Legal Aspects of Business Core Legal Aspects of Business examines the role of the law on all aspects of business ownership and management.
Search Bankruptcy - Legal Aspects of Business Law When most people hear the term bankruptcy it sends an over-lining shock to there system.
And this is immediately followed by feelings of pity or sorrow for the individual or individuals that are experiencing the ordeal. But like other legal terms, bankruptcy has been getting a bad reputation that needs to be better clarified or defined.
Bankrupt as defined in the text means "the state or condition of one who is unable to pay his debts as they are, or become, due". This basically means that he or she is not able to accumulate the necessary funds to pay off a debt or bill that is past due.
Straight bankruptcy in the text means "the nature of a liquidation proceeding and involves the collection and distribution to creditors of all the bankrupt's nonexempt property by the trustee in the manned provided by the act".
This statement means that a person's assets are analyzed and further steps are taken to better define what is exempt and nonexempt property wise. According to the Legal Information Institute there are two basic types of Bankruptcy proceedings, "A filing under Chapter 7 is called liquidation.
It is the most common type of bankruptcy proceeding.
The Standards of Weights and Measures Act The Standards of Weights and Measures/5(2). Legal factors can decide whether or not there is a business behind selling a certain product (perhaps drugs, or sharp objects), and can also affect the mechanisms through which a company stocks their inventory or interacts with the customer. Legal Aspect of Business Introduction When starting up a new business it is very important to look at the legal aspects which will influence the company in the future. In this part of the information file there will be the most important legal aspects for running a student company.
Liquidation involves the appointment of a trustee who collects the nonexempt property of the debtor, sells it and distributes the proceeds to the creditors". These statements are self-explanatory because they give a clear definition of liquidation, which is the most common of the two types of Bankruptcy.
The other type of bankruptcy according to the Legal Information Institute, " Bankruptcy proceedings under Chapters 11, 12, and 13 involve the rehabilitation of the debtor to allow him or her to use future earnings to pay off creditors.
Under Chapter 7, 12, 13, and some 11 proceedings, a trustee is appointed to supervise the assets of the debtor. A bankruptcy proceeding can either be entered into voluntarily by a debtor or initiated by creditors. After a bankruptcy proceeding is filed, creditors, for the most part, may not seek to collect their debts outside of the proceeding.
The debtor is not allowed to transfer property that has been declared part of the estate subject to proceedings.
Furthermore, certain pre-proceedings transfers of property, secured interests, and liens may be delayed or invalidated".
These statements explain what in general a person goes through in a normal bankruptcy proceeding. Normally bankruptcy proceedings are supervised by and litigated in the United States Bankruptcy Courts, which are also apart of the District Courts of the United States. These bankruptcy courts are controlled by the Bankruptcy rules, which were made by the Supreme Court under the authority of Congress.
There are ten common questions about bankruptcy that are normally asked. IN short, if after taking into account your monthly budget, including all your reasonable bills, if you still have money left over to make a contribution towards your debt, then a Chapter 13 might be best.
If you do not have any excess income after paying your monthly minimum expense, then a Chapter 7 might be your only option, 6 It will take approximately three months from the time the petition is filed until the date of final discharge for a Chapter 7, 7 A detailed petition listing all of your property, debts and other financial information is filed with the Court.Oct 23, · Business law refers to those rules and regulation which govern the formation and execution of business deals made by various people in the society.
3) What do you understand by mercantile law? Mercantile law is that branch of civil law dealing with rights and obligations of mercantile persons arising out of mercantile transactions in respect of.
Perhaps too often, business ethics is portrayed as a matter of resolving conflicts in which one option appears to be the clear choice. For example, case studies are often presented in which an employee is faced with whether or not to lie, steal, cheat, abuse another, break terms of a contract, etc.
The Biz: The Basic Business, Legal, and Financial Aspects of the Film Industry by Schuyler M.
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This will have an impact on the future of your business including your protection under the law, and the rules and regulations (for example, federal and state taxes) that will apply to you. Legal Aspects of Business is a full-year intermediate or capstone Career and Technical Education course applicable to programs of study in the Business, Management and Administration career cluster.
This course is built to state and national standards. Anna University BA Legal Aspects of Business Notes Syllabus 2 marks with answers Part A Question Bank with answers Key - MBA 1st Semester.
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