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Lecture notes, cheat sheets
Business fundamentals. Cheat sheet: briefly, the most important
Directory / Lecture notes, cheat sheets Table of contents
1. STAGES OF DEVELOPMENT OF ENTREPRENEURSHIP There is a popular belief that entrepreneurship is only for private individuals, small firms. This view has been characteristic of the economy in the past. The simplicity of basic consumer products, the ease of their manufacture, the relatively small scale of production and consumption - these are the main features of the environment in which the entrepreneur operated in the past, while not being exposed to particular risks and with little capital. At this stage of economic development, the position of entrepreneurship has changed radically. Completely new forms of ownership emerged, such as public and state ownership. In recent years, the production and life of people have changed radically, but the need to search for more and more efficient areas of application of labor and capital remains. The development of the economy and entrepreneurship contributes to the development of technological progress. Production requires high-tech equipment and materials. Their production and maintenance are technologically very difficult and require significant financial investments. Increasingly, a new profitable business becomes difficult not only for one person, but even for a large entrepreneur. Therefore, entrepreneurship becomes a collective matter, often a state one. Of course, there is room for small business, including individual entrepreneurship. However, its activities are limited in most cases to trade, services and sometimes agriculture. Production and finance are predominantly becoming the sphere of activity of big capital, large enterprises with a large number of participants. The modern businessman, who has large capital and is interested in the development of large companies, wants to give entrepreneurial features to the management dependent on him. Around the second half of the XNUMXth century. there was a need to distinguish between the entrepreneur and the owner of capital - the capitalist. Modern methods of general financing led to the formation of entrepreneurial associations, where capitalists did not always play the role of entrepreneurs, and entrepreneurs were not always capitalists. The distinction between capitalist and entrepreneur will certainly blur if the capitalist has an entrepreneurial style of management. From this it follows that the concept of "entrepreneurship" has received a new content. In today's world, a person who can understand and appreciate the prospect is an entrepreneur, but, in addition, he needs to know the needs of the market and have knowledge in the field of production management, as well as the use of production resources in order to generate income. 2. HISTORY OF THE DEVELOPMENT OF ENTREPRENEURSHIP IN RUSSIA Entrepreneurship originated in the times of Kievan Rus in the form of trade, as well as in the form of various crafts - hunting and beekeeping. Russian merchants can be called the first mass representatives of Russian entrepreneurship. Forestry, developing rural and urban crafts, woodworking and metalworking, together with trade, formed large areas of Russian entrepreneurship. Already in the XI century. in Russia, the first document regulating entrepreneurial activity and relations between entrepreneurs was adopted - the code "Russian Truth". It enshrined the principle and the right of inviolability of property provided for the possibility of bankruptcy. The Tatar-Mongol yoke delayed the development of entrepreneurship in Russia for centuries. Until the XV-XVI centuries. Entrepreneurship was manifested mainly in the form of rural crafts. Then the trade in resin, wax, flax, hemp, leather and metal products, etc. flourished. In the XNUMXth century. The Nizhny Novgorod fair was born. Monastic colonies and the Cossacks made a great contribution to the development of entrepreneurial business in Russia. From the XNUMXth century In the Moscow state, commercial and industrial entrepreneurship flourished, supported by the capital's merchants. Generations of entrepreneurs are born. The first of these is considered the Stroganov family, which gave rise to the largest merchants and industrialists in the period of the XNUMXth-XNUMXth centuries. The era of Peter the Great served as a powerful impetus for the development of entrepreneurship. Peter and the generation of entrepreneurs he spawned laid the foundation for the Russian commercial and industrial business. Russian capitalist entrepreneurship is emerging, linked to the merchant class. The most numerous groups of entrepreneurs are rich peasants, artisans, and merchants. By the beginning of the XX century. about 5 million people were engaged in entrepreneurship in Russia. By the beginning of the XX century. There were already 1500 joint-stock companies in Russia. In addition, family capital and private business flourished. The development of trading business was facilitated by the exchange business, and the development of financial entrepreneurship - by banking, which were fully represented in Russia at the beginning of the XNUMXth century. The main organizational forms at that time were cooperatives, partnerships, artels. In agriculture, thanks to the Stolypin reform, peasant entrepreneurship was created, which, however, did not reach the level of farming. The revolution of 1917 dealt a severe blow to entrepreneurship. For several years, entrepreneurship was revived during the NEP period (1921-1926). Only starting from 1965, marked by a reform that liberated commodity-money relations, there was a minimal unfreezing of Russian entrepreneurship. Only a quarter of a century later, business in the Russian Federation acquired formal citizenship rights. 3. HISTORY OF DEVELOPMENT OF ENTREPRENEURSHIP ABROAD The history of entrepreneurial business abroad begins in the Middle Ages. Already in those days, merchants, artisans, merchants and missionaries were a group of start-up entrepreneurs. With the birth of capitalism, the desire for wealth is transformed into a desire for unlimited profit. The actions of entrepreneurs are gradually taking on a civilized and professional character. Often the entrepreneur, being the owner of the means of production, works at his plant or factory himself. In the middle of the XVI century. share capital appears, joint-stock companies are created. The first joint-stock companies were formed in the field of international trade. The pioneer was the English Trading Company, organized for trade with Russia (1554). Later, in 1600, the English East India Trading Company was formed, in 1602 the Dutch East India Company was formed, and in 1670 the Hudson's Bay Company. Over time, the joint-stock form of management becomes part of other sectors of the economy. By the end of the 1694th century, the first joint-stock banks were formed. For example, in 1695, the Bank of England was founded on a joint stock basis, and already in XNUMX, the Bank of Scotland. At the end of the XVII - beginning of the XIX centuries. The joint-stock form of banking organization has become widespread and developed in many countries. During this period, the property of previously functioning large family firms, entrepreneurs is divided into hundreds, thousands of shares of investors - owners of shares. The gap between small and large businesses is widening. In such conditions, it becomes more and more difficult for small businesses to survive, numerous innovations become beyond their strength. Instead, medium and large firms are developing widely. Gradually, the motive for obtaining maximum profit becomes decisive. At this time, a new specialty appeared - the manager - the head and organizer of large-scale production. Entrepreneurial functions, previously concentrated in one person, are divided into specialized areas. There are financiers, economists, accountants, lawyers, designers, technologists. Above all of them, as it were, rises the manager, freed from most of the functions and focused on the management of production and its organization. The concepts of "entrepreneur" and "entrepreneurship" were first used by an English economist of the late XNUMXth-XNUMXth centuries. Richard Cantillon. According to him, an entrepreneur is a person who operates under conditions of risk. He considered the sources of wealth to be land and labor, which determine the real value of economic goods. Later, the French economist of the late XVIII - early XIX centuries. J. B. Say formulated the definition of entrepreneurial activity as a combination, a combination of three classical factors of production, such as land, capital, labor. 4. BUSINESS INFRASTRUCTURE: CONCEPT, STRUCTURE An important condition for the development of entrepreneurship in the country is the availability and development of infrastructure that provides the chosen type of business. Modern business cannot close on itself, it needs appropriate support, cooperation with other industries and organizations, in other words, there must be a developed business infrastructure. Infrastructure is a set of organizational and legal forms that mark the movement of business relations and link these relations, with all their diversity, into one whole. An infrastructure element is a specialized type of activity that serves or creates the necessary conditions for the operation of an enterprise in any field of activity. So, when selling goods, the following elements can be used: 1) the credit system and commercial banks; 2) organizationally formalized activities of the intermediary on commodity, commodity, stock and currency exchanges; 3) auctions, fairs and other forms of organized non-exchange mediation; 4) a system of insurance of commercial economic risk, as well as insurance (state and non-state) companies; 5) chambers of commerce, other public and voluntary public associations of business circles; 6) customs system; 7) commercial and exhibition complexes; 8) special zones of free enterprise, etc. In other words, the set of infrastructure elements forms the business infrastructure. Modern infrastructure performs functions such as: 1) organizational registration of business relations (designing, notarial business, etc.); 2) making it easier for participants in business relations to realize their interests, advertising, etc.; 3) increasing the efficiency and effectiveness of the work of enterprises as a result of the orientation of various business entities to perform certain functions (repair, transport, communications, etc.); 4) simplification of the forms of legal and economic support for entrepreneurship (court, advocacy, tax inspectorate, etc.). The vastness of the areas of business activity and the numerous elements of the infrastructure of each area do not predetermine the number of structural divisions of the enterprise: it is more profitable to consult in specialized consulting companies with highly qualified and highly paid specialists. The process of forming the infrastructure for entrepreneurial activity is continuous, it is directed towards the specialization of services, expanding their range, and improving quality. The more complete the infrastructure, the better the conditions in which entrepreneurship develops most optimally. 5. LEGAL ENTITIES: CONCEPTS AND TYPES An organization that has separate property in ownership, economic management or operational management is recognized as a legal entity. This organization is liable with its property for the obligations assumed, it can, on its own behalf, exercise and acquire property, or its own non-property rights, be an executor of duties and act as a plaintiff and defendant in court. Legal entities are required to have an independent balance sheet or estimate. A legal entity is considered officially established from the moment when its state registration is made. The name of the legal entity indicates its organizational and legal form. Depending on the type of organizational and legal form, legal entities may act on the basis of a charter, or a constituent agreement and a charter, or one constituent agreement. There are two types of legal entities: commercial and non-commercial organizations. A commercial organization is an organization whose main goal is to make a profit. A commercial organization distributes its net profit among the founders (participants). Organizations that do not aim to make a profit are considered non-profit, the income received is not distributed among the participants (founders), they carry out entrepreneurial activities only in the name of the goal. Legal organizations may create branches and representative offices that are not legal entities. The legal entity that created them endows them with property, and they act on the basis of the provisions approved by it. A branch is a separate subdivision of a legal entity located outside its location and performing all or part of its functions. This includes the functions of a representative office performed by a separate subdivision of a legal entity located outside its location, as well as representing the interests of the legal entity and protecting it. The management of branches and representative offices is appointed by a legal entity and works on the basis of its power of attorney. Its representative offices and branches are indicated in the constituent documents of this legal entity. Legal entities have civil rights that correspond to the goals of their activity, are established in their constituent documents, and bear obligations arising from this activity. Commercial organizations may have civil rights and bear civil obligations necessary for any type of activity (with the exception of unitary enterprises) that are not prohibited by law. Legal entities are recognized as such from the moment when their state registration is made and an entry is made in the Unified State Register of Legal Entities. 6. ENTERPRISE: CONCEPT, FEATURES An enterprise is an independent economic entity that is created or established in accordance with the requirements of the current legislation. It aims to produce products, perform work, and provide services to meet the needs of public, economic entities and households, as well as making a profit. An enterprise is recognized as a legal entity only after state registration in the prescribed manner, it must have certain characteristics. 1. The enterprise is obliged to have separate property in its ownership, economic management or operational management. The presence of such provides the material and technical possibility of the enterprise, its economic independence, as well as reliability (liquidity). 2. The ability of the enterprise to answer with its property for obligations to creditors, and in case of default on obligations - to the budget. 3. The ability of an enterprise to act in economic circulation on its own behalf, i.e., in accordance with the laws, conclude any types of civil law contracts with business partners, consumers of products, suppliers of all factors of production, with citizens and other legal entities. In cases stipulated by law, a legal entity has the right to acquire civil rights, as well as civil obligations through its participants. Representative offices and branches of an enterprise are not considered legal entities. 4. The right (opportunity) of the enterprise to act as a plaintiff, bring claims against the guilty party, be in the role of a defendant in an arbitration court in case of failure to fulfill obligations under the law and contracts. 5. The enterprise is obliged to have an independent balance sheet or estimate, correctly take into account the costs incurred for the production and sale of products, the performance of work, the provision of services, and submit the reports established by state bodies in a timely manner. 6. An enterprise must have its own name, which indicates its organizational and legal form, the nature of its activities. An enterprise as a legal entity must indicate its location, which is determined by the place of its state registration, unless otherwise provided in the constituent documents of this legal entity. Enterprises are divided into commercial and non-commercial organizations. 