ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -A business permit is a certification that your business is legitimate, meaning it’s authorized to operate in the city or municipality where it’s registered. This official document is also called the mayor’s permit because it’s processed by the local government unit (LGU) with jurisdiction over the place of business.

Detailed explanation-2: -a) Licensing A license is a document that shows that a business has been permitted by the government to operate. It is usually issued upon payment of a small fee. Licensing is the process of issuing licenses to businesses. Some of the reasons why the government issues licenses include; •

Detailed explanation-3: -To conduct business activities including importing, exporting, and manufacturing, one must have a trade licence. You must submit an application and fulfil the conditions to obtain a trade licence. The requirement and procedure to apply for the same can be different depending on the state where business is carried on.

Detailed explanation-4: -Business licenses registration is issued by government agencies that permit to the organization or Business entity to conduct business within the government’s specified jurisdiction.