continuously improves and re-evaluates the purchasing activities of a company A purchase order (PO is a commercial document issued by a Buyer to a seller, indicating the type quantities and agreed prices for products or services The phrase research and development (also R and D or more often R&D) according to the Organization for Economic Co-operation and Development, refers g. pilot plants)

Information Technology 

manages the business' computer and data assets

Communications/Public Relations 

responsible for communicating to the outside world

Administration 

provides administrative support to the other departments (such as typing, filing, etc. A pilot plant is a small chemical processing system which is operated to generate information about the behavior of the system for use in Design of larger facilities Information technology ( IT) as defined by the Information Technology Association of America (ITAA is "the study design development implementation support )

Internal Audit 

an independent control function typically accountable to the Board of Directors for reporting on the proper functioning of the other departments

Management is sometimes listed as a "department" but typically refers to the top level of leadership within the business regardless of their functional role. Internal auditing is a profession and activity involved in advising organizations regarding how to better achieve their objectives Management (covering theory practice and scope of management and Manager' (covering the people who manage might help clarify and systematise

Management

The study of the efficient and effective operation of a business is called management. Business operations are those ongoing recurring activities involved in the running of a business for the purpose of producing value for the stakeholders They are contrasted Management (covering theory practice and scope of management and Manager' (covering the people who manage might help clarify and systematise The main branches of management are financial management, marketing management, human resource management, strategic management, production management, service management, information technology management, and business intelligence. The field of finance refers to the concepts of Time, Money and Risk and how they are interrelated In popular usage "marketing" is the promotion of products especially Advertising and Branding However in professional usage the term has a wider meaning of Strategic management is the art science and craft of formulating implementing and evaluating cross-functional decisions that will enable an organization to achieve its objectives Manufacturing (from Latin manu factura, "making by hand" is the use of tools and labor to make things for use or sale Information technology management (or IT management) is a combination of two branches of study Information technology and Management. Business intelligence ( BI) refers to technologies applications and practices for the collection integration analysis and presentation of business Information and

Government regulation

The Bank of England in Threadneedle Street, London, England. Threadneedle Street is a road in the City of London, leading from an intersection with Poultry Cornhill, King William Street and Lombard Street London ( ˈlʌndən is the capital and largest urban area in the United Kingdom. England is a Country which is part of the United Kingdom. Its inhabitants account for more than 83% of the total UK population whilst its mainland

Most legal jurisdictions specify the forms of ownership that a business can take, creating a body of commercial law for each type. In Law, jurisdiction (from the Latin ius iuris meaning "law" and dicere meaning "to speak" is the practical Authority Commercial law (sometimes known as business law) is the body of Law which governs Business and commercial transactions

Organizing a business

The major factors affecting how a business is organized are usually:

• The size and scope of the business, and its anticipated management and ownership. Generally a smaller business is more flexible, while larger businesses, or those with wider ownership or more formal structures, will usually tend to be organized as partnerships or (more commonly) corporations. In addition a business which wishes to raise money on a stock market or to be owned by a wide range of people will often be required to adopt a specific legal form to do so. A stock market, or (equity market is a private or public market for the trading of company Stock and derivatives of company
• The sector and country. Private profit making businesses are different from government owned bodies. In some countries, certain businesses are legally obliged to be organized certain ways.
• Limited liability. Limited liability is a concept whereby a person's financial Liability is limited to a fixed sum most commonly the value of a person's investment in a company or partnership Corporations, limited liability partnerships, and other specific types of business organizations protect their owners from business failure by doing business under a separate legal entity with certain legal protections. In contrast, unincorporated businesses or persons working on their own are usually not so protected.
• Tax advantages. Different structures are treated differently in tax law, and may have advantages for this reason.
• Disclosure and compliance requirements. Different business structures may be required to make more or less information public (or reported to relevant authorities), and may be bound to comply with different rules and regulations.