7. CLASSIFICATION OF ENTERPRISES According to the provisions of part 1 of the Civil Code of the Russian Federation, from January 1, 1995, legal entities can be created (formed) in the Russian Federation as commercial organizations only in the following organizational and legal forms: business partnerships and companies, which mean commercial organizations with a share (contributions) ) founders (participants) authorized (share) capital; production cooperatives, i.e. voluntary associations of citizens on the basis of membership for carrying out production or other economic activities based on their personal labor or any other participation and association of property share contributions by members (participants); state and municipal unitary enterprises (commercial organizations that do not have the right of ownership to the property assigned to them by the owner; the property is in state or municipal ownership and belongs to this enterprise on the right of economic management or operational management. Business partnerships are created of two types (types): one of them is a general partnership, the other is a limited partnership (limited partnership), and business companies are formed as limited liability companies, as well as open and closed joint-stock companies, additional liability companies, the so-called subsidiaries and dependent business companies. According to Art. 113-115 of the Civil Code of the Russian Federation, unitary enterprises (state and municipal) operate and can be created in the country's economy, which are based on the rights of economic management and operational management of property. Enterprises of all the above organizational and legal forms can be formed on the basis of various types of ownership: this includes private, collective, state and municipal, mixed and joint ownership. Therefore, a distinction is made between private, collective, state, municipal and joint ventures, that is, enterprises with foreign investment. Depending on the number of employees, enterprises are divided into small, small, medium and large. In some countries, other criteria are used to divide enterprises by quantitative parameters. This includes, for example, the volume of turnover, the amount of profit (income), as well as the level of initial capital and assets. In our country, to classify organizations as small (regardless of the organizational and legal form), only one indicator is used - the number of full-time staff and the number of employees employed on the basis of civil law contracts. Depending on the sector of the national economy (partly on the subject of activity), enterprises are divided into industrial, agricultural, construction, trade, etc. 8. TYPES OF GOODS (SERVICES) A commodity is anything that is bought and sold on the market. At the same time, money plays the role of a universal, proportionally weighted intermediary, a measure of the value of a commodity, however, they themselves become a commodity in the process of exchange. If we talk about the sphere of credit relations on stock exchanges, then national money is an ordinary commodity, the value of which in relation to material goods is determined by the ratio of supply and demand. But behind money there are always products of labor and nature, intended for exchange through purchase and sale, and they form the basis of the mass of commodities. In the process of buying and selling, it is not the content of the goods that changes, but only the right of ownership. Products are divided into two groups: 1) material goods. These include - food, clothing, housing, cars, materials, etc.; 2) services (services of transport, communications, healthcare, science, education, culture, public utilities, advertising, trade). Commodity production is the production of goods and the provision of services not for one's own consumption, but for exchange and sale with the aim of simultaneously acquiring the necessary goods from another person (enterprise). Products manufactured by the enterprise and intended for sale are called marketable products. Products or types of work intended for personal consumption (growing vegetables, flowers in the garden, repairing and washing your own clothes, cooking, etc. This product is not subject to nationwide accounting, and therefore is supposedly in the shadows. The shadow economy refers to and criminal (illegal) trade.Along with this, the system of internal services at the enterprise, including the repair of means of production, internal communications, security, etc., is not related to the shadow economy, since the costs of these types of work are included in the cost and price of commodity products and are covered by factory and state accounting. The exchange of goods between specific producers of goods is the main way of developing the newest economy, which is built on the principles of the division of labor in a civilized society, specialization and cooperation in production. Commodity production includes economic categories: 1) production of goods; 2) specialization of commodity producers; 3) cooperation of production; 4) exchange of goods (purchase and sale) between commodity producers; 5) final consumption. The last two categories form the market for goods. The main reference point for the activity of an enterprise (firm) is the market, its needs, structure, dynamics and capacity. The enterprise is connected with the market not only from the side of production and marketing of its own products, but also from the side of the logistics of production. This includes the supply of raw materials, materials, equipment, etc. 9. CONCEPT, ESSENCE AND SUBJECTS OF SMALL BUSINESS The subject of this type of business is a small business. Small business entities also mean individuals engaged in entrepreneurial activities without forming a legal entity. According to the Federal Law "On State Support of Small Business in the Russian Federation", small business entities are considered to be such commercial organizations in the authorized capital of which the share of participation of the Russian Federation, constituent entities of the Russian Federation, charitable and other foundations, public and religious organizations does not exceed 25%; a share that belongs to one or more legal entities that are not small businesses. The content of the constituent documents also revealed a number of features. In 80-90 cases out of 100, a small enterprise is formed, which is based on a private or mixed (that is, private and state) form of ownership. Often local authorities become founders of small enterprises (sometimes together with other enterprises). Their contribution as founders, as a rule, is that they provide non-residential premises on a lease basis. Small enterprises can be created by separating structural divisions from the general composition of production, workshops, other divisions and on a joint-stock basis. The second way in the transition to the market and the formation of a market infrastructure is recognized as optimal. Small enterprises have the right to be established together with state, cooperative enterprises, public, private persons, as well as enterprises of other forms of ownership. The development of any form of entrepreneurship depends on two reasons: firstly, on the internal economic situation in the country and its regions, and secondly, on the ability of the entrepreneur to use the rights granted to him in order to realize his economic goals. A small economy is most sensitive to the specific conditions of the economic situation, and the personal qualities and characteristics of a particular head of an enterprise in many cases predetermine the final result of economic decisions. Depending on the type of activity and the strategy of the enterprise's behavior in the market, in the economy of developed countries there are such types of small enterprises as commuters, patients and explerents. 10. SIGNS OF SMALL BUSINESS In our country, according to the Federal Law "On State Support for Small Business in the Russian Federation", small businesses include commercial enterprises in which the share of participation of the Russian Federation, its constituent entities, public and religious organizations (associations), charitable and other funds in the authorized capital is not exceeds 25%, the share owned by one or more legal entities that are not small businesses does not exceed 25% and in which the maximum number of personnel for the reporting period is set as follows: in industry - 100 people; in construction - 100 people; in transport - 100 people; in the scientific and technical sphere - 60 people; in agriculture - 60 people; wholesale trade - 50 people; in retail trade and consumer services of the population - in the amount of 30 people; in other industries and when carrying out other types of activities - 50 people. The number of employees, which makes it possible to classify the enterprise as small, includes all employees (permanent and temporary, who are employed full-time and part-time), this also includes persons working part-time. The content of the constituent documents also revealed a number of features. In 80-90 cases out of 100, a small enterprise is formed, which is based on a private or mixed (private and state) form of ownership. There are cases when local authorities become founders of small enterprises (sometimes jointly with other enterprises), whose contribution as founders is to provide non-residential premises on a lease basis. Small enterprises have the following positive features: efficiency, as well as adaptability to local conditions, low management costs, the possibility of faster implementation of ideas, high capital turnover, etc. Small enterprises (they also include individual entrepreneurs) have certain disadvantages: low initial capital, therefore, long periods of development of the enterprise; financial difficulties (difficulty in obtaining a loan); low level of professional management; relatively high risk at the first stage of the life cycle of the enterprise; difficulties in attracting highly qualified personnel; high employment of the head of a small enterprise, etc. Therefore, in all developed countries, as a rule, there are state bodies designed to support small businesses, financial and credit and other measures to support small businesses are being implemented. 11. CHARACTERISTICS OF THE MAIN ORGANIZATIONAL AND LEGAL FORMS IN RUSSIA Legal entities as commercial organizations can be formed in such organizational and legal forms as: 1) business partnerships and companies. They are recognized as commercial organizations where there is an authorized (share) capital divided into shares (contributions) of founders (participants). Business companies can be of the following types: a) partnerships: - general partnership. Participants (general partners) are engaged in entrepreneurial activities. General partners are subject to unlimited liability; - limited partnership. Together with general partners, there are participants in it who are liable for the obligations of the partnership within the limits of their contributions; b) societies: - a limited liability company. This is a company where the authorized capital is divided into shares. Its participants bear the risk of losses of the company only within the limits of their contributions; - a company with additional liability (the same as LLC). One difference: its participants bear subsidiary liability jointly for the obligations of the company in the same for all participants multiple of the value of the contributions made; - joint-stock company. This is a company where the authorized capital is divided into shares of a certain size. For participants there is a risk of loss that exists within the value of their shares. Kinds: - closed JSC. Its shares are distributed only among a certain circle of people; - open AO. Shares can be transferred from one person to another, the consent of other shareholders is not required 3) cooperatives: a) production (artels). This is an association of people on the basis of membership for joint or other economic activities, which is based on personal labor and other participation, as well as the association of its members (participants) of property shares. b) consumer. These are associations of citizens and legal entities on the basis of membership. They are aimed at meeting the material and other needs of participants, carried out by combining property share contributions by its members. Members of the cooperative are not required to answer for the debts of the organization, but cover them from contributions; 4) state and municipal (unitary) enterprises. A unitary enterprise is a commercial organization that does not have the right of ownership to the property assigned to it by the owner. A unitary enterprise is liable for its obligations with all the property belonging to it, and is also not liable for the obligations of the owner of this property. 12. CHARACTERISTIC IP An individual entrepreneur has the right to act without registering the status of an enterprise, firm, however, subject to state registration of systematic activity, the entrepreneur acts as an individual. If such entrepreneurship generates income in excess of the non-taxable minimum, then taxes must be paid on income from individual entrepreneurial activity. A sole proprietor has the right to use at his own discretion the property that belongs to him (for example, renting out housing, growing agricultural products in his garden and selling them). According to the Civil Code of the Russian Federation, an individual entrepreneur is liable for his obligations with all his property. He can start and stop his activities at any time in accordance with his own desire. In some cases, the law provides for the need to obtain paid state licenses that give the right to conduct certain types of sole proprietorship (for example, shooting rare game, catching valuable fish species, certain types of educational services and medical activities). In the event that individual entrepreneurial activity of one type is systematic, the entrepreneur should acquire a patent for such activity. A patent is issued for a certain period, as well as for a certain scope of activity and is subject to payment. Any capable citizen who wants to create his own economic, commercial organization has the right and opportunity to acquire the status of a legal entity by registering himself as a private enterprise, firm in accordance with applicable law. The owner (founder) of a private firm (subject of entrepreneurial activity) has the right to hire any number of employees (employees who do not affect the management of the firm). Closely adjacent to private enterprise is family enterprise, which, although strictly speaking should be classified as a group, that is, collective form, in reality, in the presence of normal relations in the family, it is a kind of private enterprise. Since an individual owner - an entrepreneur running a sole proprietorship, is not bound by any conditions, as well as restrictions dictated by co-owners, and is burdened to a small extent by the need to document his actions, such a business is attractive. However, independence and simplicity are acquired at the price of unlimited personal responsibility and the need to separate ownership from the owner (the owner dies, the company dies, the heirs will receive not the company, but inherited values). 13. CHARACTERISTICS LLC A limited liability company is one of the most common organizational and legal forms of business entities (market economy). This company is organized by one or a group of persons, its authorized capital is divided into shares determined by the constituent documents. As contributions (shares), participants contribute cash, buildings, structures, machines, raw materials, materials, securities, as well as intellectual property in the form of know-how (recipe, technical idea, new technology, etc.). All non-monetary contributions are subject to unanimous approval by the general meeting of the founders of the company. The most important distinguishing feature of this company is the provision that its participants are not liable for the obligations of the company and bear the risk of losses associated with the work of the company, within the value of the contributions made. Another feature of an LLC: in accordance with the Civil Code, a member of this company has the right to withdraw from the company at his own request, regardless of the desire of its other participants, which brings greater economic freedom to the participants in the company. The third feature: in accordance with the constituent documents, as well as the law, a company participant must be paid the cost of a part of the property, which corresponds to his share in the authorized capital of the company. The location of the legal entity is determined by the place where it is registered, as well as the location of the management bodies of the LLC or the main place of activity of the legal entity. Individual citizens, legal entities, citizens and legal entities (public organizations) can be members of the society. Bodies and bodies of local self-government do not have the right to be a legal entity. State bodies become members of the company, unless otherwise provided by law. It should be noted that a company can be founded by one person who becomes its one-time participant. If the number of participants (founders) - individuals - is more than 50 people, then the LLC must be transformed into an open joint-stock company or a production cooperative within a year. It is allowed to transform an LLC into a closed joint-stock company, however, some grounds are required for this. The memorandum of association is adopted by the general meeting of founders and contains the fundamental provisions that determine all the activities of the company. The charter details the provisions of the memorandum of association and reflects the prevailing realities of the current time. In the event of conflict situations, priority is given to the provisions fixed in the charter. 14. CHARACTERISTIC JSC A joint stock company is a company where the authorized capital is divided into a certain number of shares. The owners of the shares of this company, i.e. shareholders, are not liable for its obligations, however, they bear the risk of losses that are associated with the activities of the company, within the value of the shares they own, in other words. Shareholders bear limited liability within the limits of the amount of acquired shares, a joint-stock company in which shareholders can freely sell their shares without the consent of other shareholders is called an open joint-stock company. Such a company may conduct an open subscription for the shares they issue, conduct their free sale on the terms determined by law and other legal acts. A joint-stock company is the most common organizational form of large capitalist enterprises. The capital of a joint-stock company is created by the founders by issuing, selling (or, as they say, placing) shares. Shares of an open company may be transferred from one shareholder to another without the consent of other shareholders being required, and may also be freely traded on the financial market. Formally, every person who buys shares in an open society becomes its co-owner. But those who own a controlling stake (formally - over 50% of all shares, in practice - 15-30%) directly influence management decisions. The shareholder is liable for the obligations of the enterprise only in the amount of capital invested in shares. If the company goes bankrupt, the owner of the shares loses only the amount of capital that he spent on the purchase of securities. A joint-stock company, by uniting its participants on a single legal basis, provides the best form of realization of collective property, creating interest in the final results of activity. The issue and distribution of shares provides an opportunity to control economic activity, as well as to manage it by shareholders. On the other hand, the issue of shares is a strong and informal way to raise funds intended for the expansion, modernization and diversification of production. 