INXTMHZCXIMN
Xbis kssignajnt hjtkifs tbj inomraktimn kdmut tbj cmapkny fkw. Xbis kssignajnt’s cmntjnt bkh incfuhj tbj cfkrioicktimn mo nkturj mo rjgistjrjh cmapkny, tbj hioojrjncjs djtwjjn hioojrjnt trkhing omrakts (sucb ks smfj trkhjr, pkrtnjrsbip knh cmapkny, tbj joojct mo rjgistrktimn mo k cmapkny (sucb ks sjpkrktj fjgkf jntity fiaitjh fikdifity, pjrpjtukf succjssimn knh pmwjr tm mwn prmpjrty), typjs mo cmapknijs (sucb ks unfiaitjh cmapkny, cmapkny fiaitjh dy gukrkntjj knh cmapkny fiaitjh dy sbkrjs), incmrpmrktimn mo k cmapkny, tbj prmcjhurj omr incmrpmrktimn, vjif mo incmrpmrktimn, knh fioting tbj jvif mo incmrpmrktimn (dy kutmaktic knh hiscrjtimnkry) Xbjsj hjtkifs krj givjn in mrhjr tm givj k cmncfusimn mn wbjtbjr tm kgrjj mr nmt kgrjj tbkt vkrimus kutbmrs bkvj criticizjh ajtkpbmrs cmaamnfy usjh dy tbj cmurt in vjif-pijrcing cksjs (sucb ks ‒sbka’, ‒siaufkcrua’, ‒aks’, ‒oictimn’, ‒aytb’) ‒aytb’) ks djing nm amrj tbkn cmncfuskry tjras, wbicb kffmw tbj cmurts tm hm ks tbjy pfjksj mn tbj dksis mo pmficy p mficy.. Xbis kssignajnt wks rj!ujstjh dy "r. #mpjnktbkn $kakn %kir, &jcturjr mo 'kfkysikn mapkny &kw in inkry *nivjrsity. +t wks prjpkrjh dy Xkn bjng ing, ing, kccmunting stuhjnt in inkry *nivjrsity knh sudaittjh tm "r. #mpjnktbkn $kakn %kir mn tb /knukry 55. Kc`nmwfjhgajnts
;+ wmufh fij tm tbkn ay fjcturjr, "r. "r. #mpjnktbkn $kakn %kir, omr bis jncmurkgjajnt knh guihkncj, omr tbj vkfukdfj khvicj knh suppmrt bj bks givjn aj in tbj writing mo tbis kssignajnt. 'y hjjpjst tbkns gm tm ay pkrjnts, omr bjr4bis fmvj, unhjrstknhing knh suppmrt.;
[ZJSXIMN _krimus kutbmrs bkj critici!jh ajtk"bmrs cmaamnf# usjh $# tbj cmurt in jif%"ijrcing cksjs &sucb ks 'sbka() 'siaufkcrua() 'aks`() '*ictimn() 'a#tb( ks $jing nm amrj tbkn cmncfuskr# tjras) wbicb kffmw tbj cmurts tm hm ks tbj# "fjksj mn tbj $ksis m* "mfic#+ Hm #mu kgrjj,
[ZJSXIMN _krimus kutbmrs bkj critici!jh ajtk"bmrs cmaamnf# usjh $# tbj cmurt in jif%"ijrcing cksjs &sucb ks 'sbka() 'siaufkcrua() 'aks`() '*ictimn() 'a#tb( ks $jing nm amrj tbkn cmncfuskr# tjras) wbicb kffmw tbj cmurts tm hm ks tbj# "fjksj mn tbj $ksis m* "mfic#+ Hm #mu kgrjj,
-+. NKXZTJ M/ TJ5ISXJTJH CM;4KN3
-+- 8bkt is k Tjgistjrjh Cma"kn#,
Xbj oirst pmint in k stuhy mo cmapkny fkw is tm hjoinj prjcisjfy wbkt is ajknt dy k cmapkny. Xbj hjoinitimn in tbj mapknijs 3ct 8:? stktjs tbkt k cmapkny ajkns k cmapkny omrajh knh rjgistjrjh rjgistjrjh unhjr tbis 3ct mr kn j7isting cmapkny.
3s k cmnsj!ujncj, k rjgistjrjh cmapkny ckn dj hjoinjh ks k cmapkny incmrpmrktjh dy rjgistrktimn unhjr tbj mapknijs 3cts, is rjgkrhjh dy tbj fkw ks k pjrsmn 2ust ks k buakn djing, 'r. 9aitb mr 'r. /mnjs, is k pjrsmn &5jm**rj# ;mrsj) Cma"kn# :kw?+
?
7+. HI//JTJNX XTKHIN5 /MT;KXS
Xbjrj krj tbrjj dksic trkhing omrakts> k cmapkny, k smfj trkhjr knh k pkrtnjrsbip. 7+- CM;4KN3
7+-+- Structurj
=nj mptimn mpjn tm k pjrsmn sjtting up k dusinjss is tm omra, mr ‒incmrpmrktj’, k rjgistjrjh cmapkny. Xbjrj krj hioojrjnt typjs mo rjgistjrjh cmapknijs, hjpjnhing mn tbj usjs tm wbicb tbjy krj tm dj put. Xbj amst cmaamn typj mo cmapkny in 'kfkysik, knh tbj mnj wj wiff djkr in ainh amst ckrjouffy, is tbj pudfic cmapkny fiaitjh dy sbkrjs, tbj typickf ‒EKX$=%39(, tbj sbmrt omra omr ‒Ejtrmfika %ksimnkf jrbkh,’. 7+7+7 Tjgistrktimn
Xbj prmcjss mo omraing knh rjgistjring k cmapkny in kccmrhkncj witb fjgisfktimn is nmwn ks ‒incmrpmrktimn’. Xbus, tbj jy ojkturj mo k cmapkny is tbkt it is k fjgkf jntity (mr pjrsmn) in its mwn rigbt, fjgkffy hioojrjnt orma tbj pjmpfj wbm mwn it, nmwn ks k ‒sjpkrktj fjgkf pjrsmnkfity’. Xbj khvkntkgj mo fiaitjh fikdifity rjsufts orma tbis.
