Topics in Business StudiesFranchise Business Structure: Types, Advantages and Disadvantages What is Corporation? Types, Advantages and Disadvantages of Corporations What is Limited Liability Company? Its Advantages and Disadvantages Partnership in Business: Types, Advantages and Disadvantages Business Studies: What is Business Studies and Business? Management: Elements of Management What is Management? Importance of Management Advantages and Disadvantages of Air Transport Advantages and Disadvantages of Rail Transport Methods of Payment: Cheque - What is a Cheque? Cheque: Types of Cheque Cheque: Characteristics of Cheque Advantages and Disadvantages of Cheque Advertising and Types of Advertising Advantages and Disadvantages of Road Transport Advantages and Disadvantages of Water Transport Consumer Protection - Agencies of Consumer Protection Consumer Right and Protection Methods of Payment: Credit Cards and Debit Cards Methods of Payment: Bank Notes and Coins | Characteristics of Legal Tender
Academic Questions in Business Studies
Which of the following is NOT a characteristics of business?
A. The buyer and seller must always come into a contract agreement
B. Risk from unforseen circumstances is involved
C. They are subject to policies made by the government
D. All business transaction is aimed at making profit
E. It requires a discontinuous transaction between the buyer and the seller
F. Investments are required to begin a business
Which of the following is not a Right of Consumer Protection?
Which of the following is NOT a government agency of consumer protection?
Define Consumer Protection.
In buying and selling, the retailer will usually operate from the stall while the wholesaler operates from the _____.
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A business structure can exist in various forms; and partnership exist as one of such business structures.
Partnership in business is often considered to consist of 2 - 20 persons, excluding married couples; coming together with the intentions to utilize their money and skills for the purpose of building a business together.
Being a form of business structure, a partnership must be legally agreed upon. This implies that all members comprising the partnership business structure must agree to certain terms and conditions of the business. Regardless, a partner (member of the partnership) may take loan on behalf of the partnership business structure provided the legal agreement permits it.
Partnership can exist in three forms or types. These are:
In general partnership (GP), all the partners must contribute towards the finance of the business. In addition, their various and unique skills may also be jointly utilized towards propelling the business.
General partnership requires that the partners equally share the profit generated from the business; while also bearing the loss together. Interestingly, they will also share equally any debt incurred in the business; even if it's illegally obtained by one of its members.
A limited partnership (LP) implies that at least, one member must have a limited control of the partnership business. In this case, the LP must have at least one general partner and one limited partner.
Note: A limited partnership must consist of one or more general partnerships and at least, one limited partner. It should not be confused with the limited liability partnership whereby all the partners share a limited liability in the business.
In most cases, limited partners serve only as investors in the business. To this end, they tend to accept a lesser liability when things go wrong in the business; unlike the general partners who operate the business and will accept a greater liability.
A limited liability partnership (LLP) exhibit some of the features of limited partnership and corporations. This is so because some or all of the partners have limited liabilities (depending on the country's law where it's practiced); and they can exercise their right to directly manage the business if the need arises.
It is important to state that each of the limited liability partner is not liable for another partner's mistake in the course of business.
Note: Personal liability in partnership is limited to each member in accordance (ratio) to their contributions towards the business setup.
There is a better chance of getting loans.
There is no need for complex reporting in partnerships.
They are easy to dissolve if the need arises.
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Amazing facts in Business Studies
The world's 💰💰💰100 richest people 💰💰💰 earned enough money in 2012 to end global poverty four times over
NOTABLE POINTS IN Business Studies
Consumer protection refers to the ways or methods through which consumers enjoy maximum satisfaction from the goods they buy and services rendered to them.
The agencies of consumer protection assists in protecting the consumer rights. These agencies may also be referred to as the organs of consumer protection. Basically, we have three of them, they are:
One of the responsibilities of the government of every nation is to set up agencies or organizations that will protect the interest of the consumers and invariably, the people.
Below are some of the Government Agencies of consumer protection
- National Drug Law Enforcement Agency (NDLEA)
- National Agency for Food, Drug Administration and Control (NAFDAC)
- Consumer Protection Council (CPC)
- Rent Tribunal
- Ministry of Health
- Ministry of Commerce
- Ministry of Transportation
- Ministry of Environment
- National Wages and Salaries Commission