15. CHARACTERISTIC JSC A joint stock company is a company whose authorized capital is divided into a certain number of shares. Shareholders, i.e. owners of the shares of this company, should not be liable for its obligations, however, they bear the risk of losses that are associated with the work of the company, within the value of the shares they own, i.e. they bear limited liability within the amount of the acquired shares . A joint stock company whose shares are distributed only among its founders or other predetermined circle of persons is considered a closed joint stock company. This company does not have the right to openly buy or sell the shares it issues, as well as offer them in any other way to an unlimited number of persons. The number of participants in a closed joint stock company cannot exceed the number determined by the law on joint stock companies (no more than 50). A joint-stock company is the main organizational form of large capitalist enterprises. Shares in a closed joint-stock company are not available for free sale and are owned by only a few founders. Shares of a closed company are transferred from one person to another only with the consent of the majority of shareholders, unless otherwise stipulated in the charter. The shareholder is liable for the obligations of the enterprise only in the amount of capital invested in shares. If the company goes bankrupt, the owner of the shares loses only the amount of capital for which he purchased the securities. A joint stock company, which unites all participants on a single legal basis, provides the best form of realization of collective property, creating interest in the final results of the activity. The issue, as well as distribution of shares, provides a real opportunity to control economic activity, as well as its management by shareholders. On the other hand, the issue of shares is a powerful and informal way to raise funds in order to expand, modernize and diversify production. Features of joint-stock companies: 1) division of capital into shares - shares; 2) "dispersion" of risk. In the event of bankruptcy of a joint-stock company, the shareholder risks losing the money spent on the acquisition of shares; 3) the right of shareholders to an annual income - a dividend. Often, a shareholder does not work in the enterprise whose shares he has acquired, and should not be present at general meetings of shareholders; 4) the statutory form of the association, which makes it possible to easily change the number of participants, as well as the size of the share capital; 5) separation of general management from enterprise management, which is concentrated in the hands of the board (management) of the company. 16. CHARACTERISTICS OF ODO An additional liability company is a company established by one or more persons. Its authorized capital is divided into shares in accordance with certain constituent documents. An additional liability company is similar in many respects to a limited liability company. Individual citizens, legal entities, citizens and legal entities, as well as (public organizations) can be participants in this society. It should be noted that state bodies, as well as local self-government bodies, do not have the right to act as participants in the company, unless otherwise provided by law. This company can be opened by one person who is its one-time participant. As contributions (shares), participants can make cash, buildings, structures, machines, raw materials, materials, securities, as well as intellectual property in the form of know-how (recipe, technical idea, new technology, etc.). All non-monetary contributions are subject to unanimous approval by the general meeting of the founders of the company. The only difference is that in the ALC there is additional subsidiary liability for the obligations of the company. Such responsibility does not apply to all the property of the participants, but only to its part, which is predetermined by the constituent documents of the company. In the event that one of the participants goes bankrupt, his additional liability is divided among the others (proportionately or otherwise). Therefore, the total amount of additional guarantees to the company's creditors remains unchanged. The specificity of the ALC is in the exclusive form of the property obligation of the participants for its debts. Liability in this case is subsidiary, and claims against its participants can be presented only if the property of the company is insufficient for settlements with creditors; liability is joint and several in nature, creditors have the right to present claims in full or in any part against any participant who is obliged to satisfy them; participants bear the same responsibility, i.e., equally, equal to the size of their contributions to the authorized capital; the total amount of responsibility of all participants is approved by the constituent documents as a multiple (two, three, etc.) of the size of the authorized capital. 17. CHARACTERISTICS OF ECONOMIC PARTNERSHIPS Business partnerships are recognized as commercial organizations where there is an authorized (share) capital divided into shares (contributions) of founders (participants). The property that is created at the expense of the contributions of the founders (participants), as well as is produced and acquired by a business partnership or company in the course of its work, belongs to it by the right of ownership. There are the following types of business partnerships. 1. Complete. Participants of a full partnership (general partners) are engaged in entrepreneurial activities. Participants in a full partnership jointly and severally bear subsidiary liability with their property in accordance with the obligations of the partnership. A participant in a full partnership who is not its founder is liable on an equal footing with the other participants for obligations that arose before he joined the partnership. The participant who left the partnership is liable for the obligations that arose before the moment of his withdrawal, as well as the remaining participants within 2 years from the date of the resolution of the report on the activities of the partnership for the year in which the participant left the partnership. 2. Limited partnership (limited partnership). In it, along with general partners, there is one or more contributors (participants). They bear the risk of losses associated with the operation of the partnership, within the limits of the amounts they have contributed, but do not participate in the partnership's business activities. Thus, general partners who, on behalf of the partnership, conduct business activities on behalf of the partnership, and also manage the limited partnership at the request of all general partners, are considered full-fledged participants in a limited partnership. It should be noted that they are jointly and severally liable for the obligations of the partnership with all their property. Limited partners, i.e. contributors, are not engaged in entrepreneurial activities, do not take part in the management of the partnership and are liable for the obligations of the partnership only within the limits of their contributions, i.e. they bear limited liability. This position is more attractive for many investors, since they practically receive income on their contributions invested in the joint capital (fund) of the partnership. Rights of a contributor to a limited partnership: 1) receive a part of the profit of the partnership, which falls on its share in the share capital, in the manner prescribed by the founding agreement; 2) get acquainted with the annual reports and balance sheets of the partnership; 3) withdraw from the partnership at the end of the financial year and withdraw its contribution in the manner prescribed by the memorandum of association; also transfer his share in the share capital or part of it to another investor or a third party. 18. CHARACTERISTICS OF INDUSTRIAL COOPERATIVES A production cooperative (artel) is a voluntary association of citizens on the basis of membership for joint or other economic activities (this includes production, processing, marketing of industrial, agricultural and other products, performance of work, trade, consumer services, provision of other services) based on their personal labor and other participation, as well as the association of its members (participants) of property share contributions. The number of members of a production cooperative must be at least 5. Members of a production cooperative shall bear subsidiary liability for the obligations of the cooperative within the framework and in the manner provided for by the Federal Law of the Russian Federation "On Production Cooperatives" dated May 8, 1996 and the charter. The constituent document of the cooperative is the charter, which is approved by the general meeting of the members of the cooperative, which determines the rights and obligations of the members of the cooperative and other information in accordance with the Federal Law. Production cooperatives provide for personal labor or other participation of their members in activities and property share contributions. In foreign practice, cooperatives, as a rule, do not set income and profit as their primary goal. The main thing in their work is the provision of assistance, assistance to members of society. Characteristic for them are the close ties of the firm with the members of the cooperative. The current trend in foreign practice is the curtailment of cooperatives as a form of organization of economic activity. The production cooperatives that exist in our country are actually close to limited liability companies. The property of cooperatives is created on a shared basis at the expense of contributions from its members, which are carried out in monetary and material forms. The property is also created at the expense of the products of the cooperative, the income received from its sale, and other types of activities. The supreme governing body of the cooperative is the general meeting. The executive bodies are the board headed by the chairman. During the work of the general meeting, each member of the cooperative has only one vote, regardless of the size of his property contribution. For cooperatives, the dependence of the income of cooperative members on the size of share contributions has not been established. The individual earnings of its members are determined by their labor contribution and the amount of the part of the gross income intended for wages. Production cooperatives that exist in agriculture are established (created) and operate in accordance with the Civil Code of the Russian Federation and the Federal Law of the Russian Federation "On Agricultural Cooperation" (December 8, 1995). 19. CHARACTERISTICS OF PEOPLE'S ENTERPRISES People's enterprise is one of the organizational and legal forms of entrepreneurship in Russia, it is a kind of closed joint stock company with a lower limit on the number of participants. A joint stock company is a company whose authorized capital is divided into a certain number of shares. A closed joint stock company is a company whose shares are distributed only among its founders or other predetermined circle of persons. A closed joint stock company does not have the right to conduct a free subscription to the shares it issues, or otherwise offer them for purchase to a wide range of persons. There are basic provisions for the creation and functioning of a people's enterprise in the conditions of Russia. 1. The enterprise is created on a voluntary basis, with a sufficient number of employees. It can be formed by the transformation of any commercial organization based on private capital. 2. Employees of the people's enterprise own at least 75% of the authorized capital. But only a limited number of employees can be owners of shares of the enterprise, as a rule, up to 10% of their personal contribution. 3. Newly hired employees are allocated shares (shares), usually in accordance with their personal contribution. 4. One employee can own a limited number of shares. Upon dismissal, he must sell his shares (shares) to the people's enterprise, the latter is obliged to buy them. At the same time, it is possible to carry out a partial sale of shares within the enterprise. 5. In the management of an enterprise, voting is allowed when making decisions. There is a principle: "One shareholder - one vote", and this does not depend on the number of shares owned by the shareholder. 6. The amount of wages for managers is strictly limited. At the same time, the elected director of the enterprise is endowed with broad powers. He has the right to be simultaneously the chairman of the supervisory board of the enterprise. It is believed that the creation of people's enterprises improves the social climate in enterprises. Partnership replaces the relationship of wage labor and capital. Instead of paying tariff rates and salaries, employees receive a percentage of the company's income, which depends on the number of units (shares) they own and their labor contribution. Although Russian legislation delays the legal registration of a people's enterprise, however, in practice, according to its rules, at the end of the XNUMXth century. many teams have already worked in the country. For example, a cardboard and paper mill founded in Naberezhnye Chelny, the Eye Microsurgery association, the Khiton joint-stock company founded in Kazan, and others. Practice confirms the prospects and expediency of creating such enterprises. 20. CHARACTERISTICS OF BUSINESS ASSOCIATIONS Large-scale business is characterized by special forms of organization, such as associative forms, which are based on the association of enterprises and firms into aggregate structures. Consider their main types. A corporation is a joint-stock company that combines the activities of several firms to achieve their common goals or protect privileges. Since the corporation is a legal entity, it is liable for debts and taxes for all enterprises that are part of it, and is an independent business entity. Business associations are contractual associations of enterprises and organizations that are created to jointly perform similar functions, as well as coordinate common activities. Members have the right to join any other associations. Concerns are a form of contractual large associations, as a rule, of a monopoly type, which allows full use of the possibilities of large-scale production, combination, and cooperation due to the presence of production and technological ties. A sign of concerns is the unity of ownership of the firms, enterprises, and banks included in the concerns. Holding companies have control over other companies, either through ownership of their shares and cash capital, or because they have the right to appoint directors of controlled companies. A consortium is a temporary voluntary association of enterprises, organizations, which is created to solve specific problems and problems, to implement large investment, scientific, technical, social, and environmental projects. It is built on a contractual basis. An enterprise can be a member of several consortiums at the same time. The consortium can unite both large and small enterprises. The creation of financial-industrial groups (FIGs) is aimed at attracting investments, restoring cooperative and technological ties between enterprises, and increasing production efficiency. There are organizations - trade, industrial and credit and financial. Distinctive features of FIGs - the core of the group is usually considered a financial company (bank, savings bank, insurance company); sometimes FIG is based on the structure of a trading house; the participation of the industrial part is of great importance, it is made up of enterprises from different industries. Business associations are groups of independent companies that are connected by common goals. Participation in one union may be combined with participation in other activities. Characteristic features: the interweaving of links between suppliers, buyers and producers; long-term relationships between participating organizations, each being both independent and leading. 21. NON-PROFIT ORGANIZATIONS A non-profit organization is an organization that does not set the main goal of its activity to make a profit, which, if possible, is not divided among the participants. A non-profit organization is capable of conducting entrepreneurial activities only if it serves the achievement of the goals for which it was created. The decision to establish a non-profit organization is made by its founders. Citizens and legal entities are entitled to act as founders, depending on the organizational and legal form of non-profit organizations. The number of founders is not limited. The location of a non-profit organization is determined by the place of its state registration. From the moment of registration, it is a legal entity. The founding documents of a non-profit organization, the charter, the memorandum of association, the decision of the owner must contain: the name of the organization; an indication of the nature of its activities, as well as the rights and obligations of members. The conditions of admission and departure from the organization should be indicated; sources of formation of the property of a non-profit organization and the procedure for its use if the liquidation of a commercial organization occurs; the procedure for amending the constituent documents. It should be noted that constituent documents may have other provisions that do not contradict the law. Sources of formation of property in monetary and other forms: 1) regular and one-time receipts from the founders (participants, members); 2) property contributions and donations made voluntarily; 3) proceeds from the sale of goods, works, services; 4) dividends, income, interest received from shares, bonds, other securities and deposits; 5) income received from the property of a non-profit organization; 6) other receipts not prohibited by law. The supreme governing bodies of a non-profit organization are general meetings or a collegial governing body. The capabilities of the main governing body include the following issues. 1. Changing the charter of a non-profit organization. 2. Determination of priority directions of work of a non-profit organization, principles of formation and use of its property. 3. Creation of executive bodies of a non-profit organization. 4. Approval of the financial plan of this organization and making changes to it. 5. Creation of branches and opening of representative offices of this organization. 6. Participation in organizations. 7. Reorganization and liquidation of this organization. The forms of non-profit organizations include: public and religious organizations (associations), foundations, non-profit partnerships, institutions, as well as autonomous non-profit organizations. Non-profit organizations are able to form associations. 