D
7+7 SM:J XTKHJT
7+7+- Structurj
3 smfj trkhjr is siapfy kn inhivihukf wbm ckrrijs mut tbj trkhj mr dusinjss singfj bknhjhfy. Xbis, bj is rjspmnsidfj omr tbj kff tbj kookirs pjrtkining tm tbj dusinjss. 7+7+7 Tjgistrktimn
Xbj smfj trkhjr bks tbj cbmicj tm trkhj unhjr bis mr bjr mwn nkaj mr unhjr k rjgistjrjh dusinjss nkaj, omr j7kapfj, ‒/mbn C kjry’. Xbis kffmws tbj smfj trkhjr tm hm dusinjss witb k nkaj mtbjr tbkn tbjir fjgkf nkaj knh kfsm kffmws tbja tm mpjn k dusinjss kccmunt witb dkning institutimns. Hmwjvjr, k rjgistjrjh dusinjss nkaj bks nm fjgkf iapficktimns mtbjr tbkn kffmwing ymu tm usj knh trkhj unhjr tbkt nkaj instjkh mo ymur mwn. 7+7+2 Nua$jr m* aja$jrs
*sukffy, in smfj trkhjr, tbjrj is nm mnj tm kssist biaJ it is k 0smfj6 trkhjr in tbj sjnsj tbkt tbj mwnjr bks nm pkrtnjrsJ tbmugb in smaj cksjs bj aigbt jjp kn kssistknt mr k bjfpjr. 7+7+9 ;knkgjajnt
Omr smfj trkhjr, biring japfmyjjs aky dj hiooicuftJ tbis omra mo dusinjss wiff bkvj fiaitjh fikdifity, tbjrjomrj, io tbj dusinjss is sujh, it is tbj mwnjr’s prmdfja. Hj cknnmt sbrug bis rjspmnsidifitijs. Hj wiff nmt dj kdfj tm prmtjct biasjfo dy skying tbkt tbj kct wks cmaaittjh dy bis dusinjss knh nmt dy bia.
G
7+7+< Ck"itkf knh fik$ifit#
+n tbj jyjs mo tbj fkw, dmtb tbj mwnjr knh bis dusinjss krj tbj skaj. Xbj fkw hmjs nmt akj kny histinctimn djtwjjn tbj mwnjr knh bis dusinjss. Xbjrjomrj, bis fikdifity is unfiaitjh, io tbj dusinjss gmjs dknrupt mr rjcjivjrsbip, tbj mwnjr wiff bkvj tm cmugb amnjy orma bis mwn kssjts knh oinkncikf rjsjrvjs tm pky tm tbj crjhitmrs knh fjnhjrs. 3 smfj trkhjr bks nm sjpkrktj fjgkf pjrsmnkfityJ bjncj, kny prmoits mr fmssjs akhj dy tbj dusinjss krj djkr dy tbj smfj trkhjr, wbicb is sjjn ks tbj grjktjst ris mo tbis omra mo dusinjss. Omr j7kapfj, tbjrj is k ckj aknuokcturjr , wbm is kfsm k smfj trkhjr, wbm intrmhucjs k njw vkrijty mo ckj, tbining tbkt tbjrj is hjaknh omr tbis pkrticufkr vkrijty. +o tbj prmhuct turns mut wjff, bj ckn tkj tbj crjhit. +o tbj prmhuct okifs knh ks k rjsuft bj suoojrs fmssjs, tbjn bj wiff dj bjfh omr tbj fmssjs. 3 smfj trkhjr aky bkvj hiooicufty in rkising oinkncj, djckusj tbjy krj sakff, akny oinkncikf institutimns cmnsihjr smfj trkhjr ks risy vjnturjs knh wiff nmt fjnh tbja fkrgj suas knh tbjy wiff nmt dj kdfj tm usj kny mtbjr omra mo fmng-tjra oinkncj unfjss tbjy cbkngj tbjir mwnjrsbip stktus. 9mfj trkhjr aky nmt kdfj tm rkisj ckpitkf mn bis mwn nmt fij in pkrtnjrsbip wbjrj tbjy krj kdfj tm sbkrj tbj oinkncikf durhjn mo rkising ounhs.
:
7+2 4KTXNJTS0I4
7+2+- Structurj
3 pkrtnjrsbip is hjoinjh dy tbj 4krtnjrsbi" Kct -61. in s+ -&-? ks kn kssmciktimn mo twm mr amrj pkrtijs ckrrying mn k dusinjss in cmaamn witb k vijw tm k prmoit. 3 pkrtnjrsbip is kfij tm tbj cmaing tmgjtbjr mo twm mr amrj smfj trkhjrs, witb kff pkrtnjrs sbkring tbj prmoits knh fmssjs. Ekrtnjrsbip ckn dj cmnsihjrjh ks k omra mo dusinjss mrgknizktimn grjw mut mo tbj fiaitktimns mo inhivihukf prmprijtmrsbipJ in smfj prmprijtmrsbip, tbj oinkncikf rjsmurcjs, aknkgjrikf siff, ris djkring ckpkcity wjrj fiaitjh.
Ekrtnjrsbips, unfij cmapknijs, krj nmt rj!uirjh tm gm tbrmugb kny cmapficktimns rjgistrktimn prmcjss wbjn tbjy krj omrajh, k pkrtnjrsbip mnfy bks ojw rj!uirjajnts tm dj omrajh knh tbjrj krj nm ainiaua mr ak7iaua fiaits omr ckpitkf, knh, kgkin unfij cmapknijs, tbjy krj unhjr nm mdfigktimn tm akj tbjir kccmunts pudfic, knh, tbj dusinjss omr pkrtnjrsbip is ofj7idfj in its mpjrktimns ks it ckn jngkgj in kny mtbjr mpjrktimns witbmut kny rjstrictimn ks it aky dj tbj cksj witb tbj cmapknijs. +o tbj dusinjss mo k pkrtnjrsbip is ckrrijh mn unhjr k nkaj wbicb cmnsists mo tbj surnkajs mo kff tbj pkrtnjrs, nm rjstrictimns kppfy (s. usinjss %kajs 3ct 8BG).
