“The wage is a sum of money paid under contract by an employer to a worker in exchange of services rendered by the worker” BenhamAnyhow, more comprehensively,“A wage is the remuneration paid to labour in return of services rendered either under contract or independently.”Classification of WagesThe rewards of labour can be classified under the following categories:SalaryIf a person is highly paid, the remuneration is called salary e.g. the earning of a professor, engineer, … [Read more...] about Classification of Wages
Commerce
Difference Between Trust & Holding Company
Holding Company and Trust are two main types of limited partnership and joint stock company. The major differences in both are their structures as well as few other things.Holding Company: is a company which actually holds shares of other producers and services providers. These companies are not producing goods and services by themselves but they earn a profit this way. Advantages and Disadvantages of holding companies must be considered before setting up.Trust Company: is a type which … [Read more...] about Difference Between Trust & Holding Company
Functions of Retailer
A retailer is the last link in the chain of distribution of consumer products. He brings the producer in close touch with the consumer. He is a part of the distribution mechanism which cannot be dispensed due to his following valuable servicesDistribution of GoodThe functions retailers perform are the consequence of the separation of distance, time and information between producers and consumers. All retailers are involved in assisting in the physical movement of goods and in effecting a … [Read more...] about Functions of Retailer
Rights of Parnters
ConsultationEvery partner has equal rights in disposing of the matter. However, ordinary matters are decided by the simple majority of partners and policy matters are settled with the consent of all the partners but every partner must be consulted.Receive ProfitEvery partner has a right to receive equal profit from the management in the absence of an agreement.Participation in the ManagementEvery partner is allowed to take part in the management of the … [Read more...] about Rights of Parnters
Duties of Partners
To Perform True ServicesEvery partner must perform true services in partnership i.e., to maintain the true accounts, to keep the actual vouchers records and transactions and to permit the other partners to inspect the accounts fairly.To be Sincere and CarefulEvery partner must be sincere, faithful and careful to other partners. He should discharge his duties very fairly.To work for Best AdvantagesEvery partner is expected to conduct this business of the firm to the … [Read more...] about Duties of Partners
Business Combination
Business combination is formed when two or more business undertaking units combine to carry on business together for achieving the economic benefits.It is also originated when a number of different business concerns of same line combine together under one management with a view to achieve some definite objects of mutual benefits.At present we find a general tendency to form cartel, trust, holding company, pool and amalgamation etc at home or abroad for the object of increasing capital … [Read more...] about Business Combination
Rights and Duties of Collective Bargaining Agent
Collective Bargaining Agent is the agent of the workmen in the establishment or, as the case may be industry, in the matter of collective bargaining.It means the trade union of workmen which is formed for the purpose of regulating the relation between workmen and employers or for imposing restrictive conditions on the conduct of any trade or businessRepresentation of Collective Bargaining AgentIn case of one trade unionWhere there is only one registered trade union in an … [Read more...] about Rights and Duties of Collective Bargaining Agent
The Statement In Lieu of Prospectus
A prospectus may be defined as any advertisement, notice circular or other invitation, offering to the public for subscription or purchase of any share or debenture of the company. It is the nature of the contract between the company and the person who buys the shares.The object of these documents is to convince the public to make an application for shares or debentures in the company. A public company is entitled to subscribe to its shares by means of a prospectus after receiving the … [Read more...] about The Statement In Lieu of Prospectus
Classes of Contract
Agreement between two or more members is known as a contract. A partnership deed is the best example of contact. Contracts are signed in an opening bank account, taking a payday loan and everything you sign for buying product/service. It's awful.Main Classes of ContractValidA valid contract is one which is enforceable by law. the object of such a bond is to create an outstanding obligation between the parties, one party shall be bound to some performance, the other shall have a legal … [Read more...] about Classes of Contract
Finger of Goods
A person, who find goods belonging to another and takes them into his custody, is subject to the responsibility of taking due care of them and trying to find out the real owner of the goods. It is also to be remembered that the finder has a good title over the things found and that his right is enforceable against all except the real owner.In the words of section 71 “A person who finds goods belonging to another and takes them into his custody, is subject to the same responsibility as a … [Read more...] about Finger of Goods
Rights, Duties & Liabilities of Agent to Principal
An agent on behalf of the principal has the same legal worth as principal himself. He can create legal contracts with third parties and act as an agent too. Sometimes or Often, agents are being paid for their services in the form of commissionRights of AgentAgent’s LienAn agent is entitled to retain goods, papers and other property, whether movable or immovable, till the amount due to him for commission and disbursement etc in respect of the same has been paid.Agent’s Right to … [Read more...] about Rights, Duties & Liabilities of Agent to Principal