22. CONSUMER COOPERATIVE Consumer cooperatives are one of the organizational and legal forms of enterprises in the Russian Federation. Consumer cooperatives are associations based on the membership of citizens and legal entities and are aimed at meeting the material and other needs of participants, which are carried out by combining property (share) contributions of its members. The main founding document is the charter of the cooperative. The supreme management body of the cooperative is the general meeting of members of the cooperative (committee). The executive bodies are represented by a board headed by a chairman. The management of the cooperative is carried out by a committee - often these are employees who combine this work with another. They are selected by the members of the cooperative. The day-to-day work of the cooperative is carried out by full-time managers who are appointed by members of an elected committee. Regardless of the size of the property contribution at the general meeting, each member of the cooperative has only one vote. For cooperatives, the dependence of the income of cooperative members on the size of share contributions has not been established. A consumer cooperative may, in addition, conduct business activities; for example, a garage cooperative may provide services to the public through auto repair work. Consumer cooperatives have several characteristic differences from other organizational and legal forms of entrepreneurial activity: 1) members of a consumer cooperative are not required to participate in labor; 2) members of the cooperative are not liable for the debts of the organization, but cover them from contributions; 3) the profit received from entrepreneurial activity is distributed among the members of the cooperative. The main principles of cooperative societies are: 1) open membership. In a cooperative society, the number is not limited, everyone can enter it and leave it at any time; 2) distribution of profits among members (in the form of dividends). The amount of dividends depends on the amount of funds brought to the cooperative; 3) payment of interest on share capital. All members of cooperatives receive a fixed percentage of their share capital. The advantages of consumer cooperatives are as follows. 1. The stability of trading operations, which is associated with the reliability of the participants. 2. The division of profits between the participants of the cooperative. 3. Leadership is democratically elected. The disadvantages of consumer cooperatives are as follows. 1. Democratically elected leadership may not have sufficient entrepreneurial experience. 2. There is a possibility that due to the passivity of ordinary members of the cooperative, the leadership of the cooperative will not be elected in full accordance with the general opinion. 23. PUBLIC AND RELIGIOUS ORGANIZATIONS, FOUNDATIONS Public and religious organizations and foundations are varieties of non-profit organizations. A non-profit organization is an organization that does not aim to make profit as the main goal of its activities. The resulting profit is not distributed among the participants. A non-profit organization may carry out entrepreneurial activity only if it serves the achievement of the goals for which it was formed. The decision to create a non-profit organization is taken by its founders. Citizens and legal entities may act as founders, depending on the organizational and legal form of a non-profit organization. The number of founders may be different, it is not limited. The supreme governing bodies of a non-profit organization are general meetings or a collegial governing body. Public and religious organizations (associations) are voluntary unions of citizens who have united on the basis of common interests to meet spiritual or other non-material needs. Members of associations do not retain the rights of property not transferred by them to the ownership of these organizations (also for membership fees). They are not liable for the obligations of these organizations, in turn, organizations should not be liable for the obligations of their members. Features of the legal status of the organization, reorganization, liquidation of religious organizations are regulated by the Law of Russia "On Religious Associations". The Foundation is a non-membership non-profit organization established by citizens and (or) legal entities on the basis of voluntary property contributions, whose goals are social, charitable, as well as cultural, educational or other socially useful goals. The property, which is given to the foundation by its founder, becomes the property of the foundation. The foundation must publish reports every year on how it uses its property, and it can use it only for purposes that are determined by the charter of the foundation. The Foundation's activities are supervised by the Board of Trustees. Only the court is entitled to decide on the liquidation of the fund in accordance with the statements of the interested parties. The fund may be liquidated: 1) if the probability of obtaining the property necessary for the implementation of the goals of the fund is unrealistic; 2) if the goals of the fund cannot be achieved and the necessary changes in the goals of the fund cannot be made; 3) in case of deviation of the fund in its work from the goals provided for by the charter; 4) in other cases provided for by law. If the fund is liquidated, the property that remains after the satisfaction of creditors' claims is directed to the purposes specified in the charter of the fund. For the liquidation of the fund, a special procedure is provided, indicated in Art. 119 of the Civil Code of the Russian Federation. 24. STATE ENTERPRISES The organizational and legal forms of Russian state enterprises are state and municipal unitary enterprises. It should be noted that a unitary enterprise is a commercial organization that does not have the right to own property, which is assigned to it by the owner. The property of a unitary enterprise is indivisible and cannot be distributed by contributions, shares, stocks and shares among anyone, including among employees of the enterprise. State unitary enterprises are established by the state represented by its authorized bodies, i.e. ministries and departments. Municipal unitary enterprises are created in accordance with the law by local governments. A special type of unitary enterprises are unitary state and municipal institutions that operate as non-profit, this includes state educational institutions, state research institutes. The property of a state and municipal unitary enterprise belongs to state or municipal property and belongs to this enterprise on the basis of economic management or operational management, while unitary enterprises established on the basis of the right of operational management have the right to have only state affiliation. This means that these enterprises are created exclusively by the Government of the Russian Federation. Such a unitary enterprise is called a federal state enterprise. A unitary enterprise established under the right of economic management may establish another unitary enterprise, which is called a subsidiary, by transferring its property to economic management. The charter of a state-owned enterprise is approved by the Government of the Russian Federation, and it also appoints the head of the enterprise by concluding a contract with him. The owner of the property that is under economic management, according to the law, decides various issues, which include the creation of an enterprise, determining the subject and purpose of the activity, its registration, liquidation, and also appoints the director of the enterprise, approves the charter, monitors the safety and use only for its intended purpose property owned by the company. The enterprise does not have the right to sell the real estate belonging to it under the right of economic management, does not have the right to lease it, give it as a pledge or make a contribution to the authorized capital of business companies and partnerships, or otherwise dispose of this property without the consent of the owner. The founding document of a unitary enterprise is the charter. For state-owned enterprises, the Government of the Russian Federation approves a model charter. 25. PUBLIC CORPORATIONS A public corporation is the organizational and legal form of an enterprise. This form is used to manage nationalized industries. A public corporation is a legal entity. Public corporations are state-owned enterprises. Local governments are considered public corporations, they have the authority to issue municipal securities, they have the right to borrow against discount rates. Public authorities have at their disposal a large number of profitable commercial enterprises (rental premises of the municipality, transport, various leisure property, airports and seaports). Public corporations do not have the right to issue shares, nor can they own shares. They are owned by the state, with the government acting as a board of directors entrusted with the effective management of public property on behalf of the citizens. Public corporations are governed by a board of governors. It can be assumed that the heads of these corporations have the same responsibilities as the directors of the companies. The most important difference is that they get into leadership positions in different ways. In public corporations, executives are appointed by the Secretary of the Interior, while in limited liability companies, the choice of management is left to the shareholders. Managers of public corporations manage the operation of enterprises, but they are responsible to the government, and not to the meeting of shareholders. The Minister of State is responsible for their activities. For example, the Minister of Energy is responsible for the state of coal mining in the country, while the Minister of Transport is responsible for the railway lines. Public corporations do not have shareholders and the organization is unable to raise capital by issuing shares. There are countries where they receive long-term loans from the government and short-term loans from banks. There are public corporations that receive loans from abroad. The state reimburses all expenses, which also include the losses of public corporations. Public corporations must submit annual reports of activities, as well as a balance sheet of income and expenses. These documents are being reviewed by the government. The main purpose of public corporations is the common good. Thus, managers are obliged to conduct business in such a way that it is most effective in the interests of society, the whole country. Public corporations should be very concerned about the social consequences of their activities. For example, a railroad corporation should not allow a railroad in remote rural areas to be closed because local residents will be completely deprived of an essential transportation service. 26. MUNICIPAL AND UNITARY ENTERPRISES A unitary enterprise is a commercial organization that does not have the right of ownership to the property assigned to it by the owner. The charter of a unitary enterprise, in addition to the usual information about the name, location, must have information about the subject and goals of the activity of this enterprise, as well as the size of its authorized capital, the procedure and sources for its formation. It is important that a unitary enterprise is liable for its obligations with all its property, but is not liable for the obligations of the owner of this property. Unitary enterprises have a number of differences from other commercial enterprises, which include the following. 1. The principle of unitarity is laid down in the form of management of a unitary enterprise (in this it differs from other commercial enterprises based on the principle of corporatism). The difference lies in the fact that the relevant commercial organization does not have ownership of the property assigned to it. The owner of this property is the founder of the organization, i.e. the state. 2. The property of a unitary enterprise is indivisible and under no circumstances may be distributed among deposits, shares and shares, as well as among employees of a unitary enterprise. 3. Unitary enterprises have a special property status. It lies in the fact that the ownership right is retained by the founder, and the property is assigned to the unitary enterprise only on a limited property right (economic management or operational management). 4. The management of this enterprise is as follows. The head of a unitary enterprise may be appointed by the owner or by a body authorized by the owner, to which he is accountable. Depending on who owns the property, unitary enterprises are divided into state or municipal. Unitary enterprises are divided into two categories depending on the rights granted by the founder. The right of economic ownership is the right of a state or municipal unitary enterprise to own, use, and also dispose of the property of the owner in accordance with the law or other legal acts. The right of operational management is the right of an institution or a state-owned enterprise to own, use, and also dispose of the property of the owner assigned to it in accordance with the law. In the event that the insolvency of state-owned enterprises is discovered, the Russian Federation bears subsidiary liability for the obligations of this enterprise in case of insufficiency of its property as a founder. Consequently, a unitary enterprise based on the right of operational management cannot, in principle, go bankrupt. 27. SUBJECTS AND OBJECTS OF BUSINESS Business entities are among the economic entities. These are domestic and foreign commercial organizations and their blocks, non-profit organizations that are engaged in commercial activities, and individual entrepreneurs. Commercial and non-commercial organizations are legal entities. From the moment of registration as an individual entrepreneur without forming a legal entity, citizens have the right to engage in entrepreneurial activities. Legal entities are represented by commercial organizations, which include general partnerships, limited liability companies, joint-stock companies, production cooperatives, state and municipal unitary organizations. All listed organizations as legal entities own or manage separate property and are liable for their obligations with this property. They can also acquire and exercise property and personal non-property rights on their own behalf, bear obligations, be a plaintiff and a defendant in court. They have an autonomous balance and estimate. The economic activity of a subject in a market economy, aimed at achieving profit by creating and selling specific products and services, is called business or entrepreneurial activity. Entrepreneurial activity looks like an initiative, independent activity of citizens and their unions, aimed at making a profit, is implemented by citizens at their own risk and under property liability within the framework determined by the organizational and legal form of the enterprise. Capital is the basic concept of business. Capital is understood as property and rights, the use of which allows to obtain added value. A business is the use of additional capital with a value chain. Capital is a very complex and multifaceted concept. This term used to mean only material objects, then non-material objects (for example, money) were added to them. In our time, this concept has come to be understood as a certain set of a wide variety of entities (such as trademarks), which in their generality make up the value of a particular company. 28. ACTIVITIES OF BUSINESS SUBJECTS Depending on the subject of business and its connection with the main stages of the reproduction process, the following types of activities are distinguished: production, commercial, financial, insurance, intermediary. The production activity of business entities is the production of any direction: material, intellectual, creative. At the same time, the entrepreneur organizes the production of products, using as factors his own or purchased tools, labor, for subsequent sale to consumers or trade organizations. The result of production activity is the release of goods that are sold to the final consumer, while the main task is to make the production pay off and make a profit. This business requires a high level of skill. But it is production activity that gives stable success in a promising sustainable business. The main component of trading activity for a businessman is a product that is purchased from its owner and sold. Moreover, the goods are purchased, as a rule, at wholesale prices, and sold at retail prices. The formula of a trade transaction: "goods - money" when selling and "money - goods" when buying. These activities include sourcing, purchasing a particular type of product, securing it, transporting it to a point of sale, and often after-sales service. Almost all components are involved in commercial activities, as in production, but some of them to a lesser extent. Financial activity is a type of commercial activity in which money is used as a commodity. The essence of financial activity is that an entrepreneur buys for a sum of money various funds in the form of money, foreign currency, securities as the main component of the activity from the owner of the funds. The purchased funds are then sold to buyers for a fee exceeding the amount of entrepreneurial profit. Lending activity involves the attraction of cash deposits with the payment to the owners of these deposits in the contractual period, together with the fixed capital of the prescribed interest. Insurance activity consists in the fact that the entrepreneur guarantees the insured for a specific fee compensation for possible damage to property, valuables, life as a result of an unforeseen event. This type of activity is considered as a kind of financial and credit activity. An entrepreneur, as a seller of insurance services, offers to purchase insurance services personally or through an intermediary to a potential buyer. Another activity is mediation. The essence of the activity of this type of business is that the intermediary resells information about the sale, purchase of goods to both interested parties. This is a kind of information service. 29. SHARE CAPITAL The authorized capital is a set of funds (contributions, contributions, shares) of the founders (participants) in property when an enterprise is created to ensure its activities, the amount of which is determined by the constituent documents. It becomes the initial, initial capital for the enterprise. Its size is determined taking into account the proposed economic (production) activity and is established at the time of state registration of the enterprise. It is important that the size of the authorized capital (fund) of an enterprise (organization) in the process of its creation (institution) is regulated by the Civil Code of the Russian Federation. According to the "Regulations on State Registration of Business Entities", the size of the authorized capital of a JSC, an enterprise with a share of foreign investment (this includes joint ventures, regardless of the legal form) must be at least an amount equal to 1000 times the minimum wage per month at the time of submission of constituent documents for state registration. The size of the authorized capital of enterprises of other organizational and legal forms must be no less than the amount that is equal to 100 times the minimum wage per month. The Civil Code of the Russian Federation establishes that the authorized capital of an enterprise based on the right of economic management must not be less than the amount established by the law on state and municipal unitary enterprises. Until the date of state registration of an enterprise based on the right of economic management, the authorized capital of this enterprise must be fully secured by the owner. Economic partnerships and companies form the authorized (share) capital. The contribution to it can be money, securities, things, property rights or other rights that have a monetary value. The authorized capital of an LLC is created from the value of the participants' contributions; it determines the minimum amount of property that guarantees the interests of the company's creditors. The size of the authorized capital of the company must not be less than the amount established by the law on LLC, i.e. not less than 100 minimum wages. It is not allowed to release a member of an LLC from the need to make a contribution to the authorized capital of the company. The authorized capital of a joint-stock company consists of the nominal value of the shares that are acquired by the shareholders. The minimum authorized capital of an OJSC should not be less than 1000 times the minimum wage, and for a CJSC - 100 times the minimum wage. It is not allowed to release a shareholder from the obligation to pay for the company's shares. Public subscription for JSC shares is not carried out until the authorized capital is paid in full. When an JSC is established, all of its shares must be distributed among the founders. 