The General Commerce Code of Adoria

The General Commerce Code of Adoria (Law 2; TAX.2.1) is the first statutory law enacted in the Fifth Adorian Republic regarding financial and economic matters. It was authored by Vee and cosponsored by Kurt Niederman and BismarckLover.
== Full text ==
=== The General Commerce Code of Adoria ===
==== Preamble: ====
Commerce is an ever-present part of any modern society, fueling the economy and innovating towards the future. In the interests of regulating commerce to ensure it is always conducted in a safe, and productive manner, this Commerce Code is hereby established.
Be it hereby enacted by the National Assembly;
==== Section A: Definition of Terms ====
# Business Venture
## A business venture is any attempt at filling a need in the market while making a profit
# Owner
## The “owner” of a business is the sole person in possession of the venture, all its funds, facilities, and operations
## The “owner” of a business shall be considered as the same entity as the venture they own, and shall be liable as such for its operations and financial obligations
# Partners
## The partners in a business are multiple persons jointly taking ownership of a venture through agreed private investment in it, or through partaking in its daily operations
## Liability of all partners for the operations and finances of their venture shall be determined based on its classification
# Shareholders
## Shareholders in a business are entities who own stock in, and thus own a share in the ownership of, a venture
## Shareholders shall hold no liability for the finances of their venture, and may only be held accountable for its operations if evidence of wrongdoing on their part is found
==== Section B: Classification of Business Ventures ====
# Sole Proprietorship (SP)
## A sole proprietorship is any business venture owned entirely by a single person (the “owner”), and shall be treated as the same legal entity as its owner, rendering them liable for all its operations and financial obligations.
# General Partnership (GP)
## A general partnership is any business venture owned jointly by any number of persons (partners), where each partner is responsible for the venture’s operations and finances
Any and all partners in a GP are required to have attested legal documentation certifying that they fully consent and agree to become partners prior to the GP’s registration
## License from the Adorian Chamber of Commerce is required to operate
# Limited Liability Partnership (Limited Partnership) (LLP)
## A limited partnership is any business venture jointly owned by any number of persons (partners), where each partner does not have unlimited liability for its operations or finances
## Any and all partners in an LLP are required to have attested legal documentation certifying that they fully consent and agree to become partners prior to the LLP’s registration
## License from the Adorian Chamber of Commerce is required to operate
# Corporation 
## A corporation is any business venture jointly owned by any number of entities (shareholders) through ownership of stock (and thus shares in the corporation)
Any and all shareholders are afforded limited liability in the corporation’s operations and finances, as governed by agreement between the two.
## License from the Adorian Chamber of Commerce is required to operate
==== Section C: The Adorian Chamber of Commerce ====
# The Adorian Chamber of Commerce (ACOC) is hereby established as an entity semi-independent from, but ultimately governed by the state
# The ACOC shall be a governing board of business interests, regulating other businesses in Adoria
# The ACOC shall have the following powers and responsibilities
## To grant, suspend and rescind licenses to operate to all non-SP ventures in Adoria upon a simple majority vote
## To conduct investigations on all non-SP ventures in Adoria, in the conduct of which they shall be given the power to summon respondents for questioning, and to request warrants to search from courts
## To ensure proper conduct of commerce by imposing any business regulations within the confines of statute by a simple majority vote
## To provide for itself rules and regulations for proper conduct in its own proceedings
## To conduct business fairly, and without personal bias
# The Minister of Finance and Economic Development (MFED) shall be granted authority to oversee this chamber as a non-voting member. Pursuant to this, the MFED shall be granted the sole right to appoint members to the ACOC, and to remove members from the ACOC provided a simple majority vote by the chamber consenting to such.
# There shall be the position of Chairman of the Chamber of Commerce, to be appointed by the Head of the Chamber of Commerce. In absence of the Head, the Chairman may act in their place. If the Head retires, the Chairman will automatically receive the position of Head. The new Head must then appoint a new Chairman within seven days of them assuming the position.
# All members of the ACOC must be approved by the finance minister and shall consist of 7 members, including the ACOC head and ACOC chairman.
# All votes for business, as well as affirmations of ACOC member changes shall last for 24 hours. A member of the ACOC may not vote on a company they are submitting.
# When an ACOC head leaves Adoria and a Chairman of the ACOC is not available, the Minister of Finance & Economic Development will hold an internal vote in the ACOC to elect a new ACOC head. This vote will last 24 hours and may only be done when the ACOC has 7 members. All ACOC members who sign up for the position of ACOC head must be included on the ballot.
==== Section E: Amendment & Revision ====
# The General Commerce Code itself may be amended and revised by any Act of the National Assembly or by executive law making explicit reference to it and its sections
==== Section F: Effectivity ====
# This General Commerce Code of Adoria shall be effective immediately upon ratification by the President of the Republic
== See also ==
* The Basic Criminal Law Code of Adoria
== External links ==
* The original document on Google Docs
Category:National laws of the Fifth Adorian Republic
Category:Tax legislation in the Fifth Adorian Republic