UNIVERSIDAD DE PANAMA

CENTRO REGIONAL UNIVERSITARIO DE VERAGUAS

FACULTAD DE HUMANIDADES

ENGLISH SCHOOL

ENGLISH DEPARTMENT

BACHELOR IN ENGLISH

CLASS REPORT #2

LEGAL ENGLISH FOR BUSINESS

PRESENTED BY:

ALMENGOR RUBEN 9-735-86

CARPINTERO ESAU 4-784-730

CHAVEZ JULIO CESAR 6-718-1852

JAVILLO ANABELL

PROFESSOR:

EDGARDO ABREGO

I SEMESTER 2015

Index Introduction.....................................................................................................................................3

Summary.......................................................................................................................................4

Mind Map.....................................................................................................................................6

Conclusion....................................................................................................................................7

Recommendation..........................................................................................................................8

Bibliography.................................................................................................................................9

Illustration...................................................................................................................................10

Appendix....................................................................................................................................11

Introduction

Law is a fundamental business discipline. As a result, it helps to develop a wider

perspective on both the business and regulatory landscape and specialized ability that will enrich

the business career. A person who wants to start a business should be aware of his obligation and

duties, and more importantly his right, in law. Only in this way, it is ensured that commerce is

carried out directly in accordance with the law, and it is submitted, the most valuable way.

In addition, the person who wants to start a business must choose a structure for his

business. This structure will define his legal responsibilities such as the paperwork he must fill in

to get started, the taxes he will have to manage and pay, how he can personally take the profit his

business makes and his personal responsibilities whether his business is a loss. When we are

referring to legal business we have to take into consideration some issues which are important at

the moment of starting a business such as: Determine the Legal Structure of your Business,

register a business Name and Get a Tax Identification Number. Whether you are going to start a

new business, you need to be surrounded by a team of good professionals that is a strategy for

success, and should include a business lawyer, CPA and agents of commercial insurance. The

large application packages avoid problems before they occur, and large business owners realize

the limitations of their knowledge, and they look for advice when they need them. Great leaders

prevent problems before they happen, and great business owners realize their limitations, and

seek counsel, when appropriate. That is a strategy for success,

Summary

When we talk about business, which is basically an organized approach to provide

customers excellent services and products. Even though, most businesses seek to make a great

profit. However, there are nonprofit businesses which just try to collect their money back. In

addition, it is important to point out some stages in business like

1 Finance involves management of money now that all businesses must have a capital on

hand to pay their bills, and for-profit businesses seek extra capital to expand their operations.

Also include other financial activities like granting, monitoring, and collecting on credit or loans

and ensuring that customers pay bills on time and establish a good working relationship with a

bank.

2 Marketing is a very important process to identify the products and services that

consumers need and want by providing those goods and services at the right price, place, and

time. Any businesses develop marketing strategies to determine what products and services

potential customers think they would like to be able to purchase.

3 Risk every business involves risks. You must balance the risks against the advantages

of being a businessman for yourself - including profit versus loss. Depending on the kinds of

jobs you do have, you need good and excellent equipment and replacement parts.

4 Recruitment is the process of finding people for particular jobs or hiring. A company

may recruit employees directly or use outside recruiters.

5 Registering the business the state have laws governing the formation of corporations,

business, organizations but most state laws are similar which regulate the development of its

parts.

When we are referring to legal businesses we have to take into consideration that to make

an important deal with other enterprises there is necessary to sign a contract with two parties in

which both agree to the clauses as the law demands. For example, you have found a company

you want to work with and have agreed on the major points of the deal. Now it’s time to

negotiate the ‘fine print’ or the details of the contract whether you have come to terms on the

payment so a good warranty, could save you a lot of money. The details may not break a deal,

but you need to negotiate them successfully so that the contract protects you and guarantees

certain benefits.

The need for a solid structure within all business entities is absolutely fundamental”,

according to Ms. Angela Tripoli, “Organizational structure concerns who reports to whom in the

company and how different elements are grouped together because a new company cannot go

forward without this establishment and established companies must ensure that their structure

reflects their target markets, goals and available technology.

Mind Map

Summary

When we talk about business, which is basically an organized approach to provide customers excellent services and products

Finance involves management of money now that all businesses must have a capital on hand to pay their bills

Also include other financial activities like granting, monitoring, and collecting on credit or loans

Risk every business involves risks and loss.

Recruitment is the process of finding people for particular jobs or hiring. A company may recruit employees directly

When we are referring to legal

businesses we have to take into

consideration that to make an important

deal with other enterprises there is necessary to sign a contract with two

parties in which both agree to the clauses as the law demands.

Conclusion

When starting a business is important to have a legal structure to use. Because it is such

an important decision, so the businessman should get advice from a qualified independent

business, or from financial or legal advisor. The structure he chooses will depend on the size and

type of business, along with his personal circumstances and how much he wants to make the

business succeed.

Another important aspect to consider the success of any business depends on appropriate

rules governing the relationship between the owner managers. Failure to set the ground rules of

that relationship can break the business and destroy value. Therefore the role of business law

within the legal system, it helps to view businesses as entities separate from their owners and

employees. Just like individuals living together in society, business entities are subject to legal

rules designed to give every participant in the marketplace a fair opportunity to succeed.

Whether you are going to start a new business, you need to be surrounded by a team of

good professionals and to have liable money found.

Finally a good businessman can succeed by hiring good professional employees and

giving them great advantages like excellent salary and opportunities.

some stages in business

Marketing is a very important process to identify the products and services that consumers need

Registering the business the state has laws governing the formation of corporations, businesses, and organizations

Recommendation

A person who wants to start a business should be aware of the legal rules that a

company carries which means he has responsibilities and duties.

That person should seek legal and financial advisors with knowledge in business. In

other word, he has to get business assistance and training.

The company must meet a fair treatment for the employees.

Before starting an enterprise it is mandatory to have good finances.

An excellent service shall be given to customers with good quality products and also

services.

Bibliography

http://www.businessdictionary.com/definition/contract.html

http://www.businesslegal.net/services/index.php

http://www.saylor.org/site/textbooks/Business%20Law%20and%20the%20Legal

%20Environment.pdf

Illustration

Appendix

Contract: A voluntary, deliberate, and legally binding agreement between two or more

competent parties. Contracts are usually written but may be spoken or implied, and generally

have to do with employment, sale or lease, or tenancy.

Legal:Allowable or enforceable by being in conformity with the law of the land and the

public policy; not condemned as illegal

Business: An organization or economic system where goods and services are exchanged

for one another or for money.Every business requires some form of investment and enough

customers to whom its output can be sold on a consistent basis in order to make a

profit.Businesses can be privately owned, not-for-profit or state-owned.

Tax identification number: The Social Security number of an individual or the Employer

Identification Number of a business, fiduciary or other organization.

Business attorney: A person who holds power of attorney, and therefore is legally

designated to transact business and execute documents on behalf of another person.

CPA: Certified Public Accountant. An individual who has passed the uniform CPA

examination administered by the American Institute Of Certified Public Accountants, and who

has received state certification to practice accounting. To achieve this designation, an individual

usually has to complete 5 years of education, and a certain degree of work experience.

Additionally, once an individual becomes a CPA, they typically must complete a certain number

of hours of continuing education each year.