30. FOUNDING AGREEMENT, CHARTER Constituent documents are a list of rights, obligations, conditions for the functioning of the enterprise, its workforce, establishing the status of the enterprise. Depending on the organizational and legal form of ownership, there are two types of such documents - a memorandum of association, as well as a charter. The difference is that the constituent agreement is concluded, and the charter is approved by its founders (participants). The main constituent document for state-owned enterprises, as well as for state and unitary enterprises, is the charter of the enterprise, which is developed and approved by its founders (participants), and the charter approved by the Government of the Russian Federation becomes the constituent document of a state-owned enterprise. The charter must contain information on the organizational and legal form, name, location of the enterprise, the amount of its authorized capital (fund), composition, procedure for distributing profits and forming funds, and in the event of reorganization and liquidation of the enterprise - on the procedure and conditions in which they occur. It is necessary to establish in the memorandum of association that the founders undertake to create a legal entity, determine the procedure for joint activities in this direction, the conditions for the transfer of property to a legal entity, participation in its activities, the procedure and conditions under which profits and losses are distributed among participants in the management of the activities of a legal entity, as well as withdrawal of founders (participants) from its composition. The memorandum of association must contain information on the name, location and legal status of the founders, state registration, the amount of the authorized capital of the enterprise, the participation shares (shares, number of shares) that belong to each founder, on the size, procedure and methods of making contributions and paying for shares. The content of constituent documents can be supplemented, depending on the organizational and legal form of the enterprise. Business partnerships are formed and operate on the basis of a founding agreement, which in a general partnership is signed by all its participants, and in a limited partnership the agreement is signed by all of its general partners. The founding documents of a limited liability company are the memorandum of association, which is signed by its founders, and the charter approved by them. In the case when a company is organized by one person, the charter approved by the founder becomes its constituent document. The constituent document of a joint-stock company is the charter, which is approved by the founders. The founders of a JSC conclude an agreement in which it is necessary to determine the procedure for their joint activities to create a company, the amount of the authorized capital, the categories of shares to be issued, as well as the procedure for their distribution, and other conditions provided for by the JSC Law. 31. FORMS OF TRANSACTIONS, ITS REGISTRATION A transaction is an action of citizens and legal entities aimed at establishing, changing or terminating civil rights and obligations. Transactions can be bilateral or multilateral and unilateral. The first two types are considered contracts. An agreement is an agreement between two or a group of persons to establish, change or terminate civil rights and obligations; is always in writing. A unilateral transaction is considered to be a transaction, for the conclusion of which, in accordance with the law, other legal acts or agreement of the parties, the expression of the will of one party is necessary and sufficient. Types of transactions: oral, written, simple, notarial. A transaction may be concluded orally, unless written form is provided for by law or by agreement of the parties. A transaction in writing is formalized by drawing up a document that contains its essence, this document is endorsed by the person or persons who made the transaction, or persons duly authorized by them. The incorrect execution of a simple written transaction deprives the parties of the right, in the event of a dispute, to refer to evidence of the transaction and its conditions, but does not deprive them of the right to provide written and other evidence. The written form of a transaction - an agreement, is made by drawing up one document signed by the parties, as well as by exchanging documents by mail, telephone, electronic or other communication, which makes it possible to reliably establish that the documents come from the parties under the agreement. Notarial certification of a transaction is considered to be carried out when a notary or other official who has the right to perform such notarial acts makes an attestation on the document. Notarial certification of transactions is obligatory in the cases specified in the law, cases stipulated by the agreement of the parties, although this form is not required by law for transactions of this type. Transactions related to the emergence, change and cancellation of rights to immovable things are subject to state registration. It is the only evidence of the existence of a registered right. Immovable things include land plots, subsoil plots and all objects! the movement of which is impossible without commensurate damage to their purpose, including forests, perennial plantations, buildings, structures. Registration of transactions with movable property is provided for in isolated cases. Certain types of transactions must be notarized. If a transaction requiring state registration is made in the correct form, but one of the parties does not want its registration, the court has the right, at the request of the other party, to decide on the registration of the transaction. 32. RESPONSIBILITY OF ENTREPRENEURS: ESSENCE AND TYPES Enterprises and officials bear various types of liability for non-fulfillment or improper fulfillment of obligations arising from the laws of the Russian Federation, regulations and concluded agreements. The fulfillment of obligations by the entrepreneur is ensured through economic sanctions, pledge, retention of property of the debtor enterprise, guarantee, deposit and other methods provided for by law or contract. At the same time, an enterprise whose right has been violated may demand full compensation for the losses caused to it, unless the law or the contract provides for compensation for losses in a smaller amount. Losses are real damages arising from non-fulfillment or improper fulfillment of laws and contracts, and lost profits - as the amount of lost income (profit). Non-performance of an obligation forces the application of economic sanctions as a penalty, which is understood as a sum of money determined by law or contract, which the debtor enterprise is obliged to pay to the creditor in case of non-performance or poor performance of the obligation, in particular in case of delay in performance. Penalties are levied in two forms: fines and penalties. Penalty - a quantitatively determined amount of a monetary penalty established by legislation or an agreement, which the debtor enterprise must pay to the injured party in case of non-performance or improper performance of an obligation in accordance with the law or agreement. Penalty is a form of economic sanctions, which is established by legislative acts as a percentage of the amount of the obligation not fulfilled by the entrepreneur and is charged for each day of delay in the default. Pledge - a method of securing obligations, in which the creditor-mortgagee, the acquirer, has the right, in the event of default by the debtor, to receive satisfaction at the expense of the pledged property, having an advantage over other creditors. Guarantee - the guarantor undertakes to be responsible to the creditor of another person for the fulfillment by the latter of his obligations in full or in part. In case of non-performance or poor performance by the debtor of the obligation secured by the surety, the surety and the debtor shall be liable to the creditor jointly, unless the law or the contract provides for subsidiary liability of the surety. For illegal actions in the field of economic activity, it is possible to apply such sanctions as a court sentence, such as: a fine, deprivation of the right to hold certain positions or engage in specific activities, compulsory work, corrective labor, confiscation of property, restriction of freedom, arrest, imprisonment for a certain period. 33. BUSINESS RISK: CONCEPT, TYPES, RISK FACTORS Entrepreneurial risk is an economic category, quantitatively and qualitatively determined in the approximation of the outcome of the planned business activity, reflecting the degree of failure (or success) of the entrepreneur (firm) in comparison with pre-planned results. There are the following types of entrepreneurial risk: 1. If possible, insurance: 1) the insured; 2) uninsured. 2. If possible, diversify: 1) systematic; 2) specific. 3. Depending on the stage of problem solving: 1) in the field of decision-making; 2) in the field of solution implementation. 4. By the nature of occurrence: 1) economic; 2) related to the person of the entrepreneur; 3) associated with a lack of information. 5. By scale: 1) local; 2) global. 6. By area of origin: 1) external; 2) internal. 7. According to the duration of exposure: 1) short-term; 2) long-term. 8. According to the expected results: 1) speculative; 2) normal. 9. According to the degree of admissibility: 1) acceptable; 2) critical; 3) catastrophic. Entrepreneurial risks may arise during the implementation of activities as a result of the influence of numerous factors. Since the risk has objective grounds due to the uncertainty of the influence of the environment, and subjective, because the decisions are made by the entrepreneur himself, the successes and failures of the entrepreneurial firm should be considered as the interaction of many factors, some of which can be called external to the entrepreneurial firm, while others - internal (decisions made within the company). External factors are those conditions that the entrepreneur is not able to change, but must take into account, because they affect the state of his affairs. External factors are interrelated: a change in one of them may lead to a change in others, and, therefore, their influence on the level of risk is interrelated. Internal factors are factors of direct and indirect impact. Factors of direct impact directly affect the results of entrepreneurial activity and the level of risk. Factors of indirect impact cannot directly affect entrepreneurial activity and the level of risk, but contribute to its change. 34. RISK ASSESSMENT AND METHODS FOR ITS REDUCTION The calculation of entrepreneurial risk can only be done by a specialist in the field of probability theory and statistics. It is necessary to have a general idea of the types and causes of random losses that can occur with a reliable probability in a given operation. It is necessary to study the statistics of losses that occurred in similar types of business activities. Based on what has been studied, it is necessary to build a table (graph) of the frequencies of manifestation of different levels of losses, in which information will be presented on the number of cases, where: 1) there were practically no losses; 2) losses did not exceed profits; 3) losses exceeded profit; 4) losses exceeded the financial condition of the entrepreneur. Once the risks are identified, the entrepreneur is faced with the task of developing a risk program and minimizing them. The main ways to neutralize them are as follows. 1. Risk avoidance. An entrepreneurial organization in the process of conducting production and economic activities may not perform any operations or activities associated with a high level of risk. 2. Accepting the risk. The main task is to find sources of resources needed to cover probable losses. 3. Transfer (or transfer) of risk to partners in certain transactions or business transactions by concluding contracts. At the same time, that part of the business risks of the enterprise is transferred to economic partners, for which it has more opportunities to neutralize their adverse effects. 4. Risk pooling. The risk is shared among several subjects of the economy. 5. Diversification: 1) entrepreneurial activity of the enterprise; 2) portfolio of securities; 3) real investment programs; 4) loan portfolio; 5) suppliers of raw materials, materials and components; 6) buyers of products; 7) currency basket of the enterprise. 6. Risk insurance. It represents the protection of the property interests of individuals and legal entities when insured events occur. 7. Other methods. For example, compensation methods: 1) strategic planning of the activities of an entrepreneurial organization; 2) ensuring compensation for possible monetary losses through a system of penalties, which is included in the contracts; 3) reducing the listing of force majeure circumstances in contracts with partners; 4) improving the management of working capital of the enterprise; 5) collection and research of additional information about the financial market; 6) forecasting trends in which the external business environment and market conditions change. 35. PROPERTY RIGHT: CONCEPT, TYPES, PROTECTION The right of ownership is a set of legal norms that fix and protect the ownership of material goods by certain persons, and also provide for the scope and content of the owner's rights to this property and its protection. The Civil Code of the Russian Federation reveals the right of the owner with the help of a triad, which includes the rights of possession, use and disposal. Ownership comes with certain responsibilities. The owner is obliged to maintain his property and take the risk of its accidental loss or damage. Types of property: private, state, municipal, common, etc. The subjects of private property rights are citizens (individuals), their simple totality (spouses, family) and legal entities. The subjects of state property rights include Russia and the subjects of the Federation (republics, as well as territories, regions, cities of federal significance, autonomous districts, autonomous regions). The subjects of the right of municipal property include urban and rural settlements and other municipalities. The right of common property. Common property is the ownership by several persons, who are called co-owners, of the same property at once. Two types of common property: 1) common share (each of its participants owns a certain share); 2) common joint (characterized by the simultaneous ownership of property by several persons without determining their shares). The right of economic management. The subjects of the right of economic management have the right to act as state or municipal unitary enterprises. The property of such enterprises is indivisible and is not distributed among deposits, shares, shares, shares; it serves as the basis for the independent property liability of the enterprise. The right of operational management. Property on the right of operational management belongs to state-owned enterprises, as well as institutions. Protection of property rights is carried out by applying to an arbitration or arbitration court, with the presentation of a vindication or negatory claim. A vindication claim is a claim for the recovery in kind of one's property from someone else's illegal possession. In the event that the property has not actually been preserved and is not with the illegal owner, only monetary compensation is possible from the person responsible for the loss of the property. A negatory claim is a claim for the elimination of any violations of property rights that are not related to deprivation of possession, provide for the owner’s rights to demand that normal conditions be created for the use of their property if these conditions are violated illegally. This claim cannot be used if the interference is related to legal actions, which include, for example, reconstruction, repair of underground utilities carried out by state authorities. 