Summary: Law Second Year
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1 Commercial law
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What is commercial law?
Legal rules that:
- Determine the rights and duties of parties engaged in trade and commerce.
- Govern disputes arising from out of ordinary transactions of buyers and sellers.
- Settle issues concerned with banking, insurance, transport, real estate etc. -
Give 5 examples of commercial law:
- Commercial Contracts
- Commercial Litigation
- Distribution Law and Competition Law
- Distribution Agreements, Concessions and Agency Agreements
- Business Reorganization and Restructuring
- Debt Collection
- Insolvency Law - Bankruptcy - Liquidation
- Arbitration
- Alternative Dispute Resolution - Construction and Real Estate -
What are the 4 sources of commercial law?
- Legislation
- Jurisprudence
- Doctrine
- Customary law -
Explain legislation in commercial law:
Different types such as National legislation and International law. International law= Traditional international law= the one that is used by the EU. -
Explain jurisprudence in commercial law:
Body of decisions by tribunals and courts which binds 2 parties and it is influential towards third parties. -
1.1 Belgian Commercial law
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What is an enterprise database? And why do enterprises need one?
A new way of the "registry of commerce", a platform where all the data of users is saved and shared between several administrations. It has a unique identification number + data.
It is used by natural persons and legal entities. Not everyone has acces to the enterprise database. Several institution recognised by the government handle formalities concering start ups, modifications and ending of an enterprise. -
Why do enterprises need a bank account when starting up?
Neccesity of mentioning it on all documents and it stimulates the use of credit money and not cash money. (in the '50 s this wasn't the case yet) -
Which types of bookkeeping do have to be used when starting up a company?
- Very simple bookkeeping for small businesses.
- Double entry accounting for companies. -
Why do startups need to have access to independent professions?
- Requirements set by law (f.i. master degree)
- Professional codes (oftenprofessionalsecrecy) -
What type of VAT-Numbers do Belgian companies need to have?
- Very small businesses: none
- Small to medium businesses: Quarterly turnover declaration
- Medium to large businesses: Monthly turnover declaration
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