Many businesses are operated through a separate entity such as a corporation, limited partnership or limited liability company. 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. A mutual shareholder or stockholder is an Individual or company (including a Corporation) that legally owns one or more shares of Generally speaking, shareholders in a corporation, limited partners in a limited partnership, and members in a limited liability company are shielded from personal liability for the debts and obligations of the entity, which is legally treated as a separate "person. " This means that unless there is misconduct, the owner's own possessions are strongly protected in law, if the business does not succeed.

Where two or more individuals own a business together but have failed to organize a more specialized form of vehicle, they will be treated as a general partnership. The terms of a partnership are partly governed by a partnership agreement if one is created, and partly by the law of the jurisdiction where the partnership is located. No paperwork or filing is necessary to create a partnership, and without an agreement, the relationships and legal rights of the partners will be entirely governed by the law of the jurisdiction where the partnership is located.

A single person who owns and runs a business is commonly known as a sole proprietor, whether he or she owns it directly or through a formally organized entity.

A few relevant factors to consider in deciding how to operate a business include:

1. General partners in a partnership (other than a limited liability partnership), plus anyone who personally owns and operates a business without creating a separate legal entity, are personally liable for the debts and obligations of the business.
2. Generally, corporations are required to pay tax just like "real" people. In some tax systems, this can give rise to so-called double taxation, because first the corporation pays tax on the profit, and then when the corporation distributes its profits to its owners, individuals have to include dividends in their income when they complete their personal tax returns, at which point a second layer of income tax is imposed. Double taxation is the imposition of two or more Taxes on the same income (in the case of income taxes) Asset (in the case of capital taxes)
3. In most countries, there are laws which treat small corporations differently than large ones. They may be exempt from certain legal filing requirements or labor laws, have simplified procedures in specialized areas, and have simplified, advantageous, or slightly different tax treatment.
4. In order to "go public" (sometimes called IPO) -- which basically means to allow a part of the business to be owned by a wider range of investors or the public in general -- you must organize a separate entity, which is usually required to comply with a tighter set of laws and procedures. Initial public offering (IPO, also referred to simply as a "public offering" is when a company issues Common stock or shares to the public for the first Most public entities are corporations that have sold shares, but increasingly there are also public LLCs that sell units (sometimes also called shares), and other more exotic entities as well (for example, REITs in the USA, Unit Trusts in the UK). A Real Estate Investment Trust or REIT (ˈriːt is a Tax designation for a corporation investing in Real estate that reduces or eliminates Corporate A unit trust is a form of collective investment constituted under a trust deed However, you cannot take a general partnership "public. "

Commercial law

Most commercial transactions are governed by a very detailed and well-established body of rules that have evolved over a very long period of time, it being the case that governing trade and commerce was a strong driving force in the creation of law and courts in Western civilization.

As for other laws that regulate or impact businesses, in many countries it is all but impossible to chronicle them all in a single reference source. There are laws governing treatment of labor and generally relations with employees, safety and protection issues (OSHA or Health and Safety), anti-discrimination laws (age, gender, disabilities, race, and in some jurisdictions, sexual orientation), minimum wage laws, union laws, workers compensation laws, and annual vacation or working hours time. For the European Agency see European Agency for Safety and Health at Work, (OSHA The Health and Safety Executive (HSE is a United Kingdom Non-departmental public body. A trade union or labour union is an organization of workers who have banded together to achieve common goals in key areas such as wages hours and working conditions forming

In some specialized businesses, there may also be licenses required, either due to special laws that govern entry into certain trades, occupations or professions, which may require special education, or by local governments who just want your money. Professions that require special licenses run the gamut from law and medicine to flying airplanes to selling liquor to radio broadcasting to selling investment securities to selling used cars to roofing. Local jurisdictions may also require special licenses and taxes just to operate a business without regard to the type of business involved.

Some businesses are subject to ongoing special regulation. These industries include, for example, public utilities, investment securities, banking, insurance, broadcasting, aviation, and health care providers. Environmental regulations are also very complex and can impact many kinds of businesses in unexpected ways.

