ENTR6051 – Entrepreneurship 2

Knowing the Legal Aspects.

 Knowing the Legal Aspects

 Legal Structures.
 Intelectual’s Property.
 Others Legal Issues.
 LEARNING OUTCOME

LO 2 :
Generate the importance of creative problem's solving, trial and error,
launch of product and service when launching new venture.
 Legal Structure
All business must assume a legal form during their existence.

PARTNERSHIP –
A relationship that exist between people carrying on a business in common with a
view to making a profit.
When several people are in business together, this business relationship is called a
partnership.

The main advantages of partnerships are as follows:

• Ease of Formation
• Ease of operation
• Distinct existence
• Direct rewards
• Unlimited join liability
 Legal Structure

Company –
A separate legal entity that has and existence independent of its owners and
managers.
In company, ownership is held by a number a shareholder, who may transfer shares
to other people and who elect a number of their own members to serve as the
directors of the company.

The main advantages of company are as follows:

• Perpetual existence
• Limited liability
• Righ of natural person
 Intellectual Property
In business terms, means proprietary knowledge. This can
result from an invention, original design, or the practical
application of a good idea.

1. Patents – a legal document giving investors the exclusive rights to

their invention for a number of years.

2. Trademarks – a word, phrase, logo, symbol, colour, sound or smell

used by a business to identify a product and distinguish it from those

of its competitors.

3. Copyright – the exclusive right granted by law to a copyright holder

to make and distribute copies of, or otherwise control, their literary,

musical, dramatic or artistic work.

 Other Legal Issue

1. Licences and permits.

Licences take a variety of forms and are administered by a number of
different authorities.
In some countries, government have developed ‘business licence centres’
that contain a centralised database of all required permits.
2. Taxation.
Another form of a business regulation involves the government imposition
of taxes that must be complied with. Include sales taxes, goods and service
taxes, employee payroll deductions and local government.
Thank You