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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The Limited Liability Company (LLC) is one of the business structures. It incorporates the advantages of sole proprietorship, partnership and corporation business structures respectively.
The LLC can be formed by an individual or a group of people who have reached legal agreement on the general management of the business. Those forming the LLC are referred to as members; and one reason why they go into this business structure is based on the fact that each of the members' asset becomes protected when the business (LLC) is sued. For this reason, the risk of each member losing an important asset (for instance, a mansion) is annulled.
Note: A limited liability company (LLC) comprising of only one member is termed a single-member limited liability company (single-member LLC) while an LLC comprising of more than one member is termed a multi-member LLC.
A limited liability company can choose its preferred way of paying income tax; but typically, the tax paid applies to each member of the LLC and not the entity itself.
Rather than pay income tax, each LLC member pays their normal tax in addition to the tax derived from their respective profit from the LLC. To achieve this, each member will need to list their business profits and losses on their personal tax returns.
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Amazing facts in Business Studies
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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