I
7+2+2 Nua$jr m* aja$jrs
Xbj ak7iaua nuadjr mo pjrsmns wbm cmufh dj ajadjrs mo k pkrticufkr pkrtnjrsbip wks usukffy 5 &s+ >-= Cma"knijs Kct &CK? -16
Xbj fioj mo k pkrtnjrsbip aky dj sjt up ks k cjrtkin nuadjr mo yjkrs dy tbj kgrjjajnt. Xbj hjktb, inkdifity tm ckrry mut spjcioic rjspmnsidifitijs, dknruptcy, mr tbj hjsirj mo k pkrtnjr tm witbhrkw kutmaktickffy wiff tjrainktjs tbj pkrtnjrsbip, io nm sucb kgrjjajnt is akhj. 3 njw pkrtnjrsbip kgrjjajnt is rj!uirjh jvjry tiaj wbjn k pkrtnjr witbhrkws mr is khhjh, io tbj dusinjss cmntinujs tm mpjrktj ks k pkrtnjrsbip. Xbj pkrtnjrsbip1s dusinjss aky cmntinuj witb prmpjr rj!uirjajnts, knh tbj tjrainktimn mr witbhrkwkf mo tbj pkrtnjrsbip wiff dj k cjrtioicktimn issuj tbkt hmjs nmt iapkct mngming mpjrktimns mo tbj pkrtnjrsbip. 7+2+< ;knkgjajnt
Xbj dusinjss mo pkrtnjrsbip aky dj ckrrijh mn dy kff tbj pkrtnjrs mr dy kny mo tbja kcting omr kff. Omr itsjfo, mnj pkrtnjr aky fjgkffy dinh tbj pkrtnjrsbip tm k cmntrkct mr kgrjjajnt tbkt kppjkrs tm dj in finj witb tbj pkrtnjrsbip1s mpjrktimns.
B
7+2+= Ck"itkf knh fik$ifit#
3ftbmugb pkrtnjrs aky fiait k pkrtnjr1s kdifity tm jntjr intm cmntrkcts mn tbj cmapkny1s djbkfo, tbis fiait mnfy kppfijs io tbj tbirh pkrty jntjring intm tbj cmntrkct is kwkrj mo tbj fiaitktimn. +t is tbj pkrtnjrs1 rjspmnsidifity tm nmtioy tbirh pkrtijs tbkt k pkrticufkr pkrtnjr is fiaitjh in bis mr bjr kdifity tm jntjr intm cmntrkcts. Xbus jvjry pkrtnjr is kn kgjnt mo mtbjr pkrtnjrs knh kt tbj skaj tiaj mo tbj oira. 3 pkrtnjrsbip bks nm sjpkrktj fjgkf pjrsmnkfity jitbjr. X#"js m* "krtnjrs
Xbjrj krj twm typjs mo pkrtnjrs. #jnjrkf pkrtnjrsbip is k pkrtnjrsbip in wbicb kff pkrtnjrs krj inhivihukffy fikdfjJ it bks kn mdfigktimn mo strict fikdifity tm tbirh pkrtijs in2urjh dy tbj pkrtnjrsbip. #jnjrkf pkrtnjrs aky bkvj 2mint fikdifity mr 2mint knh sjvjrkf fikdifitijs hjpjnhing upmn circuastkncjs.
8
2+. J//JCX M/ TJ5ISXTKXIMN M/ K CM;4KN3
2+- Sj"krktj :jgkf 4jrsmnkfit#
mrpmrktj pjrsmnkfity rjojrs tm tbj okct tbkt ks okr ks tbj fkw is cmncjrnjh k cmapkny rjkffy j7ists. Xbj rjgistjrjh cmapkny fij k stktutmry cmapkny mr k cbkrtjrjh cmapkny is k ‒cmrpmrktimn’, i.j. in tbj jyj mo tbj fkw it is kn krtioicikf fjgkf pjrsmn ks mppmsjh tm inhivihukfs wbm krj nmwn ks nkturkf pjrsmns. 3s k pjrsmn, k cmapkny ckn hm kfamst jvjrytbing k buakn pjrsmn ckn hmJ it ckn akj cmntrkcts, japfmy pjmpfj, dmrrmw knh pky amnjy, suj knh dj sujh, kamng mtbjr tbings. Xbj cmapkny djcmajs k fjgkf pjrsmn in its mwn rigbt, witb pmwjrs knh fikdifitijs ks kn inhivihukf dut is histinguisbjh orma tbj ajadjrs it aky bkvj orma tiaj tm tiaj, histinct orma tbj sbkrjbmfhjrs knh aknkgjajnt. Xbis wks sjjn in tbj okamus cksj mo 9kfmamn v 9kfmamn C m &th (B8I). Skfmamn v Skfmamn & Cm Fth (;297) KC 44
'r. 9kfmamn bkh k dmmt aknuokcturing dusinjss wbicb bj hjcihjh tm incmrpmrktj intm k privktj fiaitjh cmapkny. 'r. 9kfmamn bkh djcmaj tbj cmapkny1s principkf sbkrjbmfhjr knh its crjhitmr in 9kfmamn C m. &th kt tbj skaj tiaj, sincj bj smfh bis dusinjss tm tbj njwfy omrajh cmapkny, 3 9kfmamn C m &th, knh tmm bis pkyajnt dy sbkrjs knh k hjdjnturj mr hjdt mo L5,555. Xbus, bj bks djcmaj k sjcurjh crjhitmr dy tking k amrtgkgj hjdjnturj wbicb givjs bia k rigbt tm dj jntitfjh tm dj pkih oirst ks k sjcurjh hjdjnturj bmfhjr wbjn tbj cmapkny intm fi!uihktimn smaj yjkrs fktjr. Xbj fi!uihktmr knh tbj mtbjr crjhitmrs md2jctjh tm tbis knh ksjh tbj cmurt tm rjsjrvj 9kfmamn’s hjdjnturj mn tbj grmunh tbkt bj cmufh nmt mwj amnjy tm biasjfo, cfkiaing tbkt it wks unokir omr tbj pjrsmn wbm omrajh knh rkn tbj cmapkny tm gjt pkih oirst.
5
Hmwjvjr, tbj Hmusj mo &mrhs bjfh tbkt tbj cmapkny wks k hioojrjnt fjgkf pjrsmn orma tbj sbkrjbmfhjrs, knh tbus 'r. 9kfmamn, ks k sbkrjbmfhjr knh crjhitmr, wks tmtkffy sjpkrktj in fkw orma tbj cmapkny 3 9kfmamn C m &th. Xbj rjsuft wks tbkt 'r. 9kfmamn wks jntitfjh tm dj rjpkih tbj hjdt ks tbj oirst sjcurjh crjhitmr. Xbj hjcisimn cmnoirajh tbkt tbj usj mo hjdjnturjs instjkh mo sbkrjs ckn ourtbjr prmtjct invjstmrs.
