Difference between capitalism and socialism

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BrindaThirumalkumar

Difference between capitalism (free enterprise) and socialism (planned economy)

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DIFFERENCE BETWEEN
CAPITALISM AND
SOCIALISM
GENERAL PRINCIPLES OF ECONOMICS

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The formation of a company marks the genesis of a venture's legal existence and operational journey. It entails a meticulous process involving various legal, financial, and administrative steps. Initially, aspiring entrepreneurs must delineate the company's vision, mission, and objectives, which form the cornerstone of its identity. Next, they navigate through the selection of an appropriate business structure, be it a sole proprietorship, partnership, limited liability company (LLC), or corporation, each bearing distinct legal implications and operational frameworks. Subsequently, founders embark on the registration process, adhering to jurisdiction-specific regulations, and meticulously preparing requisite documentation such as articles of incorporation or association, memorandum of association, and shareholder agreements. Throughout this process, careful consideration is given to factors like taxation, liability, governance, and scalability. Ultimately, the formation of a company symbolizes the culmination of entrepreneurial aspirations into a legally recognized entity poised for growth, innovation, and market impact.

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