By Vai Io Lo
In attempting to identify a presence in China, international traders have came upon it primary to appreciate the regulatory atmosphere of this possibly large marketplace. This booklet presents an updated assessment of the felony framework for doing enterprise in China. It covers such themes as nation constitution; legislative amendments and enactments on direct international funding; the courtroom method; the felony career; enterprise entities; overseas funding organizations; contracts; highbrow estate; exertions and employment; patron safeguard; taxation; securities; and dispute answer. except explaining felony ideas, the booklet highlights liberalisation measures that China has undertaken to fulfil its WTO commitments; elucidates advanced felony strategies with examples of court docket judgements; discusses suitable overseas exchange and funding polices; and encompasses a thesaurus of chinese language phrases.
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4 Having the status of a legal person,5 a state-owned enterprise bears civil liability with the property that the state has authorized it to use and manage. Unlike its predecessor, a state-owned enterprise nowadays is to be run in accordance with the principle of separation of ownership and management. That is, although the state is its owner, a state-owned enterprise autonomously makes business decisions, bears responsibility for profits and losses, practices independent accounting, and has the right to possess, use, and dispose of its property.
Second, there is a written partnership agreement. Third, there is the capital actually paid or undertaken to be contributed by each partner. Fourth, the partnership has a name and a production or business site. Fifth, the partnership has met other requirements prescribed by laws or administrative regulations. More specifically, the partners can make capital contributions in the form of cash, tangible goods, land use rights, intellectual property, labor service, and other proprietary rights. If the tangible goods, land use rights, intellectual property, or other proprietary rights need to be appraised, all the partners may, through consultation, decide on the value or entrust an official appraisal-organ to assess the value.
However, if the creditors do not assert claims within five years of the dissolution, the sole proprietor’s liabilities will be eliminated. In addition, the creditors shall be paid in the following order of priority: unpaid wages and social security premiums, unpaid taxes, and other debts. The sole proprietor cannot transfer or conceal the property of the sole proprietorship before its debts are paid off. If the assets of the sole proprietorship cannot fully satisfy its liabilities, the sole proprietor shall use his or her other personal property to pay off the balance.