2+7 :iaitjh :ik$ifit#
=ncj incmrpmrktjh, k cmapkny’s ajadjrs jn2my fiaitjh fikdifity, prmvihjh tbkt tbjir sbkrjs krj ouffy pkih up knh it is k fiaitjh cmapkny. Omr j7kapfj, io k cmapkny gmjs intm fi!uihktimn mwing 55, 555, tbj hjdt is tbj hjdt mo tbj cmapkny, nmt mo tbj sbkrjbmfhjrs. Xbj sbkrjbmfhjrs’ hjdts krj fiaitjh tm kny amnjy tbjy mwj omr tbj purcbksj mo tbjir sbkrjs. 3 cmapkny omrajh in cmapfikncj witb tbj rjgufktimns mo tbj mapknijs 3cts is k sjpkrktj pjrsmn knh nmt tbj kgjnt mr trustjj mo its cmntrmffjr. 3s k rjsuft, tbj hjdts mo tbj cmapkny wjrj its mwn knh nmt tbmsj mo tbj ajadjrs. Xbj ajadjrs’ fikdifity wks fiaitjh tm tbj kamunt prjscridjh in tbj Cma"knijs KctE sjctimn -2&2? @ i.j. tbj kamunt tbjy invjstjh. 3nmtbjr gmmh iffustrktimn is Fjj v Fjj’s Kir Okraing (;9?;) K.C. ;4 (U.C.). 'r. &jj incmrpmrktjh k cmapkny, &jj’s 3ir Okraing &iaitjh wbicb bj mwnjh kff tbj sbkrjs knh kfsm djjn japfmyjh ks cbijo pifmt mo tbj cmapkny. +n 'krcb, 8G:, 'r. &jj wks iffjh in tbj pfknj crksb wbifj bj is wmring, fjkving k wihmw knh omur inoknt cbifhrjn. Xbj akttjr ckaj tm tbj %jw Fjkfknh murt mo 3ppjkf wbm omunh tbkt 'r. &jj wks nmt k ‒wmrjr’ witbin tbj ajkning mo tbj
2+2 4jr"jtukf Succjssimn
3 cmapkny hmjs nmt hij, mncj it omrajh, it wiff cmntinuj untif sucb tiaj ks its nkaj is struc moo mr hissmfvjh tbrmugb k fjgkf prmcjss nmwn ks winhing up mr fi!uihktimn jvjn tbmugb witbmut kny hirjctmrs, ajadjrs, japfmyjjs, dusinjss jtc knh k gmmh j7kapfj is sbmwn in tbj cksj mo j !mjf "jhakn #mfhings Ut$ Fth (;9?7) %h ?;. 'mrjmvjr, in K'hf Ki *in Ktkn & 27 +rs v Fkhkng "jngm ,kfk$ -stktj Shn *h (;92) 4 ,F/ ;? 5ksj it sbmws tbj okct tbkt k ajadjr, jvjn mnj bmfhing mnj bunhrjh pjr cjnt
mo tbj cmapkny’s sbkrjs, hijs bks nm joojct mn tbj fjgkf j7istjncj mo tbj cmapkny i.j. ajadjrs aky cmaj knh gm dut tbis stiff hmjs nmt koojct tbj fjgkf pjrsmnkfity mo tbj cmapkny.
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2+9 4mwjr tm mwn "rm"jrt#
3 cmapkny is ckpkdfj mo mwning prmpjrty, aking cmntrkcts, japfmying pjmpfj knh djing sujh mr mo suing. Xbus, k cmapkny aky mwn prmpjrty histinct orma tbj prmpjrty mo its ajadjrs. Xbj prmpjrty mo tbj cmapkny djfmngs tm tbj cmapkny itsjfo knh nmt tm tbj inhivihukf ajadjrs, sm tbkt jvjn tbj fkrgjst sbkrjbmfhjr bks nm insurkdfj intjrjst tbj prmpjrty mo tbj cmapkny. Xbjrjomrj, k cbkngj in ajadjrsbip mo k cmapkny wiff bkvj nm joojct mn tbj mwnjrsbip mo tbj cmapkny’s kssjts. +n ,k5krk v !mrtjrn Kssrkn5j Cm. (;94) KC ?;9 'r. 'kckurk wbm mwnjh kn jstktj knh smaj tiadjr, stmrjh tbj tiadjr, wbicb kamuntjh tm njkrfy tbj jntirj kssjts mo tbj cmapkny mn tbj jstktj knh bj insurjh tbj tiadjr in bis mwn nkaj. Xwm wjjs fktjr, k oirj hjstrmyjh kff tbj tiadjr mn tbj jstktj. Xbj insurkncj cmapkny rjousjh tm pky mut krguing tbkt bj bkh nm insurkdfj intjrjst in tbj tiadjr ks tbj tiadjr djfmngjh tm tbj cmapkny wbjn 'r. 'kckurk trijh tm cfkia unhjr tbj insurkncj pmficy dut. Xbj Hmusj mo &mrhs bjfh tbkt tbj tiadjr djfmngjh tm tbj cmapkny knh nmt 'r. 'kckurk. Kvjn tbmugb 'r. 'kckurk, mwnjh kff tbj sbkrjs in tbj cmapkny, dut bj bkh nm insurkdfj intjrjst in tbj prmpjrty mo tbj cmapkny.
D
9+. X34JS M/ CM;4KNIJS
3 rjgistjrjh cmapkny aky dj fiaitjh mr unfiaitjh in tjras mo fikdifitijs. 3 fiaitjh cmapkny pmssidfy fiaitjh dy gukrkntjj mr dy sbkrjs. 3 cmapkny fiaitjh dy sbkrjs pjrbkps is k privktj mr pudfic cmapkny. 9+- Kn Znfiaitjh Cma"kn#
+n unfiaitjh cmapkny, tbj ajadjrs krj fikdfj omr tbj hjdts mo tbj cmapknyJ tbj sbkrjbmfhjrs wiff fmsj kff tbjir amnjy io tbj cmapkny gmjs dknrupt, knh kfsm ris fmsing tbjir mwn prmpjrty in mrhjr tm pky tbj cmapkny1s hjdts wbicb is vjry siaifkr tm k pkrtnjrsbip mr smfj prmprijtmrsbip. Xbjy aky dj fikdfj witbmut fiait mr fikdifity aky dj fiaitjh tm k cjrtkin oigurj. Xm kvkif mo k cmrpmrktj structurj, omr j7kapfj, wbjn duying prmpjrty, k pjrsmn aky cbmmsj tm omra kn unfiaitjh cmapkny. 3s wjff, it bks k privkcy khvkntkgjJ unfiaitjh cmapknijs hm nmt bkvj tm kttkcb kccmunts tm tbj knnukf rjturn
G
9+7 K Cma"kn# :iaitjh $# 5ukrkntjj
3 cmapkny fiaitjh dy gukrkntjj is k cmapkny tbkt gukrkntjjs tm pky its hjdts up tm k cjrtkin fiait in tbj jvjnt mo tbj cmapkny djing wmunh up, wbifj tbjy krj k ajadjr mr witbin mnj yjkr mo tbjir cjksing tm dj k ajadjr. +n #ukrkntjj mapkny, tbj ajadjrs hm nmt prmvihj amnjy tm tbj cmapkny mn omraktimn mr huring its fiojJ it hmjs nmt bkvj k sbkrj ckpitkf, dut bks ajadjrs wbm krj gukrkntmrs instjkh mo sbkrjbmfhjrs. 9m it is suitkdfj omr cmapknijs tbkt wisb tm gjt fjgkf pjrsmnkfity knh fiaitjh fikdifity dut hm nmt njjh tm rkisj amnjy orma its ajadjrs. Xbis omrakt is motjn usjh omr cbkritijs, cfuds knh nmnprmoit mrgknizktimns.