36. BUSINESS RISK MANAGEMENT Each entrepreneurial firm has its own preferences for activities directed towards risk, and, based on this, identifies the risks to which it may be exposed, decides what level of risk is acceptable for it, and looks for ways to avoid unwanted risks. This is a risk management system. The activity of an entrepreneur in the field of risk management is aimed at protecting his company from the effects of those risks that threaten its profitability, and contributes to the solution of the main task of entrepreneurs - based on the situation, choose the best alternative project, but it must be borne in mind that the more profitable the project, the higher degree of risk for the firm. The risk management activity of an entrepreneur is called risk policy. This is a set of various actions that aim to reduce the risk of making an erroneous decision at the time of its very adoption and reduce the possible adverse consequences of such entrepreneurial decisions. Process steps: 1) clarification of the risk; 2) risk assessment; 3) choice of methods; 5) evaluation of results. It is important to establish how this type of risk affects the results of operations and what are the consequences of such an impact. And first, you should assess the likelihood that a certain event will actually happen, and then how it will affect the economic situation of the company. In the process of risk management, it is very important for an entrepreneur to decide whether or not to enter into a risky situation. The different behavior of entrepreneurs who make a similar decision in a similar situation is explained by their individual risk appetite, the level of claims to profit (income). When evaluating the risk that a company can take on, an entrepreneur first of all takes into account the profile of its activities, the availability of resources needed to implement the program for financing the likely consequences of the risk, seeks to take into account the attitude of business partners towards risk, and builds its actions in such a way as to optimally contribute to the implementation of the main goal. firms. The degree of acceptable risk is calculated taking into account the size of fixed assets, production volume, profitability levels, etc. It should be noted that the more capital an enterprise has, the less sensitive it is to risk and the bolder the entrepreneur makes decisions in risky situations. Management requires an integrated approach, and this allows the entrepreneur to use resources more efficiently, distribute responsibility, improve the performance of the firm, and also protect it from the action of risk. Business risk management is associated with actions aimed at minimizing the consequences of risks. 37. RISK MINIMIZATION MECHANISMS Risk minimization mechanisms 1. Risk avoidance. An entrepreneurial organization in the process of production and economic activity is able to refuse to perform certain operations or activities associated with a high level of risk. This path is the simplest and most radical. Allows you to completely avoid the probable losses associated with entrepreneurial risks, but, on the other hand, does not allow you to receive profits associated with risky activities. This method is applied only to very serious and large risks. 2. Accepting the risk. The main goal is to find sources of resources needed to cover probable losses. In this case, losses are covered from any resources left after the onset of entrepreneurial risk. If the enterprise lacks the remaining resources, then this may lead to a reduction in business volumes. 3. Transfer (or transfer) of risk to partners in individual transactions or business transactions by concluding contracts. At the same time, the business partners will be transferred to that part of business risks for which the company has more opportunities to neutralize their negative consequences. 4. Risk pooling. The risk is shared among several subjects of the economy. By joining efforts in solving the problem, several business organizations can share both the possible profit among themselves and the losses from its implementation. The search for partners is carried out among those enterprises that have additional financial resources, as well as information about the state and characteristics of the market. 5. Diversification: 1) entrepreneurial activity of the enterprise; 2) portfolio of securities; 3) real investment programs; 4) loan portfolio; 5) suppliers of raw materials, materials and components; 6) buyers of products; 7) currency basket of the enterprise. 6. Risk insurance is a relationship to protect the property interests of individuals and legal entities in the event of insured events, which are made at the expense of funds formed from the insurance premiums (insurance premiums) paid by them. 7. Other methods. For example, compensation methods: 1) strategic planning of the activities of an entrepreneurial organization; 2) ensuring compensation for possible financial losses through a system of penalties, which is included in the contracts; 3) reduction of the list of force majeure circumstances in contracts with partners; 4) improving the management of working capital of the enterprise; 5) collection and analysis of additional information about the financial market; 6) forecasting the directions of change in the external business environment and the specifics of the market. 38. COMPETITION: CONCEPT, MAIN TYPES, COMPETITION STRATEGY Competition is the competitiveness of economic entities, when their joint actions significantly limit the ability of each of them to influence the general conditions for the circulation of goods in a particular market and are a catalyst for the production of goods needed by the consumer. Competition is an economic struggle between entrepreneurs for better business conditions, which include favorable conditions for the production and sale of a product and, accordingly, obtaining the maximum income. Competition is the optimally operating mechanism of competition in the market. It is the action of the competition mechanism that makes all participants in the market economy not stop at the results achieved, but constantly look for new opportunities. Competition acts as a coercive force, forcing entrepreneurs to strive to increase returns on capital by finding new forms and methods of production, using the latest technology, new ways of organizing and managing. The main content of competition is the struggle for the consumer, the most complete satisfaction of his needs. The main forms of competition include intra-industry and inter-industry. The classification of types of competition depends on the number and importance of manufacturers in the market. Accordingly, perfect (free) and imperfect competition are distinguished. The main features of free competition: an unlimited number of its participants, free entry into the market and exit from it, mobility of material, labor, financial and other resources; the fullest possible awareness of each participant in the competition; absolute homogeneity of similar products; no participant in the competition can influence the decisions made by other participants. The market of imperfect competition involves a triad, which includes pure monopoly, monopolistic competition, oligopoly. According to the methods of action, there is price and non-price competition. In addition, there is unfair competition - in this case, commodity producers use methods related to the violation of the norms and rules of competition. The basic strategies on the basis of which competitive relations between enterprises are implemented and the key advantages that these strategies provide: 1) cost reduction. Low cost and, accordingly, the price of products; 2) product differentiation - the uniqueness of the products, their high quality, which attracts the consumer, and (or) a special design; 3) segmentation of the market - complex service of a segment (part) of the market; 4) introduction of innovations - activity in a new market niche where there are no competitors; 5) immediate response to the needs of the consumer - ahead of competitors, which is achieved through a more mobile control system. 39. TYPES AND STRATEGIES OF COMPETITIVE BEHAVIOR Depending on the circumstances, the firm may use any type of competitive behavior. 1. Creative. The system of actions of competitors consists of measures aimed at creating new market relations that provide superiority over rivals. 2. Adaptive. It consists in taking into account innovative changes and in attempts to preempt the actions of rivals related to the modernization of production. The entrepreneur copies the achievements of his rivals as soon as possible. 3. Providing (guaranteeing). Such competitive behavior is based on the desire of entrepreneurs to maintain and stabilize their positions in the market for the future by improving the quality of products that attract consumers, modifying the assortment, and offering additional services related to warranty service. All activities of the firm are subject to competitive strategy. The system of actions of the company is subordinated to this concept, aimed at achieving the final goals. Any company uses two strategic settings - the installation of market monopolization (monopolization strategy) and the entry of its activities into a single process of market functioning (integration strategy). According to the first setting, actions are aimed at reducing the number of competitors, the second involves stabilizing one's own position by reducing the degree of risk through long-term and short-term cooperation with other firms in the form of a corporation. The choice of strategy is made depending on the role and content functions of the firm in the process of competitive interaction. If we are talking about the role function of the company, then the following types of competitors are distinguished. 1. Leaders. They are forced to repel the attacks of other leaders and use similar methods of frontal, complex, i.e., in several directions at once (advertising, prices, etc.), and flank struggle (in one direction). 2. Applicants for leadership. Detect significant offensive potential. An attack on the positions of leaders can be frontal or flank in nature. 3. "Slave". They do not compete with groups 1 and 2, they follow the path beaten by the leaders. 4. Beginners. They aim to find a market niche and consolidate in it. In accordance with the content function, the following types of competitors are distinguished. 1. Large, highly sustainable mass production companies. 2. Specialized companies that gain a foothold in certain niches. 3. Small and medium-sized firms that carry out mass production, thanks to which they are ahead of their rivals. 4. Small universal firms that use the effect of flexibility and high maneuverability in competition with other companies. 40. BUSINESS PLAN: CONCEPT, STRUCTURE, GOALS AND TASKS Business plan - a plan for creating a new company, ways to enter the market and ensure the profitability of economic activity. The long-term strategy of the enterprise should be based on the business plan. It should contain the types of activities that the company plans to engage in. Application of the chosen method in the near future and in the long term; section of the main indicators of the financial and economic condition of the enterprise; section of information about the goals of the enterprise, quantified and by the time of achievement; a section characterizing the sales market for the company's products; a section characterizing the production, technological and innovation policy of the enterprise; a section on personnel policy and personnel management, containing information on the organizational structure of the enterprise, which must meet the goals and objectives of this enterprise; about the management system; the number of personnel and the conditions for their selection; on remuneration and the grounds for labor activity, as well as on the organization of labor, employee training and social infrastructure; - risk assessment and insurance against it. A business plan, on the one hand, is a serious analytical document, on the other hand, it is a means of advertising, therefore it is written in a business style, the writing language must be understandable to financiers, bankers, business partners; information must be clearly formulated, concise and at the same time concise. A business plan is required for: 1) development of a general concept, a general strategy for the development of an enterprise (organization); 2) assessment and control of the process of development of the main activity of the enterprise; 3) attracting funds (loans credits) from outside; 4) involvement in the implementation of enterprise development plans, the implementation of plans of possible partners who can invest their own capital or technology. Typically, a business plan consists of the following sections. 1. Characteristics of the enterprise (general information). 2. Financial recovery plan (brief information). 3. The financial condition of the enterprise (analysis). 4. Operations to restore solvency and promote efficient economic activity. 5. Market and competition. 6. Activities in the field of enterprise marketing. Thus, the business plan includes. 1. Introduction. 2. Description of the enterprise (organization). 3. Description of products (works, services). 4. Market analysis. 5. Competition. 6. Marketing plan. 7. Production plan. 8. Financial plan. 9. Applications. 41. MARKETING PLAN To achieve the goals of the enterprise in the field of product sales, set by the most important economic indicators (sales volume, profit margin, profitability level, the size of the enterprise's market share, etc.), a marketing policy is developed and implemented. It is based on the goals of the marketing activities of the enterprise. The formulation of marketing goals begins with an explanation of the basic criteria of an enterprise in the market for its products. To do this, you need to answer certain questions that help identify the main guidelines for the production and economic activities of the enterprise in the current market conditions. 1. What changes have occurred in the market of manufactured products? You can get an answer to this question on the basis of an audit of the movement of sales of products and marketing technologies, specifying whether the market has changed in size, its composition, geographical location and method of selling goods; whether niches have opened up in the market and whether they are being used; what competitors are doing and what in their work stands out from the work of the analyzed enterprise; how the distribution of market shares between enterprises has changed; how accurately the needs of customers are known; whether the marketing activity of the enterprise corresponds to the real market. 2. In what direction should the enterprise develop? The answer to this question must begin with the formulation of the general goals of the enterprise for the near future. As a result, you need to have a clear idea of what the priorities of the movement are and what type of activity in the general specialization of the enterprise plays the role: the main one, which brings the bulk of the income; the most promising in terms of possible investments; "buffer" in case of unforeseen deterioration in the conditions of activity in other areas; a candidate for phasing out; on what conditions of implementation (sales volumes, assortment, payment terms, etc.) it is necessary to focus the marketing of the enterprise; What type of strategy should be based on marketing activities (market saturation, market development and change, development of new products, diversification). 3. How to go to a new state? The main point here is the ways and methods of achieving the intended goals and their feasibility, i.e., the definition of: tasks in the field of commodity and pricing policy, organization of distribution channels for products, use of sales incentives; quantitative and qualitative composition of the marketing service, which must realize the intended goals; systems for providing and servicing its activities; areas of advanced training for marketing managers; methods of control of marketing activity. 42. FINANCIAL PLAN This section of the business plan should summarize the materials of the remaining sections and present them in value terms. If the data is well analyzed, then this allows you to create a project that is attractive to the investor. The financial plan consists of three parts. 1. Consolidated forecast of income and expenses, which is made for at least the first 3 years. The data for the first year are presented on a monthly basis. The consolidated forecast includes indicators such as projected sales volume, cost of goods sold and miscellaneous items of expenditure. The task is to show how the process of formation and change of profit will take place. If it is clear from this plan that it is possible to make a profit with these costs, the enterprise will have a chance of success. 2. Cash flow forecast. The main task is to check the synchronism, as well as the receipt and expenditure of money. Very often, quite profitable enterprises are overtaken by bankruptcy only because at the right moment they did not have enough money. The cash flow forecast is based on the cash inflow and outflow plan. If it turns out that for some period payments exceed receipts, it is necessary to correct this situation in a timely manner. 3. The consolidated balance sheet of assets and liabilities of the enterprise should be drawn up at the beginning and end of the first year of the project. This balance is usually carefully studied by employees of commercial banks in order to assess what amounts are supposed to be invested in assets of various types and from what liabilities the company intends to finance the creation or acquisition of these assets. The second subsection of the financial plan is the funding strategy. Suggests answers to the following questions. 1. How much money is needed to implement the project? 2. Where is this investment going to come from? 3. What part of the consumed funds is planned to be received in the form of a loan, and what part is expected to be attracted in the form of share capital? 4. For what purpose is it planned to spend the investment? 5. What exactly is planned to be purchased? 6. How is it supposed to increase the profitability of the enterprise through the use of investments? 7. When it is planned to receive the first profit. For this, a payback point forecast is made (this is the name of the state in which the total between all expenses and income should be equal to zero)? 8. What is the return on investment? An appropriately prepared financial plan can serve as the basis for a comprehensive step-by-step analysis of the development of an enterprise and project implementation. 