Importance of Business Law 1. To define Basic Setup of a business. Business law defines different types of business for setup‚ such as - Partnership‚ Proprietorship‚ Corporation (Private and Public)‚ etc. Such definitions of types of business help clarify ownership of the business entities. 2. To define Regulations for Business Operations. There needs to be certain rules and regulations to carry on various timely operations in any business regardless of the type of business. For industries
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KCA JOURNAL OF BUSINESS MANAGEMENT: VOL. 2‚ ISSUE 1 (2009). MANAGEMENT OF BUSINESS CHALLENGES AMONG SMALL AND MICRO ENTERPRISES IN NAIROBI-KENYA Michael Bowen1 Daystar University‚ Nairobi‚ Kenya Makarius Morara2 Smart Outcome Services Ltd.‚ Nairobi‚ Kenya Samuel Mureithi3 Daystar University‚ Nairobi‚ Kenya Abstract Small and Micro Enterprises (SMEs) play an important economic role in many countries. In Kenya‚ for example the SME sector contributed over 50percent of new jobs created in
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Arabian Journal of Business and Management Review (OMAN Chapter) Vol. 1‚ No.7; February 2012 Development of Small and Medium Scale Enterprises: The role of Government and other Financial Institutions By: Emmanuel O. Oni Ph.D & Daniya A. A. Department of Entrepreneurship and Business Technology‚ Federal University of Technology‚ Minna ABSTRACT Small and Medium Scale Enterprises constitute essential ingredients in the lubrication and development of any economy. In Nigeria‚ the story makes
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USIU BUS 3010 BUSINESS LAW LAW AGENCY NOTES AGENCY LAW The law of agency in Kenya is basically that of the English Common Law. It deals with the relationships that arise when one person‚ the agent‚ is used by another‚ the principal‚ to perform certain tasks on his behalf. CREATION OF THE AGENCY RELATIONSHIP Agency may be created in four ways namely‚ i. By contract ii. By Ratification iii. By Estoppel iv. By operation of the law Agency by Contract This may either be by express contract
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Small Business Idea: Beautiful Beginnings Name ACC 561 Business Law Date Facilitator Small Business Idea To begin a new business‚ there must be an initial idea for a specific business plan. The business plan will provide the essential guidelines that explain what services or products that business would want to provide‚ the action behind the selection of that business for specific
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Small Business Analysis Lindsey Brito ACC 561 Small Business Analysis There are four different types of business organizations that are popular among small business owners; sole proprietorship‚ partnership‚ C-corporation and S-corporations. Tax‚ legal and financial reporting may vary from organization to organization‚ so finding the right fit for your services and or products is crucial. Sole proprietorship is the most common form of business. It is the simplest and most inexpensive business
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Explain why most small businesses fail within 2 to 10 years While small businesses benefit the economy by creating new jobs‚ new industries‚ and various innovations‚ small businesses are much more likely to fail than large businesses‚ especially during economic downturns. Why? Because of management shortcomings‚ inadequate financing‚ and difficulty dealing with government regulations. These issues—quality and depth of management‚ availability of financing‚ and ability to wade through government
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Sew What? Inc.: The Role of Information Technology in Small Business Success The case informs the reader of Sew What Inc. that provides custom theatrical draperies and fabrics for stages‚ concerts‚ fashion shows‚ and special events worldwide. It is an extraordinary story of how a small business that initiated from a kitchen gained worldwide popularity and success due to proficient use of information technology. Sew What? Inc. attributes its success primarily to information technology as they acquired
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Challenges of small businesses Growth in the small and medium business in Canada and other developed countries has been very significant. This sector of the business community now represents about 40 percent of GDP and accounts more than half of total employment. Today small businesses are more diverse and more vigorous than ever‚ but they also faces newer and more challenges or inhibitors to their growth than their older conter parts. This research will attempt to find the answer to the following
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dynamic role of small scale business in developing countries has long been recognized (Kayanula and Quartey‚ 2000). These small scale businesses can serve as engines through which the economic growth and employment objectives of developing countries can be achieved. However‚ for many years these rural enterprises have failed to grow beyond their micro enterprise nature and sometimes at best their small or medium size (Kayanula and Quartey‚ 2000). It is believed that private small scale businesses
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