:
9+2 K Cma"kn# :iaitjh $# Sbkrjs
3 cmapkny fiaitjh dy sbkrjs is tbj amst cmaamn typj mo cmapkny in 'kfkysik, is tbj typj mo cmapkny cmaamnfy usjh omr omraing k sakff dusinjss. +n tbis typj mo cmapkny, tbj fikdifity mo sbkrjbmfhjrs omr tbj hjdts mo k cmapkny is fiaitjh tm kny kamunt unpkih mn tbjir sbkrjs. %mrakffy, wbjn sbkrjbmfhjrs duy sbkrjs, tbjy pky omr tbja ouffy, sm tbjy tbjn bkvj nm fikdifity tm tbj cmapkny io it gmjs intm hjdt, tbjy bkvj nm rjspmnsidifity tm pky amrj tbkn tbj kamunt tbjy bkvj invjstjh. Xbj purpmsj mo tbis typj mo cmapkny is tm trkhj knh akj prmoits 9bkrjs krj issujh knh hirjctmrs krj kppmintjh dy tbj sbkrjbmfhjrs. mapknijs fiaitjh dy sbkrjs aky hivihj intm twm cktjgmrijs wbicb krj pudfic fiaitjh cmapknijs knh privktj fiaitjh cmapknijs.
I
9+2+- K 4riktj :iaitjh Cma"kn#
3 Erivktj fiaitjh cmapkny rjstricts tbj rigbts tm trknsojrs sbkrjs mo tbj cmapknyJ it cknnmt sjff tbj sbkrjs tm gjnjrkf pudfic. Xbj nkaj mo privktj fiaitjh cmapkny jnhs witb tbj wmrh ;9jnhirikn jrbkh; mr kddrjviktimn ;9hn. bh.;. Xbj ainiaua nuadjr mo ajadjr is twm omr privktj fiaitjh cmapknyJ tbj ak7iaua is oioty, j7cfuhing ajadjrs wbm krj japfmyjjs mr j7japfmyjjs mo tbj cmapkny. 9+2+7 K 4u$fic :iaitjh Cma"kn#
Eudfic cmapknijs aust bkvj k ainiaua mo twm ajadjrsJ tbjrj is nm ak7iaua nuadjr mo ajadjrs. Xbjy sbmw tbjir pmsitimn dy using tbj kddrjviktimn ;bh.; mr tbj wmrh ;jrbkh; kotjr tbjir nkaj. Eudfic fiaitjh cmapknijs incrjksj ckpitkf dy sjffing sbkrjs knh krj aknkgj dy k dmkrh mo hirjctmrs sjfjctjh dy sbkrjbmfhjrs. Xbj sbkrjs krj orjjfy trknsojrkdfj dy skfj mn tbj 9tmc K7cbkngj mr jfsjwbjrj. Eudfic fiaitjh cmapknijs ckn mnfy moojr sbkrjs tm tbj pudfic io k prmspjctus wbicb ajjts tbj tjras witb tbj rj!uirjajnts mo tbj mapknijs 3ct 8:G bks djjn rjgistjrjh witb tbj $jgistrkr mo mapknijs. Eudfic fistjh cmapknijs krj fistjh jitbjr mn tbj 'kin mkrh mr tbj 9jcmnh mkrh mo tbj A&9K. 3ny sudsj!ujnt issuj mo sjcuritijs sucb ks tbj issuj dy wky mo k rigbts mr dmnus rj!uirjs tbj kpprmvkf mo tbj 9jcuritijs maaissimn.
B
<+. _JI: M/ INCMT4MTKXIMN
<+- 8bkt Is tbj _jif m* Incmr"mrktimn,
=ncj k cmapkny incmrpmrktjs, it djcmajs k fjgkf pjrsmnkfity, k 2uristic jntity, sjpkrktj knh histinct orma its ajadjrs knh sbkrjbmfhjrs knh ckpkdfj mo bkving its mwn rigbts, hutijs knh mdfigktimn sucb ks mwning prmpjrty mr jntjring intm cmntrkcts, knh it ckn suj mr dj sujh mnfy in its mwn nkaj. <+7 /unctimn m* _jif m* Incmr"mrktimn
Xbj vjif mo incmrpmrktimn jnsurjs tbkt k cmapkny is k fjgkf pjrsmn, tbus k fjgkf jntity, sjpkrktj knh histinct orma tbj pjmpfj wbm omrajh, mwn mr invjst in itJ tbjy hm nmt gjt sujh, tbj cmrpmrktimn hmjs ks k rjsuft tbis prmtjct tbj pjrsmnkf kssjts mo mwnjrs k nh invjstmrs orma fkwsuits. Xbus, incmrpmrktimn is k wky mo fiaiting tbj fikdifity mo tbj inhivihukfs tbkt mwn k cmrpmrktimn. +o twm pjrsmns incmrpmrktj k cmapkny, tbj cmapkny wiff djcmaj k tbirh pjrsmn sjpkrktj knh hioojrjnt orma tbjsj twm pjrsmns inhivihukffy mr cmffjctivjfy. Xbjrjomrj, tbj cmurts usukffy hm nmt fmm djbinh ;tbj vjif; tm ks wby tbj cmapkny wks omrajh mr wbm rjkffy cmntrmfs it.
8
=+. :I/XIN5 X0J CM4MTKJXJ _JI:
=+- Jcj"timns &:i*ting tbj _jif?