43. ORGANIZATIONAL PLAN The organizational plan is a section of the business plan. It characterizes the level of management of the company, the qualifications and experience of the entrepreneur and staff. This section of the business plan should answer some questions. The organizational plan should show the organizational structure of the company, consisting of the following points: 1) an organized management scheme; 2) the procedure for coordinating the activities of units and the relationship that exists between them, as well as other issues of the organization. In other words, this section of the business plan should look at the organization chart of the firm, which demonstrates the connections as well as the division of responsibilities within the firm. As a rule, at the stage when the planning and organization of the firm is still taking place, the number of its participants is small. But it is important that from the very beginning the plan for the development of the organizational structure of the company is clear. In addition, to ensure the effective operation of the company, it is necessary to carefully consider the selection and evaluation of personnel. This requires: 1) determine the immediate needs of the company in personnel, although, of course, inevitable changes will occur in the process of business development; 2) find out which employees will be able to perform certain functions; 3) analyze the relationship between the employees of the team, as well as how tasks will be set for them. It is important to explain in detail in the organizational plan how the recruitment of workers, their training and remuneration will be carried out. The personal and business qualities of the company's management team should be characterized, because the implementation of the company's development concept formulated in the business plan will completely depend on it. The personnel policy of the company's management, as a rule, pays close attention to the principles of selection of employees, as well as hiring (contract system, lifelong employment, probationary period, etc.); planning training, staff development and retraining; choosing the method and frequency of assessing the quality of work of employees; system for moving them up the career ladder. Thus, this section of the business plan is aimed at identifying the following information. 1. The organizational structure of the company, as well as its development. 2. The owner of the company and his qualifications. 3. Personnel of the firm and its qualifications. 4. Methods and forms of encouragement and responsibility of personnel. 5. Managers, consultants. It is also advisable in this section of the business plan to briefly present information related to the technical means of management and the processing of economic information necessary for the management of the company. 44. PRODUCTION PLAN Section characterizing the production, technological and innovation policy of the enterprise. The main task of this section is to prove to future investors that the economic potential of the enterprise is high and can provide the production program provided for by the business plan. It should contain information about the location of the enterprise; information on the volume of production from the very beginning of production, as well as for a period of 1 to 5 years; on production capacities (capacity balance, equipment shift ratio and capacity utilization, etc.). It should also contain information about long-term assets (land, fixed production assets, their condition and need); on the technological level of production, as far as it meets modern requirements, the development of R&D; on production control, available product quality guarantees, research into the causes of losses and downtime in production, existing methods of accounting for the costs of materials, labor and other elements of the cost of production (for example, marriage); on the current production cooperation and material support for production; on environmental protection; on state and legal management in the sphere of production of a certain branch of the national economy. The main questions that need to be answered. 1. Where will the production of products take place - at an already operating enterprise or a newly created one? 2. What production capacities will be required for the manufacture of products and how will they increase (decrease) every year? 3. What equipment will be required and where do you plan to purchase it? 4. Where, from whom, under what conditions will the purchase of raw materials, materials and components take place? 5. What is the reputation of the suppliers and do you have experience with them? 6. Is the existence of industrial cooperation supposed and with whom? 7. Is it possible to limit the volume of production or supply of resources? 8. What is the scheme of production flows, in other words, where do all types of raw materials and components come from and where, where, in which workshops are they processed into products? It is also necessary to touch upon the issues of transportation, warehousing, etc. 9. How adequate is the production flow diagram? 10. What are the possibilities of equipment readjustment with a change in the range of products? 11. What is the quality control system? 12. What are the waste disposal systems and environmental costs? If you intend to create a trade or service enterprise, then this section describes the process of purchasing batches of goods, the existing system for controlling the level of inventory, and also presents a plan of storage facilities. 45. CHARTER OF THE ENTERPRISE: ESSENCE, SECTIONS, DETAILS For joint-stock companies and unitary enterprises, the constituent documents are the charter, which is approved by its founders. The charter of a certain company has the right to additionally determine the types of property that are a contribution to the authorized capital. Unless prohibited by the charter of the company, a member of the company has the right to sell or otherwise transfer his share in the authorized capital of the company or part of it to one or several members of a particular company, or to third parties. The company's charter may provide for the company's preemptive right to purchase a share (part of a share) sold by its member, if other members of the company have not exercised their preemptive right to purchase. Disproportionate to the size of the shares of the company's participants, the right to acquire a share may be stipulated in the company's charter upon its establishment, introduced, transformed and excluded from the company's charter by decision of the general meeting of the company's participants, adopted by all participants unanimously. The charter may prohibit the pledge by a participant of the company of his share. The company is obliged to acquire, at the request of the company's participants, its share, if the company's charter prohibits the assignment of the share of the company's participant to third parties, and other participants in the company refuse to acquire it, and in case of refusal to consent to the assignment of the share to the company's participant or a third party, if necessary, obtain such consent provided for by the charter of the company. The charter of the company may provide for the maximum value of contributions to the property of the company made by all or specific participants, and other restrictions may also be provided for in connection with making contributions to the property of the company. In the charter of the company, by unanimous decision of the general meeting of its participants, it is possible to establish a different procedure for the distribution of profits and the procedure for determining the number of votes belonging to one participant. The charter of the company provides for the formation of an audit commission, if necessary. The charter must contain the corporate name of the company (full and abbreviated version; information about the address of the company; Composition and obligations of the company's bodies; data on the size of the authorized capital; nominal value of the share of each member of the community; legal aspects (rights and obligations) of the company's participants; information on the progress and the consequences of the withdrawal of a member of the company from it, the procedure for transferring a share of the authorized capital from one member of the company to another, the procedure for storing documents of the company and the procedure for issuing information to members of the company and other persons. third parties, and in relations with members of the company. 46. BANKRUPTCY: CHARACTERISTICS, CAUSES, PROCESS Bankruptcy is the inability of the debtor recognized by the arbitration court to satisfy in full the requests of creditors for monetary obligations and (or) to fulfill the obligation to pay taxes, fees and other indispensable payments to the budget of the proper level (federal, budget of the constituent entity of the Russian Federation, local budget) and to extra-budgetary funds in in the manner and on the terms determined by federal law. This is a voluntary or forced liquidation of insolvent legal entities, when the implementation of measures to prevent bankruptcy, the implementation of pre-trial reorganization, or supervision, or external management does not provide the necessary level of solvency of the enterprise (organization). To determine the signs of bankruptcy of the debtor enterprise, the volume of monetary obligations is taken into account along with the debt for the transferred goods, completed works and services rendered, the amount of loans, taking into account the interest payable by the debtor, with the exception of obligations to citizens, to whom the debtor enterprise is liable for causing harm to life and health, obligations to pay royalties, as well as obligations to the founders (participants) of the debtor-enterprise (organization) arising from such participation. Penalties (fines, penalties) payable for non-fulfillment or poor-quality fulfillment of a monetary obligation shall not be taken into account when determining the amount of monetary obligations. The arbitration court may initiate a bankruptcy case if the claims against the debtor enterprise in total amount to at least 500 minimum wages. An application for bankruptcy of legal entities is filed with the arbitration court at the location of the debtor - a legal entity. The bankruptcy case is attended by the debtor, the arbitration manager, bankruptcy creditors, tax and other authorized bodies for claims for mandatory payments, the prosecutor (in the event of a bankruptcy case being considered on his application), the Federal Tax Service, or another person (representative of the debtor’s employees and etc.). The arbitration court initiates bankruptcy proceedings on the basis of an application filed by the debtor-enterprise, creditor, prosecutor, tax authority and other authorized body. The bankruptcy case is considered within a period not exceeding 3 months from the date of receipt of the application. The decision to declare the debtor bankrupt and to open bankruptcy proceedings; decision to refuse to declare the debtor bankrupt; determination on the introduction of external control; the decision to terminate the bankruptcy case is made by the arbitration court based on the results of the consideration of the case. 47. BUSINESS SECRET: ESSENCE, ASPECTS OF PROTECTION An entrepreneurial secret is information that is not state secrets, the disclosure (transfer, leakage) of which may harm the interests of the entrepreneur. This is the right to conditional freedom of entrepreneurship, protection of one's interests in relations with the state and other subjects of market relations. Includes the following information. 1. Scientific and technical (the nature of research work; the content of patents and licenses; the content of rationalization proposals; plans for the introduction of new technologies and types of products; analysis of the competitiveness of products). 2. Production (methods of production and technology; volume of output and plans for the sale of products; level of stocks; plans for investment in new construction and reconstruction of production; methods and organization of management; labor organization system; plans for advertising activities; estimated time to enter the market; nature and conditions of concluded contracts; information about suppliers, consumers, intermediaries, competitors). 3. Financial (capital structure; profit margin and production cost level; product pricing mechanism; banking and trade operations; organization and turnover of funds; status of settlements with trade customers; level of solvency of the enterprise; actual state of sales markets; information on export efficiency and imports, information on the financial position of suppliers, consumers, intermediaries, competitors. Information constituting a business secret and subject to protection must meet the following criteria. 1. Their open use is associated with damage to the enterprise. 2. They are not generally known or legally available to the public. 3. The enterprise will be able to implement appropriate measures to keep them closed for reasons of economic and other benefits. 4. Since this information is not a state secret and is not protected by copyright and patent law, it needs to be protected. 5. Concealment of this information does not harm society. Information, the concealment of which is contrary to the interests of the state and society on irrational nature management; about excessive pollution of the environment; about violations of safety regulations in production that pose a real threat to the health and life of people; on violation of special legislation regulating the activities of entrepreneurs; about engaging in activities not provided for by the charter of this enterprise or prohibited by the laws of this country; about selfishness and negligence of managers and employees of the company; about facts of manifestation of unfair competition; about the possibilities and real cases of tax evasion; about the reasons and facts of non-fulfillment of contracts, etc. 48. TYPES OF COMMERCIAL TRANSACTIONS A transaction is the actions of citizens and legal entities leading to the establishment or change, and possibly to the termination of civil rights and obligations, including obligations arising from contracts and transactions. A legal volitional action is a deal that reflects the purpose of the deal and how to achieve it. It acquires the form of a certain action when a transaction is made, an expression of will. Types of commercial transactions: unilateral, bilateral and multilateral, spot, conditional, option. If only an agreement between the participants is sufficient to recognize the transaction as valid, it is called consensual. A real transaction is called if, in addition to the will, a certain action (transfer of money) is necessary. Conditional transactions, in turn, are divided into transactions with a resolutive condition and with a suspensive condition. The option is divided into options with a preliminary premium and with a return premium. An option is a transaction in which the payment of a certain premium gives the right to buy or sell securities or commodities at a certain price on any day during a specific period of time, or to refuse the transaction altogether without compensation for losses. A pre-premium transaction is an option with the right to buy, a reverse-premium transaction is an option with the right to sell. It is called a spot transaction for the sale of cash goods on the terms of its immediate transfer. Transactions are divided into one-sided and two- or multi-sided. Unilateral transactions have become widespread in commercial activities. Announcement of tenders in the form of auctions or competitions, drawing up a bill, issuing a check, and others are unilateral transactions. Transactions, the occurrence and termination of which is made dependent on the occurrence or non-occurrence of certain circumstances, are called conditional. There are transactions with a resolutive and suspensive condition. With a resolutive condition: the parties have made the annulment of rights and obligations dependent on a circumstance regarding which it is not known whether it will occur or not. With a suspensive condition: the parties have made the emergence of rights and obligations dependent on a circumstance, regarding which it is not known whether it will occur or not. In a certain way, a conditional transaction binds the parties: they should not unfairly prevent the occurrence of a condition if it is not beneficial to one of the parties, or unfairly facilitate the occurrence of a condition beneficial to one of the parties. Transactions are made orally or in writing. The transaction can be compensated and gratuitous (donation). 49. LEASING: ESSENCE, ADVANTAGES, METHODS OF IMPLEMENTATION A type of investment activity for the purchase of property and its transfer on the basis of a leasing agreement to individuals or legal entities for a fixed fee, for a specified period and on the terms set forth in the agreement, with the right to redeem the property by the lessee. Subject - movable and immovable property that can be used for entrepreneurial activities (except for natural objects). Subjects: lessor, lessee, seller (supplier) of leased property. Leasing allows an enterprise to use the funds of another enterprise in the cash flow on a long-term basis; acquire for a third party the right of ownership of property and lease it for a certain period. There are the following types of leasing. 1. Financial. The lessor guarantees the acquisition of ownership of the property shown by the lessee from a specific seller and transfer to the lessee this property as an object of leasing for the prescribed fee, for a specific period, under certain conditions for temporary possession and use. The object of leasing becomes the property of the lessee upon expiry of the term of the leasing agreement or subject to payment by the lessee of the full amount stipulated by the leasing agreement, unless otherwise provided by the leasing agreement. 2. Returnable. A type of financial leasing in which the seller (supplier) of the leased asset also acts as a lessee. 3. Operational. The lessor purchases property at his own risk and transfers it to the lessee in the form of an object of leasing for a specified fee, for a specified period and on set conditions for temporary possession and use. The period for which the property is leased is established on the basis of a leasing agreement. At the end of the term of the leasing agreement and in the event that the lessee pays the entire amount specified in the leasing agreement, the leasing object is returned to the lessor, while the lessee does not have the right to demand the transfer of ownership of the leasing object. With operating leasing, the leased asset may be leased out several times during its full depreciation period. The need to involve a leasing company in the transaction is mainly due to the lack of financial resources for the acquisition of fixed assets and the difficulty of obtaining long-term loans. Leasing stimulates the efficient use of fixed assets and completely eliminates the presence of uninstalled equipment, its irrational use, since the income gained from the use of the leased object must reimburse all costs, not excluding rent, and make a profit. 