Characteristics. If we will analyse the above definitions very carefully we can reach at a conclusion that law is a body of rules recognised and maintained by the state to regulate the human behavior and conduct in a society. Business ethics cannot be forced by law and other aspects. A number of characteristics distinguish a corporation from a sole proprietor or partnership. Business is an extremely important activity for a country but it is not above the law. ADVERTISEMENTS: The following are the ten important characteristics of a business: 1. Business is an economic activity having some feature and characteristics. Unlimited life . As a corporation is owned by stockholders and managed by employees, the sale of stock, death of a stockholder, or inability of an employee to function does not impact the continuous life of the corporation. It provides employment opportunities in different sectors like banking, insurance, transport, industries, trade etc. it is an economic activity corned with creation of utilities for the satisfaction of […] Every business whether small or large scale deals with goods and services. There are three key characteristics that must be met to have a business. In Common law jurisdictions, such as England and the US, the emphasis when a business gets into financial trouble is on seeking a reorganization rather than a liquidation to keep the business as a going concern (eg US, Chapter 11, UK administration). It must be accepted as self-indulgence by any businessman. Every economic activity has to be within the limits of the law. 1. It should come from the inner part of the soul. That can sometimes jeopardize the owner’s personal assets should the business go through financial problems. Everything you need to know about the characteristics of company.A company is a volun­tary association of persons, recognised by law, having a distinctive name, a common seal, formed to carry on business for profit, with capital divisible into transferable shares, limited liability, a … The country’s legislation puts clauses on the functioning of the business to control its activities. Characteristics of Business … Solved Question for You. A major point to be aware of is that under the law, there is no distinction between the individual and the business. The goods may produce, manufacture or procure. Characteristics of Business. Economic activity: Business is an economic activity of production and distribution of goods and services. Businessman follows the guidelines of ethical trade activities by own and not by force of any law. First, businesses must be the result of individuals working together in an organized way. Following are some important characteristics of Business. Production or Acquisition of Goods.

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