Individual Merchants Flashcards
- What is an individual enterprise?
o An economic entity organized by one individual without legal personality.
- What is a family enterprise?
o A business run by an individual entrepreneur with their family.
- What is an individual merchant?
o A person authorized to perform economic activities using their labor.
- What are the conditions to be an individual merchant?
o Full capacity, regular trade as a profession, and trade in their own name.
- What is the relation between personal and business patrimony?
o Business patrimony is part of personal patrimony.
- What liabilities do individual merchants face?
o Full liability with personal assets for business obligations.
- What is the significance of OUG 44/2008?
o Defines rules for individual and family enterprises.
- What is required for merchant registration?
o Authorization and entry in the Trade Register.
- What is the legal status of family enterprises?
o They lack separate legal personality.
- What is the scope of individual merchant activities?
o Any economic activity permitted by law.
- What are the risks for individual merchants?
o Full liability for debts with personal assets.
- What is the patrimony principle?
o Separation between business and personal assets.
- What age is required to be an individual merchant?
o 18, with exceptions for minors in family enterprises.
- What is the significance of systematic trade?
o Essential for qualification as a merchant.
- What is the liability of a family enterprise?
o Shared among family members participating in the business.
- What rights do family enterprises have?
o Engage in economic activities under specific rules
- What is the legal obligation of individual merchants?
o Compliance with trade laws and regulations
- What assets are used for business obligations?
o Both business and personal assets.
- What distinguishes family from individual enterprises?
o Family enterprises involve family members, while individual enterprises are solely managed.
- What are the regulatory requirements for merchants?
o Trade Register entry and adherence to local laws.
