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 corporation is a business structure and legal entity whereby a group of people (called investors) buy shares as an evidence of being a member of the corporation.
To simply put it, the corporation is a business structure owned by shareholders and managed by a Board of Directors.
The shareholders own shares and stocks in the company (corporation).
Note: The cooperation can be profit or nonprofit oriented.
The nonprofit or not-for-profit corporation will always have a specific goal outside making profit. These goals are usually of benefit to a certain group of people in the society; for instance, the widows, less privileged and physically challenged. These may all be beneficiaries of a nonprofit corporation like the religious corporation. Other nonprofit corporation may focus more on education and human empowerment.
The nonprofit corporation is typically seen in Non Governmental Organizations (NGOs) that render humanitarian and empowerment services to the less privileged in the society. These nonprofit corporations must be legally recognized by the state where they are present.
Note: A nonprofit corporation does not pay income tax to the state or federal government on the money it generates while carrying out various services. It is important to state that the money generated from an NGO must not be siphoned by its founding members for their respective personal interests.
In a profit oriented corporation, its main goal is to make profit and such profits (and possible liabilities) goes beyond a single individual. In this case, it covers all the shareholders who own shares, buy shares, as well as sell shares.
Corporations usually exist in two types or forms. These are:
The C Corporation is the more common form of corporation. It can be owned by an unlimited number of shareholders; and they exist as the large, publicly traded companies present in various cities around the world.
Note: The C Corporation cost more in its formation and typically, there is a double taxation on the business profits.
The S Corporation shares most of the features of a C Corporation. However, it employs a better tax structure for the shareholders when compared to the C Corp.
The owners making up an S Corporation are limited to a maximum of 100 shareholders. In addition, the types of shareholders are limited in the S Corporation.
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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