Characteristics. Production or Acquisition of Goods. First, businesses must be the result of individuals working together in an organized way. Business is an extremely important activity for a country but it is not above the law. 1. ADVERTISEMENTS: The following are the ten important characteristics of a business: 1. 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 … 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. Every economic activity has to be within the limits of the law. There are three key characteristics that must be met to have a business. It must be accepted as self-indulgence by any businessman. That can sometimes jeopardize the owner’s personal assets should the business go through financial problems. Economic activity: Business is an economic activity of production and distribution of goods and services. It should come from the inner part of the soul. Businessman follows the guidelines of ethical trade activities by own and not by force of any law. 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). A major point to be aware of is that under the law, there is no distinction between the individual and the business. Solved Question for You. The goods may produce, manufacture or procure. The country’s legislation puts clauses on the functioning of the business to control its activities. 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 […] Characteristics of Business … Every business whether small or large scale deals with goods and services. Characteristics of Business. Business ethics cannot be forced by law and other aspects. Business is an economic activity having some feature and characteristics. Unlimited life . A number of characteristics distinguish a corporation from a sole proprietor or partnership. 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. Following are some important characteristics of Business.
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