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International Business Law Q&A Solutions 2024
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International Business Law Q&A Solutions 2024
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International Business Law Q&A Solutions2024
Commercial law (Wirtschaftsrecht): Overview - ANS-Busniess Law(Contracts,
Companies)
Regulatory Law (Authorities,Permits)
Commercial Law - ANS-Commercial Law = the law that applies to the economy.
Economy = production of goods and services (+ offering
them for sale)
Business law as a part of commercial law - ANS-- Business law is a part of private law /
civil law.
- Private law / Civil law deals with legal relationships
between private persons (individuals and companies /
organizations) - in case such relationships do exist.
Examples: Purchase contracts, lease contracts,
construction contracts, labour contracts, damages
for personal injury or for property injury, law-suits in
such areas.
- (Particular) business law deals with further matters, e.g.
companies, labour law, bankruptcy etc.
Regulatory law as a part of commercial law - ANS-Regulatory law = law by which the
government regulates
/ restricts economic activity. It is a part of public law = law
which governs relationships between individuals or
companies and the government, e.g.
- General trade supervision law: Health protection,
environmental protection, consumer protection,
quality standards, public policy, etc (numerous
special statutes).
- Import and export regulations.
Tax Law as a part of commercial law - ANS-The government imposes different types of
taxes:
, - Taxes on profits (e.g. corporate income tax)
- Taxes on sales (e.g. VAT)
Commercial law = primarily domestic law - ANS-- The rules of commercial law are
primarily promulgated
by the legislators of nation states.
- International business law is not primarily „international
law", but primarily national law = domestic law, which
varies from country to country (= from jurisdiction to
jurisdiction).
- One main issue is: The laws of which jurisdiction apply to
a specific commercial activity of a company ?
Commercial activity is e.g. purchase contract,
damage claim against other business
Corporations: Introduction - ANS-- A corporation a separate legal entity = legal person
- Final step of its foundation is registration in a public
register, which is a formal process
- No liability of the shareholders (= owners) for obligations
created by the corporation
- Acts vis-à-vis third parties through (managing) directors
(Managing) directors appointed by shareholders
(Managing) directors and shareholders not
necessarily identical persons
Corporations: Formation - ANS-- Various documents to be signed and to be filed with
register, e.g. shareholders (founders) sign articles of
association (= agreement between the shareholders)
- Founders appoint first (managing) director
- In many jurisdictions: Payment of share capital by founders
to bank account of corporation (was opened by
director with a commercial bank)
- Documents are filed with and reviewed by public register
- Registration of corporation in public register
Corporations: Origin of its business - ANS-- Corporation that is founded from scratch
starts with
no business at all.
- Shareholders transfer funds and assets to the
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