Capital

When businesses need to raise money (called 'capital'), more laws come into play. In Economics, capital or capital Goods or real capital refers to items of extensive value A highly complex set of laws and regulations govern the offer and sale of investment securities (the means of raising money) in most Western countries. A security is a Fungible, Negotiable instrument representing financial value These regulations can require disclosure of a lot of specific financial and other information about the business and give buyers certain remedies. Because "securities" is a very broad term, most investment transactions will be potentially subject to these laws, unless a special exemption is available.

Capital may be raised through private means, by public offer (IPO) on a stock exchange, or in many other ways. A stock exchange, share market or bourse is a Corporation or Mutual organization which provides "trading" facilities for Stock Major stock exchanges include the New York Stock Exchange and Nasdaq (USA), the London Stock Exchange (UK), the Tokyo Stock Exchange (Japan), and so on. The New York Stock Exchange ( NYSE) is a Stock exchange based in New York City. The NASDAQ (acronym of National Association of Securities Dealers Automated Quotations) is an American Stock exchange. The London Stock Exchange or LSE is a Stock exchange located in London, England. The, or TSE, located in Tokyo, Japan, is the second largest Stock exchange market in the world by market value second only to the New York Stock Most countries with capital markets have at least one.

Business that have gone "public" are subject to extremely detailed and complicated regulation about their internal governance (such as how executive officers' compensation is determined) and when and how information is disclosed to the public and their shareholders. In the United States, these regulations are primarily implemented and enforced by the United States Securities and Exchange Commission (SEC). Other Western nations have comparable regulatory bodies.

As noted at the beginning, it is impossible to enumerate all of the types of laws and regulations that impact on business today. In fact, these laws have become so numerous and complex, that no business lawyer can learn them all, forcing increasing specialization among corporate attorneys. It is not unheard of for teams of 5 to 10 attorneys to be required to handle certain kinds of corporate transactions, due to the sprawling nature of modern regulation. Commercial law spans general corporate law, employment and labor law, healthcare law, securities law, M&A law (who specialize in acquisitions), tax law, ERISA law (ERISA in the United States governs employee benefit plans), food and drug regulatory law, intellectual property law (specializing in copyrights, patents, trademarks and such), telecommunications law, and more.

In Thailand, for example, it is necessary to register a particular amount of capital for each employee, and pay a fee to the government for the amount of capital registered. There is no legal requirement to prove that this capital actually exists, the only requirement is to pay the fee. Overall, processes like this are detrimental to the development and GDP of a country, but often exist in "feudal" developing countries.

Intellectual property

Businesses often have important "intellectual property" that needs protection from competitors in order for the company to stay profitable. Intellectual property ( IP) is a legal field that refers to creations of the mind such as musical literary and artistic works inventions and symbols names This could require patents or copyrights or preservation of trade secrets. Most businesses have names, logos and similar branding techniques that could benefit from trademarking. Patents and copyrights in the United States are largely governed by federal law, while trade secrets and trademarking are mostly a matter of state law. Because of the nature of intellectual property, a business needs protection in every jurisdiction in which they are concerned about competitors. Many countries are signatories to international treaties concerning intellectual property, and thus companies registered in these countries are subject to national laws bound by these treaties. A Treaty is an agreement under International law entered into by actors in international law namely States and International organizations.

Exit plans

Businesses can be bought and sold. Business owners often refer to their plan of disposing of the business as an "exit plan. " Common exit plans include IPOs, MBOs and mergers with other businesses. Initial public offering (IPO, also referred to simply as a "public offering" is when a company issues Common stock or shares to the public for the first A management buyout ( MBO) is a form of Acquisition where a company's existing Managers acquire a large part or all of the company.

See also

Main list: List of business topics

This encyclopedia includes over 1600 business and economics articles, so not all appear listed here. This lists some of the main business-related concepts. For more specific topics, look at the various sublists.

External links

General

• Better Business Bureau US & Canada
• Doing Business project