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What is Deed?
A deed is a formal and dignified instrument. In general, it refers to any document by which two or more parties agree to put into force any right or liability. In law, It is described as a written instrument that claims or operates to create, affirm, confirm, assign, restrict or put an end to some […]
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What is Agreement?
An agreement is a contract between two or more individuals who sign a contract to start a profitable business together. In the Partnership agreement, the partners are equally responsible for the debt of an organization. Even if one person withdraws his/her partnership, they are liable for an already existing debt, and future liability if they […]
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Ethical and Unethical Behavior in Business
Ethical Behavior is a form of applied ethics or professional ethics, that examines ethical principles and moral or ethical problems that can arise in a business environment. It applies to all aspects of business conduct and is relevant to the conduct of individuals and entire organizations. Business ethics refers to contemporary organizational standards, principles, sets […]
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What is Partnership? Advantages and Disadvantages
According to section 4 of the Partnership Act of 1932, “It can be defined as the relation between two or more persons who have agreed to share the profits of a business run by all or any one of them acting for all”. This definition superseded the previous definition given in section 239 of Indian […]
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What is Entrepreneurship? Characteristics of Entrepreneurship
Entrepreneurship is the act of being an entrepreneur. Which is French word meaning ” to undertake”. Entrepreneurs assemble resources including innovations, finance and business acumen in an effort to transform innovations into economic goods. This may result in new organizations or may be part of revitalising mature organizations in response to a perceived opportunity. The […]
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Essential Commodities Act, 1955
Essential Commodities Act, 1955 Essential Commodities Act, 1955 was enacted to ensure easy availability of essential commodities to the consumers and to protect them from exploitation by unscrupulous traders. The Act provides for regulation and control of production, distribution, and pricing of commodities, which are declared as essential for maintaining or increasing supplies or for […]
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Air (Prevention and Control of Pollution) Act, 1981
The air pollution act, it seems, has come to the notice of the legislature a little later than water pollution. The delay of about seven years could be attributed to this. It is interesting to note that the control of water pollution was India’s initiative, while the measures on air pollution came only as a […]
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Environmental Laws: Water (Prevention and Control of Pollution) Act, 1974
Environmental Laws enactment of environment legislation can be taken as measure of government’s awareness and concern for the environment. A number of laws dealing with environmental issues have been enacted at the local, national and international levels. Environmental laws range in scale from local community ordinance prohibiting litter on the streets to international treaties regulating […]
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The Competition Act, 2002
The Competition Act, 2002 was enacted by the Parliament of India and governs Indian Competition law. It replaced the archaic The Monopolies and Restrictive Trade Practices Act, 1969. Under this legislation, the Competition Commission of India was established to prevent the activities that have an adverse effect on competition in India. It is a tool to implement and enforce competition policy and […]
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Transfer Pricing for Tax Planning: Objectives of Transfer Pricing
Increasing participation of multinational groups in economic activities in India has given rise to new and complex issues emerging from transactions entered into between two or more enterprises belonging to the same group. Hence, there was a need to introduce a uniform and internationally accepted mechanism of determining reasonable, fair and equitable profits and tax […]