commerce

Definitions of commerce on the Web •transactions (sales and purchases) having the objective of supplying commodities (goods and services) •Department of Commerce: the United States federal department that promotes and administers domestic and foreign trade (including management of the census and the patent office); created in 1913 •social exchange, especially of opinions, attitudes, etc. •Commerce is a division of trade or production which deals with the exchange of goods and services from producer to final consumer OR commerce is the exchage of goods and services from the producer to the consumer. ... •Commerce is the exchange of something of value between two entities. That "something" may be goods, services, information, money, or anything else the two entities consider to have value. In terms of the World Wide Web, commerce is achieved electronically, in a process called e-commerce. Definitions of e commerce on the Web: •Electronic commerce, commonly known as (electronic marketing) e-commerce or eCommerce, consists of the buying and selling of products or services over electronic systems such as the Internet and other computer networks. ... What are the different types of e-commerce? The major different types of e-commerce are: business-to-business (B2B); business-to-consumer (B2C); business-to-government (B2G); consumer-to-consumer (C2C); and mobile commerce (m-commerce). sole proprietorship sole proprietorship DefinitionA business structure in which an individual and his/her company are considered a single entity for tax and liability purposes. A sole proprietorship is a company which is not registered with the state as a limited liability company or corporation. The owner does not pay income tax separately for the company, but he/she reports business income or losses on his/her individual income tax return. The owner is inseparable from the sole proprietorship, so he/she is liable for any business debts. also called proprietorship. Definitions of Sole Proprietorship Some of the important definitions of sole proprietorship are as follows: (1) Paterson and Plowman A sole proprietorship is a business unit whose ownership and management ace vested in one person. The individual assumes all risk of loss or failure of the enterprise and receives all profits from its successful operation. (2) James Stephenson A sole trader is a person who carries on business exclusively by and for himself. He is not only the owner of the capital of the undertaking but is usually the organizer and manager and takes all the profits or responsibilities for losses. Characteristics of sole proprietorship The main characteristics of sole proprietorship are as under- (1) Ownership The business is owned by a single individual. (2) Management and control Being small in size, it is managed by the owner himself. However, he may have some paid workers to assist him. In any Case, the ultimate control rests in his hands. (3) Finance The necessary capital to run the business is provided by the sole owner. However, he may borrow from other sources such as friends or bank as need arises.(4) Risk The proprietor himself bears all the risks. No body else has any stake in the business. (5) Unlimited liability The sole trader is personally liable for debts of the business. The creditor can lay claim not only on his business assets but also his persona! Property such as car, houses, furniture etc to recover the loan. (6) Legal status In law, the sole trader and his business are considered as one, In other words, all the assets and liabilities of the business are the personal assets and liabilities of the proprietor. We can say that the owner and the business exist together. In other words, the two are considered as one in the eyes of Paw. (7) Relationship with customers The sole trader tries to keep good relationship with his customers. The customers are generally personally known to the proprietor and their orders are higher valued. (8) No legal formalities The sole trader can set up or close the lawful business as and when he likes the operation of his business is not governed by any special act or ordinance. (9) Ease of dissolution The sole trading business is as easy to end or dissolve as is its formation. The decision of the proprietor alone ends the business.  THE DEFINITION OF A CHAMBER OF COMMERCE Businessmen and entrepreneurs on a local level create chambers of commerce for the purpose of safeguarding their interests. Most chambers serve a specific town or city. Chambers include an executive council set up by the members through election. This administrative body is responsible for the day to day operations of the chamber. Chambers of commerce serve a variety of purposes including: Advancement of trade in their own cities or towns Establishment of uniformity in wages, hours, and prices Strengthening municipal rules and regulations for the commercial interest of their localities Resolving disputes between members with the help of arbitration Gathering statistics and information pertinent to members The number of memberships in a chamber of commerce is variable; important chambers of commerce, such as that of Paris, have a huge number of members. Chambers of commerce can be placed into the following levels: City or town County Regional International The chambers of commerce can also include economic development groups, corporations, and visitors bureaus. The worldwide business membership models of chambers of commerce fall into two groups: Compulsory/public law chambers: According to compulsory or public law chambers, companies of a specific region are bound to take the membership of the chamber. This model is usually followed in the European Union in countries such as Germany, France, Spain, and Italy. Their principal operations include training, promotion of international trade, and provision of various services to the companies. Continental/private law chambers: According to continental or private law chambers of commerce, a company's membership is not required, but encouraged through recruiting efforts by the chamber. This model is prevalent in Canada, the United Kingdom, and the United States