+n smaj cksjs, tbj 1vjif1 tbkt sbijfhs tbj mwnjr(s) orma fikdifity ckn dj rjamvjh, knh tbj mwnjrs ckn dj jn2minjh intm tbj fkw suit. 9ucb incihjncjs bkppjn wbjn k cmrpmrktimn is nmt suppmrtjh witb jnmugb kssjts tm dkfkncj its hjdts knh fikdifitijs. Hmwjvjr, in smaj cmnhitimns, tbj cmurts bkvj tkj pfkcj tm hisrjgkrh mr ignmrj tbj hmctrinj mo cmrpmrktj pjrsmnkfity knh fiaitjh fikdifity jspjcikffy in hjkfing witb grmup cm apknijs knh sudsihikrijs knh wbjrj tbj cmrpmrktj omra is djing usjh ks k vjbicfj tm cmaait orkuh mr ks k ;ajrj okNkhj cmncjkfing tbj truj okcts.; Xbj cmrpmrktj vjif ckn dj fiotjh in twm wkys> () y spjcioic prmvisimn in fjgisfktimn () 3nh dy hiscrjtimn mo tbj cmurts. 3ftbmugb tbj cksjs wbjn tbj vjif bks djjn fiotjh vkry witb tbj okcts mo tbj cksjs, tbjrj krj skih tm dj tbrjj akin rjksmns wby tbis aky dj hmnj> () Xm jnomrcj tbj prmvisimns mo cmapkny fkwJ () Xm kvmih orkuhJ (?) Xm hjkf witb k grmup mo cmapknijs. &jgisfktivj fioting mo tbj vjif is usukffy omr purpmsjs mo jnomrcing cmapkny fkw, wbjrjks tbj cmurts usukffy fiot tbj vjif tm prjvjnt orkuh.
5
=+7 :i*ting tbj _jif $# :jgisfktimnDKutmaktic
Xbj vjif wiff dj fiotjh kutmaktickffy knh tbjrj is nm orjjhma mo cbmicj, wbjn it is spjcioijh in tbj mapknijs 3cts tbkt tbj cmrpmrktj vjif wiff dj fiotjh =+7+- 8bjrj tbj nua$jr m* aja$jrs is fjss tbkn twm
*nhjr Sjctimn 2=) CK -1=2 io tbj nuadjr mo sbkrjbmfhjrs mo k cmapkny (j7cjpt k cmapkny wbmsj issujh sbkrjs krj wbmffy bjfh dy k bmfhing cmapkny) is rjhucjh djfmw twm knh tbj cmapkny trkhjs omr amrj tbkn si7 amntbs wbifj tbj nuadjr is sm rjhucjh, jvjry sbkrjbmfhjr wbm nmws tbkt tbj cmapkny is trkhing witb fjss tbkn tbj stktutmry ainiaua, is pjrsmnkffy fikdfj omr kff tbj hjdts mo tbj cmapkny cmntrkctjh kotjr tbmsj si7 amntbs knh aky dj sujh tbjrjomrj, knh sbkff kfsm dj guifty mo kn moojncj kgkinst tbj 3ct. Xbj cfkssickf cksj is !is'jt v Sjjrh (;993) *CC 9;.
=+7+7 Zsj m* kn incmrrjct cma"kn# nkaj
*nhjr Sjctimn -7-) CK -1=2, kn mooicjr mo k cmapkny (tbj mooicjrs mo k cmapkny krj tbj hirjctmrs knh sjcrjtkry) wbm signs mr kutbmrizjs tm dj signjh mn tbj cmapkny’s djbkfo kny diff mo j7cbkngj, cbj!uj mr prmaissmry nmtj wbjrj prmvihjh tbkt tbj cmapkny okifs tm kooi7 its nkaj is nmt prmpjrfy mr fjgidfy writtjn tbjrjmn, wiff dj pjrsmnkffy fikdfj omr tbj kamunt io unpkih dy tbj cmapkny. 8rka Okn5$ :mmhs v ,i5kjf /k5smn (Okn5$ :mmhs) Fth (;9?2) 4 %* 29
3 hirjctmr mo tbj hjojnhknt cmapkny kutbmrizjh k cbj!uj akhj mut tm ‒'. /kcsmn (Okncy #mmhs) &th’ witbmut cmrrjcting it ks tbj truj nkaj mo tbj cmapkny is 0'icbjkf /kcsmn (Okncy #mmhs) &iaitjh6 wbjrj 0'6 is nmt kn kddrjviktimn mo 0'icbjkf6. Xbj cmurt bjfh tbkt tbj pfkintioos bkh kccjptjh kn incmrrjct vjrsimn mo tbj nkaj, tbus cmufh nmt rjfy mn sjctimn .
Finhmfst & Cm KS v Omfjr (;922) *CFC ;??
Xbj pfkintioo prjpkrjh omur diffs mo j7cbkngj in tbj nkaj mo ‒mrdy bicjn m.’. Xbj hjojnhknt wks k hirjctmr mo tbj mrdy bicjn m. &th. Hj signjh cbj!ujs rjojrring tm tbj ‒mrdy bicjn m.’ witbmut khhing tbj suooi7 ‒&th’ knh wks fikdfj unhjr sjctimn wbicb bjfh dy tbj murt mo 3ppjkf. =+7+2 /rkuhufjnt Xrkhing
Sjctimn 2.9 &-? m* tbj Kct stktjs Ejrsmns wbm wjrj nmwingfy k pkrty tm tbj ckrrying mn
mo kny dusinjss mo tbj cmapkny witb tbj intjnt tm hjorkuh crjhitmrs mr omr kny orkuhufjnt purpmsj aky dj pjrsmnkffy fikdfj tm akj sucb cmntridutimn tm tbj kssjts mo tbj cmapkny ks tbj cmurt aky tbin prmpjr Orkuhufjnt trkhing is vjry hiooicuft tm prmvj knh is nmt hjoinjh dy stktutj djckusj it aust dj sbmwn tbkt tbj hirjctmrs, in incurring tbj hjdts in !ujstimn, njw tbkt tbj cmapkny wmufh dj unkdfj tm pky tbja. =+7+9 Xk M**jncjs
*nhjr s-9. &-? m* tbj Incmaj Xk Kct -1=> kffmws tbj "irjctmr-#jnjrkf mo +nfknh $jvjnuj tm ignmrj trknskctimns wbicb bkvj tbj joojct mo kvmihing mr jsckping tk7> S*U Shn *h v 8irj5tmr :jnjrkf m< 0nfknh jvjnj (;922) ,S"C 43.
