UNIVERSIDAD DE PANAMA

CENTRO REGIONAL UNIVERSITARIO DE VERAGUAS

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 its 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

When we talk about

Finance involves management

Risk every business

Summary

When we are referring

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

Recruitment is the process of

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
Marketing is a very
important
type of business, along with his personal circumstances and how
much process
he wantsto to make the
identify the products
and services that
business succeed.
consumers need
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
some stages in business
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 Registering
to be surrounded
by a team
the business
theof
state has laws governing the
good professionals and to have liable money found.
formation of corporations,
businesses, and organizations
Finally a good businessman can succeed by hiring good professional employees and
giving them great advantages like excellent salary and opportunities.

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.