The need to regulate trade and commerce and resolve business disputes helped shape the creation of law and courts. The Code of Hammurabi dates back to about 1772 BC for example and contains provisions that relate, among other matters, to shipping costs and dealings between merchants and brokers. The word “corporation” derives from the Latin corpus, meaning body, and the Maurya Empire in Iron-Age India accorded legal rights to business entities. A franchise is a system in which entrepreneurs purchase the rights to open and run a business from a larger corporation.
- As a budding entrepreneur, you’ll need to decide whether you will sell your herbs as live plants, picked or cut in bunches and packed, or dried.
- The new approach to assessing the business environment will aim to complement and fill gaps in these existing indicators.
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