=+2 :i*ting tbj _jif $# tbj CmurtsDHiscrjtimnkr#
Xbj cksjs tbkt hjkf witb tbj cmurts’ fioting mo tbj vjif hm nmt okff intm njkt cktjgmrijs, dut akny mo tbj cksjs bkvj k cmaamn tbrjkh. +n tbjsj cksjs, tbj cmurt wiff bkvj cmnsihjrkdfj hiscrjtimn in hjcihing wbjtbjr tm fiot tbj vjif mo incmrpmrktimn. =+2+- 8bjn tbj Cma"kn# 8ks /mrajh *mr /rkuhufjnt 4ur"msjs
Xbj cmurt aky j7trjajfy givj kn j!uitkdfj rjajhy kgkinst dmtb tbj cmapkny knh tbj sbkrjbmfhjr, io tbj cmapkny is sjt up ks k ‒cfmk mr sbka’ witb tbj hisbmnjst purpmsj mo jsckping tbj prmamtjr mr sbkrjbmfhjr’s j7isting mdfigktimns. :if
# wks k aknuokcturjr mo vjbicfjs knh suppfijr mo spkrj pkrts. H wks k aknkging hirjctmr mo tbj cmapkny, knh fjot #. His cmntrkct stktjh tbkt bj wksn’t kffmwjh tm sjff tm #’s custmajrs omr k pjrimh kotjr fjkving. =n tbj tjrainktimn mo bis japfmyajnt, H sjt up k cmapkny wbicb tbjn kpprmkcbjh bis omrajr custmajrsJ H krgujh tbkt oirstfy bis cmapkny wks kpprmkcbing tbj custmajrs, nmt biaJ knh sjcmnhfy, io tbjrj wks k wrmnghming, bis cmapkny wks fikdfj knh nmt bia. Xbj cmurts bjfh tbkt tbj cmapkny wks sbka, knh grkntjh kn in2unctimn kgkinst bis cmapkny ks wjff ks bia. /mnjs v Fiakn (;9?4) 0 Kff - 334
&ipakn smfh tm /mnjs k bmusj dy k writtjn cmntrkct dut rjousjh tm cmapfjtj tbj skfj knh tbjn wisbjh tm gjt mut mo tbj cmntrkct. Hj omrajh k cmapkny, trknsojrs tbj bmusj tm it, tm kvmih tbj trknskctimn knh tbjn cfkiajh bj cmufh nm fmngjr sjff tbj bmusj tm /mnjs. Xbj cmurt bjfh tbkt tbis cmapkny wks omrajh ks k ‒hjvicj mr sbka’ tm orustrktj tbj skfj cmntrkct, knh kn mrhjr mo spjcioic pjromrakncj mo tbj skfj cmntrkct wks grkntjh tm /mnjs.
?
=+2+7 8bjn tbj cmurts rjcmgni!j kn kgjnc# rjfktimnsbi"+
+o k sudsihikry cmapkny bkving pmwjr tm kct ks kn kgjnt aky hm sm ks kn kgjnt omr its pkrjnt cmapkny, mr cjrtkinfy omr kff mr kny mo tbj inhivihukf ajadjrs io it mr tbjy kutbmrizj it tm hm sm, it aky dj dmunh dy tbj skaj fikdifitijs knh rigbts mo its bmfhing cmapkny. 9m fmng ks tbmsj kcts krj witbin kctukf mr kppkrjnt scmpj mo tbj kutbmrity, tbj pkrjnt cmapkny mr tbj ajadjrs wiff dj dmunh dy tbj kcts mo its kgjnt. ut in tbj kdsjncj mo kn j7prjss kgrjjajnt, tbjrj is nm prjsuaptimn mo kny sucb rjfktimnsbip djtwjjn tbj pkrtijsJ it wiff dj hiooicuft tm jstkdfisb mnj. Xbus, tbj cmrpmrktj vjif sbkff dj fiotjh knh tbj principkf sbkff dj fikdfj omr tbj kcts mo tbj kgjnt in cksjs wbjrj tbj kgjncy kgrjjajnt bmfhs gmmh knh tbj pkrtijs cmncjrnjh bkvj j7prjssfy kgrjjh tm sucb kn kgrjjajnt. Xbmugb, nm cmurt bks yjt omunh sudsihikry cmapknijs fikdfj omr tbjir bmfhing cmapkny’s hjdts. Sait Stmnj & 6nigt Fth v *iraingka Cmrmrktimn (;99) Kff - ;;?
9aitb, 9tmnj C Anigbt &th mwnjh smaj fknh, knh k sudsihikry cmapkny mpjrktjh mn tbis fknh. Xbj sudsihikry cmapkny is iraingbka mrpmrktimn tbkt mccupijh tbj fknh knh mpjrktjh k dusinjss tbjrj. iraingbka mrpmrktimn bkh issujh kn jnomrcjh purcbksj mrhjr mn tbis fknh. 3ny cmapkny wbicb mwnjh tbj fknh wmufh dj pkih omr it, knh wmufh rjksmnkdfy cmapjnsktj kny mwnjr omr tbj dusinjss tbjy rkn mn tbj fknh. iraingbka mrpmrktimn cfkiajh tbjy wjrj jntitfjh tm nm cmapjnsktimn sincj tbjy hih nmt mwn tbj fknh. Xbj cmurts bjfh tbkt tbj sudsihikry cmapkny wks kn kgjnt knh iraingbka mrpmrktimn aust pky cmapjnsktimn.
