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There are a number of legal benefits that come with incorporation. One significant legal benefit is the protection of personal assets against the claims of creditors and lawsuits. Sole proprietors and general partners in a partnership are personally and jointly responsible for all the legal liability (LL) of a business such as loans, accounts payable, and legal
Also called resource cost advantage. The ability of a party (whether an individual, firm, or country) to produce a greater quantity of a good, product, or service than competitors using the same amount of resources. absorption The total demand for all final marketed goods and services by all economic agents resident in an economy, regardless of the origin of the goods and services themselves ...
Nevertheless, membership of such associations was usually for a short term so their nature was constantly changing. [12] Consequently, registration and incorporation of companies, without specific legislation, was introduced by the Joint Stock Companies Act 1844. Initially, companies incorporated under this Act did not have limited liability ...
Economists commonly use the term recession to mean either a period of two successive calendar quarters each having negative growth [clarification needed] of real gross domestic product [1] [2] [3] —that is, of the total amount of goods and services produced within a country—or that provided by the National Bureau of Economic Research (NBER): "...a significant decline in economic activity ...
Governments will not allow another corporation or any other kind of legal entity to register a name that is too similar to the name of an existing corporation. [35] However, since "different states may register entities with the same names, a corporate name is a unique identifier only when combined with the name of the state of incorporation". [35]
An economic system that 1) contains a large private sector where privately run businesses are the backbone of the economy, and 2) a business surplus is controlled by the owners, is referred to as capitalism. This contrasts with socialism, where the industry is owned by the state or by all of the community in common.
Company formation is the term for the process of incorporation of a business in the UK. [1] It is also sometimes referred to as company registration.These terms are both also used when incorporating a business in the Republic of Ireland.
The term economics was originally known as "political economy". This term evolved from the French Mercantilist usage of économie politique , which expanded the notion of economy from the ancient Greek concept of household management to the national level, as the public administration of state affairs.