50. LIQUIDATION: CONCEPT, TYPES, ORDER OF LIQUIDATION The liquidation of an enterprise is its termination. This does not provide for the transfer of rights and obligations by succession to other persons. A legal entity may be liquidated in the following cases: 1) the decision of its founders (participants) or the body of a legal entity with the powers given by the constituent documents; 2) expiration of the terms for which the legal entity was created; 3) achieving the goal for which the legal entity was created; 4) recognition by the court of invalid registration of a legal entity due to violations of the law or other legal acts committed during its formation, if these violations are of an insurmountable nature; 5) carrying out activities without the necessary permission (license) or activities that are prohibited by law, or if the activity is carried out with repeated or gross violation of the law or other legal acts, as well as in cases provided for by the Civil Code of the Russian Federation and other legal acts; 6) recognition by the court of a legal entity that is a commercial organization as bankrupt if it is unable to satisfy the claims of creditors. The founders (participants) of the enterprise or the body that made the decision to liquidate the enterprise inform the body conducting the state registration of legal entities about this in writing, appoint a liquidation commission in agreement with this body and, in accordance with the requirements of the Civil Code of the Russian Federation, determine the procedure and terms for the liquidation of the enterprise. The liquidation commission has the authority to manage the affairs of the liquidated enterprise. She, on behalf of the enterprise, appears in court, publishes in the media data on the state registration of a legal entity, materials related to its liquidation, as well as the procedure and terms for submitting creditors' claims, which cannot last less than 2 months from the date of publication. The liquidation commission informs creditors in writing about the liquidation of the enterprise, takes measures to identify creditors and collect receivables. After the deadline for submitting creditors' claims, the liquidation commission must draw up an interim liquidation balance sheet, which will contain information on the composition of the property of the enterprise being liquidated, creditors' claims, as well as the results of their consideration. The balance sheet must be approved by the founders (participants) of the enterprise or by the body that made the decision to liquidate the enterprise. The property that remains after satisfaction of creditors' claims is transferred to the founders (participants) of the enterprise, who have property rights to it or rights of obligation in relation to this enterprise. 51. REORGANIZATION OF THE ENTERPRISE: CONCEPT, FORMS A reorganization is a change in a legal entity. In this case, all rights and obligations or part of them are transferred to another legal entity, which is formed in the process of reorganization. As a result of the reorganization, the newly organized firm (company) transfers the appropriate rights and obligations of the organization (organizations) that existed earlier. The reorganization is carried out in accordance with the Civil Code of the Russian Federation and other federal laws that regulate the operation of certain types of commercial organizations. The decision on the reorganization of a legal entity is entitled to be taken by its founders (participants) or the body of the legal entity authorized to carry out such a procedure by the constituent documents. Such reorganization is considered voluntary. There is also a forced reorganization of a legal entity in the form of its division or separation. It is carried out in cases established by law, for this a decision of authorized state bodies or a court is required. The reorganization of a legal entity can be carried out in the following forms. 1. Merge. Thus, a new organization arises, all the rights and obligations of the organizations participating in the merger are transferred to it, with the termination of the latter. The transfer of rights and obligations is carried out in accordance with the transfer act. 2. Accession means the termination of one or several organizations with the subsequent transfer of all their rights, as well as obligations to another organization. Issued by deed of transfer. 3. Separation. This is the termination of the organization and the transfer of its rights and obligations to newly created organizations. Upon separation, all rights and obligations of the organization are transferred to two or more new, newly created organizations. It is drawn up in a dividing balance sheet. 4. Selection. This is the creation of one or more organizations. Part of the rights and obligations of the reorganized organization is transferred to them, but without the termination of the latter. The transfer of rights and obligations is carried out in accordance with the registration of the separation balance sheet. An organization may be transformed into a commercial organization of a different organizational and legal form. During the reorganization of the organization, the deed of transfer and the separation balance sheet (participants) are approved by the general meeting of the founders of the organization, which may also be approved by the body that made this decision, and submitted together with the constituent documents for registration of newly emerged legal entities or amendments to the constituent documents of existing legal entities. A taxpaying organization that has arisen as a result of reorganization is obliged to register with the tax authority within 10 days after its state re-registration. 52. VOID TRANSACTIONS Invalid transactions are divided into two groups: voidable and void. The first of them are invalid when they are recognized as such by the court, transactions are recognized as void by virtue of the prescription of the law. A transaction is void if it does not comply with the provisions of the law or other legal acts. Transactions that have a purpose contrary to the foundations of order and morality are recognized as invalid. Invalid transactions differ from failed transactions that arise due to the lack of general conditions provided for by legal acts that are necessary for the implementation of the transaction (for example, the absence of an agreement between the parties on the essential terms of the transaction). Imaginary and feigned transactions are also invalid. An imaginary transaction is recognized, which is made only for the sake of appearance, and there is no intention to create proper legal consequences. An imaginary transaction is considered void. A sham deal is one that was intended only to cover up another deal. She is insignificant. A transaction made by a legal entity that is inconsistent with the direction of activity specifically indicated in its constituent documents, or by a legal entity that does not have a license to engage in certain activities, may be declared invalid by a court. A transaction that was made under the influence of incorrect information, which has a significant role, may be declared invalid in court at the claim of the party that acted under the influence of delusion. Significant meaning is understood as a misconception regarding the nature of the transaction or the qualities of its subject matter, which significantly reduce the possibility of its intended use. Misconception about the motives of the transaction is not material. A transaction that was made under the influence of deception, violence or threat, also a malicious agreement between a representative of one of the parties with the other party, in addition, a transaction forcedly made by a person on extremely unfavorable conditions for himself due to a combination of difficult circumstances that the other party took advantage of (enslaved transaction ), may be declared invalid in court at the claim of the victim. If the transaction was declared invalid for one of the above reasons, then the other party is obliged to return to the victim everything accepted by it under the transaction, and if it is impossible to return what was received in kind, it shall reimburse its value in money. The property that was received under the transaction by the victim on the other side, and that which is due to him in compensation for that transferred to the other party, automatically turns into the income of the Russian Federation. In case of impracticability of the transfer of property to state revenue in a natural product, its value in money is collected. Moreover, the other party compensates the victim for the real damage caused to him. 53. CONTRACT: CONCEPT, TYPES, STRUCTURE, ORDER OF CONCLUSION Agreement - the consent of two or more persons to determine, change or terminate civil rights and obligations. It is a legal document that establishes the rights and obligations of the parties. The contract includes three stages: conclusion, execution and termination of the contract. At all these stages, in accordance with the norms of the law and the customs of business, the essence of the contract, its requirements, obligations, rights and responsibilities of the parties must be accepted. The content of the contract includes a set of requirements that are provided for by law and are established by the parties to the contract, the rights and obligations of the parties. If an agreement is reached between the parties on all significant terms of the contract (the quality and quantity of obligations performed, etc.), the contract is considered concluded. Types of contracts: public contract, preliminary contract, accession contract, contract in favor of a third party. Taking as a basis the essence of contracts, they are divided into independent and mixed. Also distinguish between paid and gratuitous contracts. According to the subject of the agreement between the parties to the contract, there are contracts for the sale, supply of goods, contracting, electricity, barter, donation, rent, lease, gratuitous use, contract, construction contract, research, development and technological work, chartering, credit an agreement, a loan, a bank account, a bank deposit, storage, insurance, orders, commissions, etc. An agreement is concluded by sending an offer to one party by the other party - an offer to conclude an agreement and acceptance - acceptance by the other party of this offer. The contract is considered concluded when the offer specifies a period for acceptance, if the acceptance is accepted by the person who sent the offer before the expiration of the period specified by law or other legal acts, and if such a period is not accepted, within the time normally required for that time. When an offer is made orally and no deadline for acceptance is specified, the contract is concluded if the other party immediately declared its acceptance. The contract is considered concluded from the moment of acquisition by the person who sent the offer, its acceptance, if the parties, in a characteristic form in appropriate cases, have agreed on all the important terms of the contract. An agreement may be concluded in a free form available for transactions, unless a specific form is established by law for agreements of this type. The contract can be concluded by bidding. The person who won the auction and the organizer of the auction on the day of the competition or auction endorse the protocol on the result of the auction, which bears the force of the contract. 54. SECURITIES MARKET: CONCEPT, TYPES, PARTICIPANTS The securities market is understood as a system, a set of organizational structures, within and outside of which functional processes are implemented and information flows circulate. Includes: 1) regulatory framework of the market; 2) market instruments (these are all types of securities); 3) ways of organizing trading in securities; 4) market participants. The main macroeconomic functions of the securities market include: 1) regulation of investment flows, which maintains an optimal structure for the use of resources for society; 2) ensuring the mass character of the investment process; 3) indication. The securities market is one of the most important signals of the state of the economy; 4) public policy. Structural through the securities market of various enterprises, the state implements its structural and financial policy, since the securities market is an important instrument of state financial policy, namely: financing the budget deficit of government bodies at various levels, financing projects, regulating the volume of money supply that is in circulation, maintaining the liquidity of the financial and credit system, some auxiliary functions, such as participation in privatization. The securities market can be conditionally divided into two markets. 1. The primary market, where the sale of securities to their first owners takes place. 2. The secondary market, where securities that have passed the primary market are traded. The securities market can be divided according to the two main forces involved in the supply of securities. 1. States represented by the national government, as well as local authorities. 2. Private business, and above all joint-stock companies. The main components of the structure of the Russian securities market (RZB) can be represented as a set of various structures of issuers and investors that have the closest informational and functional ties. It should be noted that the same structure can play the role of both the issuer and the investor. A special place in the securities market is occupied by stock exchanges - the main organizers of the civilized securities market, which themselves are essentially neither issuers (with the exception of their own shares) nor investors. Thus, the main participants in the securities market are: 1) stock and currency exchanges; 2) various banks (this includes the Bank of Russia); 3) joint-stock companies of various organizational and legal forms; 4) investment institutions (we are talking about investment companies and funds, financial brokers and investment consultants). 55. FACTORING: ESSENCE, ADVANTAGES Factoring operations are one of the methods of financing entrepreneurial activity. They are a type of payment transactions. Factoring is an assignment to a bank or a specialized factoring company of unpaid debt claims (receivables) arising between counterparties during the process of selling goods and services on a commercial loan, which is combined with aspects of accounting, information, marketing, insurance, legal and other services for an enterprise - supplier. The purchase of receivables from customers by a factor company is most often carried out without the right to reclaim and provides for the provision of a number of services until the time the invoices are settled. The factor-company evaluates the creditworthiness of existing and potential debtors of its client and determines in advance the maximum amount of the advance. Debtors receive copies of invoices minus discounts and commissions. The factoring company receives commissions and loan interest on the daily balance of the advance paid to the client against uncollected funds. Factoring operations affect the acceleration of calculations, contribute to saving the working capital of the enterprise, speeding up the turnover of its working capital. Factoring services are very effective for small and medium-sized enterprises, as they experience financial difficulties due to late repayment of receivables and are limited in obtaining a bank loan. Thus, factoring provides the supplier with the following advantages: 1) there is a possibility of financing at the expense of the factoring company before the due date for payment; 2) reduction of financial risk; 3) the possibility of obtaining from the factoring company information on the solvency of buyers-clients. Factoring companies do not accept for servicing enterprises: 1) with a large number of debits, the debt of which is expressed in a small amount; 2) engaged in the production of non-standard or highly specialized products; 3) working with subcontractors; 4) selling their products using the terms of after-sales service; 5) concluding long-term contracts with their customers (invoices are issued after the completion of the agreed stages of work) or before deliveries. Factoring operations are not performed on debt obligations of branches or divisions of the enterprise. Factoring operations can be on different grounds: 1) domestic and international; 2) open and hidden. Factoring agreement can be: 1) with the right of recourse and without the right of recourse; 2) have a condition of crediting the supplier in the form of prepayment or payment of claims, timed to a certain date. 56. INTERMEDIARY IN THE MARKET OF FINANCIAL AND INVESTMENT SERVICES The place of the intermediary was acquired by the credit system represented by banks. The credit system has gradually turned into an all-powerful monopolist, managing almost all the money capital of entrepreneurs, free funds of the population and attracting money from the whole society in order to accumulate capital. Banks, as centers for managing financial and credit processes in all their variety of manifestations, are of great importance in a market economy, they represent a key link in the entire financial and investment system, serve as the main regulator of money circulation, and ensure its stability. It should be borne in mind that banks are a powerful tool for structural policy and regulation of the economy, carried out by redistributing finance, capital in the form of bank lending to investments needed for commercial activities, the creation and development of industrial and social facilities. They can direct money, financial resources in the form of loans, to where the capital will find the best, most useful and effective use. The highest achievement of economic civilization has become the banking system, which is the main link in the credit system, which controls the bulk of credit and financial transactions. The concept of a bank is of a general nature, which cannot be expressed in an unambiguous definition; many briefly characterize banks as financial institutions. Commercial banks, as intermediary organizations, carry out operations that ensure the possibility of conducting transactions taking into account supply and demand. The Bank acts as such an intermediary in cases where it takes money from legal entities and individuals and sends them to other persons. The bank simultaneously acts as a lender and a borrower, in this intermediary role, at the same time being an intermediary in cash settlements. Investment banks provide financing and long-term lending to various sectors of the national economy, make capital investments and serve certain categories of clients (exchange, cooperative or communal banks). Entrepreneurs tend to use investments expecting to make a profit. To do this, they are ready to pay a certain percentage to someone who will provide them with additional funds needed for investment. Banks use the funds of the population to invest them in various sectors of the economy. Author: Mishina L.A.
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