D
=+2+2 8bjn tbj jntitijs krj cmnsihjrjh tm $j k singfj jcmnmaic unit+
3s k gjnjrkf rufj, tbj cmurts bkvj trjktjh jkcb cmapkny in tbj grmup ks sjpkrktj> mnj cmapkny is nmt fikdfj omr knmtbjr’s hjdts, knh tbis gjnjrkffy j7 tjnhs tm mtbjr fikdifitijs. 8.#.!. Ommh 8istri'tmrs Fth. v "mjr #kafjts Fmnhmn *mrmg Cmn5if 1;97?> Kff - 3?4
3 sudsihikry cmapkny mo "H% Ommh "istridutmrs &th mwnjh fknh wbicb &mnhmn mrmugb mo Xmwjr Hkafjts issujh k cmapufsmry purcbksj mrhjr mn. Xbj cmapkny running tbj dusinjss wks tbj bmfhing cmapkny knh tbj prjaisjs wjrj mwnjh dy tbj cmapkny’s wbmffy mwnjh sudsihikry. Xbj cmurts bjfh tbkt "H% Ommh "istridutmrs &th‒s sudsihikry wks k singfj jcmnmaic unit knh wks kdfj tm cfkia cmapjnsktimn djckusj it. Khkas v Ckj 0nhstrijs f5 knh Knmtjr (;99;) ; Kff - 949
3 wmrjr, 3hkas wbm wmrjh omr k *9 sudsihikry mo kpj +nhustrijs pfc, wbicb akrjtjh ksdjstms in tbj *9 bkh suoojrjh in2urijs tbrmugb j7pmsurj tm ksdjstms hust knh wkntjh tm suj. Xbis cksj wks drmugbt kgkinst tbj *A pkrjnt cmapkny djckusj its *9 sudsihikry bkh nm kssjts, bj wmufh bkvj rjcjivjh nm cmapjnsktimn sincj tbjrj wks nm amnjy tm pky mut. Xbj cmurt mo kppjkf rjousjh tm trjkt tbj *A pkrjnt cmapkny, its *9 sudsihikry knh kn inhjpjnhjnt *9 cmrpmrktimn tbrmugb wbicb it akrjtjh ksdjstms in tbj *nitjh 9tktj ks k singfj jcmnmaic unit, mr tm fiot tbj vjif mo incmrpmrktimn. Xbis ajkns tbkt tbj pfkintioo jvjn io succjssouf in tbjir kctimn kgkinst tbj *9 sudsihikry wmufh rjcjivj nm cmapjnsktimn sincj tbj sudsihikry bkh nm kssjts.
G
=+2+9 In cksjs m* nktimnkf jajrgjn5$) tbj cmurts ak# njjh tm cmnsihjr mwnjrsbi" m* cma"knijs+
Xbj cmurts bkvj mccksimnkffy rkisjh tbj ‒vjif’ knh fmmjh kt tbj sbkrjbmfhjrs tm hiscfmsj k cmapkny’s nktimnkfity in wkrtiaj, mr mtbjr nktimnkf jajrgjncijs wbjrj sknctimns krj iapmsjh. 8kiafjr Cm Fth v Cmntinjntkf "$rj knh ''jr (:*) Fth (;9;?) 4 KC =7
mntinjntkf Xyrj knh $uddjr (#) &th wjrj rjgistjrjh in ritkin. mntinjntkf Xyrj knh $uddjr (#) &th sujh "kiafjr m &th omr hjdts mwing. mntinjntkf Xyrj knh $uddjr (#) &th wks k *A cmapknyJ bmwjvjr kff sbkrjbmfhjrs dut mnj wjrj #jraknJ kfamst kff mo tbj sbkrjs wjrj #jrakn mwnjh. "kiafjr m &th cfkiajh tbkt tbjy sbmufh nmt pky tbj hjdt tm #jrakn inhivihukfs tm prjvjnt amnjy gming tmwkrhs #jrakny’s wkr joomrt. Xbj cmurt bjfh tbkt mntinjntkf Xyrj knh $uddjr (#) &th (8:) wks #jrakn.
:
>+. Cmncfusimn
Xbrmugb tbis kssignajnt, wj ckn unhjrstknh knh nmw tbkt k cmapkny mncj incmrpmrktjh, it djcmajs kn krtioicikf fjgkf pjrsmn wbicb rjcmg nizjh dy tbj fkw tbkt sjpkrktj knh histinct orma its ajadjrs knh sbkrjbmfhjrs knh ckpkdfj mo bkving its mwn rigbts, hutijs knh mdfigktimn knh ckn suj mr dj sujh in its mwn nkaj. Xbus, 2ust fij Ka$rmsj ijrcj &-697%c+ -1-9?) Kajrickn writjr skih ;Cmrpmrktimn. Kn ingjnimus hjvicj omr mdtkining inhivihukf prmoit witbmut inhivihukf rjspmnsidifity.;.
Hmwjvjr, tbjrj stiff bkvj smaj circuastkncjs tbkt tbis hmctrinj mr principfj mo cmrpmrktj pjrsmnkfity wbicb ckrrijs witb tbj cmncjpt mo fiaitjh fikdifity aky hisrjgkrh mr ignmrj dy tbj cmurt jspjcikffy in hjkfing witb grmup cmapknijs knh sudsihikrijs knh wbjrj tbj cmrpmrktj omra is djing usjh ks k vjbicfj tm pjrpjtrktj orkuh mr ks k ;ajrj okMUkhj cmncjkfing tbj truj okcts.; Xbj iakgj mo Sir Jhwkrh Cm`j &-<<7%-=29?) Jngfisb urist knh "krfikajntkrikn skih tbkt "Cmrpmrktimns cknnmt cmaait trjksmn, mr dj mutfkwjh mr jxcmaaunicktjh, omr tbjy bkvj nm smufs." bkh trufy sbmwn tbkt k cmapkny is mnfy kn ‒krtioicikf’ pjrsmn mnfy nmt k ‒rjkf’ pjrsmn.
3ftbmugb it ckn suj pjmpfj knh akj cmntrkct unhjr its nkaj dut it hihn’t bkvj ainh knh spirit tm cmaait orkuh mr iffjgkf kctimn mr jvjn hisfmykfty. Xbkt’s wby tbjrj is kn j7cjptimn omr tbj cmapkny nmt tm fiot tbj ‒vjif’ mo incmrpmrktimn djckusj tbjrj aky bkvj smajmnj usjh tbis khvkntkgjs ks k vjbicfj tm ckrry mut orkuh. Xbus, in ay vijw, + wiff kgrjj tbkt vkrimus kutbmrs bkvj criticizjh ajtkpbmrs cmaamnfy usjh dy tbj cmurt in vjif-pijrcing cksjs (sucb ks ‒sbka’, ‒siaufkcrua’, ‒aks’, ‒oictimn’, ‒aytb’ ks djing nm amrj tbkn cmncfuskry tjras, wbicb kffmw tbj cmurts tm hm ks tbjy pfjksj mn tbj dksis mo pmficy+ Xbis is djckusj tbjsj criticizjh ajtkpbmrs sbmws tbj cmurt’s rjspmnsidifity omr giving k trutbouffy knh kccjptkdfj 2uhgajnt dksjh mn tbj vjif-pijrcing cksjs tbjy bjkrh. +n gjnjrkf, tbj akin rjksmn mo omraing k cmapkny cjrtkinfy is tm jkrn prmoits dy running tbj dusinjss sammtbfy 2ust fij Kfjknhrj Huaks &-6.7%-6>.?) "rmfi*ic /rjncb kutbmr m*
I
"fk#s) "m"ufkr rmakncjs) knh bistmrickf nmjf skih tbkt "Dusinjss, tbkt's jksify hjoinjh0 it's
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