On Corporate Charters and Related Economic Matters

[Ri Mhor]

Dear Gathered Members of the Assembly,

In light of a subject's recent request to our Lord Protector (http://bastionunion.org/forum/viewtopic ... 15&t=13095) that a business enterprise be granted a Royal Charter, I proposeth that we debate the following bill to codify the procedures for the licensure, incorporation, and regulation of business entities within The Brettish Isles.

BUSINESS REGULATION ACT

WHEREAS the members of Parliament seek to regulate the licensure, incorporation, and activities of businesses within The Brettish Isles;

THEREFORE, it shall be known that

a. a person seeking to be a party to business transactions in The Brettish Isles under his or her own name shall not be required to be licensed or have filed Articles of Incorporation with the government of The Brettish Isles or any of its political subdivisions in order to do so;

b. a person seeking to be a party to business transactions in The Brettish Isles under a business name or a group of persons seeking to be a party to business transactions in The Brettish Isles either under their own personal names or under a business name shall be required to be licensed by the government of The Brettish Isles in order to do so, and, if the party is a group of persons and not an individual person, the group of persons shall also be required to have filed Articles of Incorporation with the government of The Brettish Isles in order to do so;

c. the acceptance, development and implementation of relevant requirements not specified here, setting of fees, processing, approval, and rejection of requests by persons or groups of persons for business licenses shall be the responsibility of the Lord Protector's government, except in the such cases as are pertinent to Section f;

d. the acceptance, development and implementation of relevant requirements not specified here, setting of fees, processing, approval, and rejection of requests by persons or groups of persons for Articles of Incorporation shall be the responsibility of the Lord Protector's government, except in the such cases as are pertinent to Section f;

e. the Royal Household (defined as including the Lord Protector, his or her spouse, and his or her children), the Armed Forces, the Government and its sub-units, any political sub-entities of The Brettish isles, such as Provinces, Counties, and Shires, non-profit organizations, businesses of which the government of the Brettish Isles holds more than 85% ownership, and businesses over which the Royal Household holds complete ownership, are hereby exempted from the requirements to have a business license and Articles of Incorporation in order to be a party to a business transaction, and are also hereby exempted from the asset tax in Section g;

f. the Lord Protector himself or herself may grant a Royal Charter to a person or group of persons seeking to be a party to business transactions in The Brettish Isles, subject to the approval of Parliament, and the resulting royally-chartered entity shall be exempt from the requirement to have a business license or Articles of Incorporation, although there may be other special requirements of the entity, specific to its Royal Charter;

g. there shall be a 15% quarterly tax on the assets of all bank accounts registered in The Brettish Isles that that have been used or were intended to be used for the purpose of conducting business transactions in The Brettish Isles for the purposes of a for-profit enterprise, regardless of whether the account has been used to conduct business transactions during the quarterly period, unless both the following conditions are met: 1) the bank account is a personal bank account registered in the name of an individual person and not a company, 2) no business-related transaction to or from the personal bank account exceeds 500 SCUE (with the exception of salary payments), and 3) no more than 8 business-related transactions are conducted to or from the personal bank account during the preceding quarter;

BE THESE THINGS RESOLVED on this the day of this Bill's becoming Law as an Act of Parliament.

There are things that I have not specified in this Bill because I feeleth they would be better handled by an Economic Minister.

[Verion]

15 percent is quite a lot. If I were to do business with my personal account, I'd lose about 14.000 pounds.

[Ri Mhor]

The Lord Protector, as a member of the Royal Household, would be exempt for business taxes while he or she was Lord Protector, as a matter of Royal Prerogative/Privilege.

To simplify things, I have decided to removeth the part about personal bank accounts used for business purposes being taxed at all. I have inserted a new requirement instead that all businesses, including individual persons doing business under their own name, to haveth a company bank account on SCUE in order to conducteth business on the SCUE bank in the Brettish Isles.

WHEREAS the members of Parliament seek to regulate the licensure, incorporation, and activities of businesses within The Brettish Isles;

THEREFORE, it shall be known that

a. a person seeking to be a party to business transactions in The Brettish Isles under his or her own name shall not be required to be licensed or have filed Articles of Incorporation with the government of The Brettish Isles or any of its political subdivisions in order to do so;

b. a person seeking to be a party to business transactions in The Brettish Isles under a business name or a group of persons seeking to be a party to business transactions in The Brettish Isles either under their own personal names or under a business name shall be required to be licensed by the government of The Brettish Isles in order to do so, and, if the party is a group of persons and not an individual person, the group of persons shall also be required to have filed Articles of Incorporation with the government of The Brettish Isles in order to do so;

c. the acceptance, development and implementation of relevant requirements not specified here, setting of fees, processing, approval, and rejection of requests by persons or groups of persons for business licenses shall be the responsibility of the Lord Protector's government, except in the such cases as are pertinent to Section f;

d. the acceptance, development and implementation of relevant requirements not specified here, setting of fees, processing, approval, and rejection of requests by persons or groups of persons for Articles of Incorporation shall be the responsibility of the Lord Protector's government, except in the such cases as are pertinent to Section f;

e. the Royal Household (defined as including the Lord Protector, his or her spouse, and his or her children), the Armed Forces, the Government and its sub-units, any political sub-entities of The Brettish isles, such as Provinces, Counties, and Shires, non-profit organizations, businesses of which the government of the Brettish Isles holds more than 85% ownership, and businesses over which the Royal Household holds complete ownership, are hereby exempted from the requirements to have a business license and Articles of Incorporation in order to be a party to a business transaction, and are also hereby exempted from the asset tax in Section g;

f. the Lord Protector himself or herself may grant a Royal Charter to a person or group of persons seeking to be a party to business transactions in The Brettish Isles, subject to the approval of Parliament, and the resulting royally-chartered entity shall be exempt from the requirement to have a business license or Articles of Incorporation, although there may be other special requirements of the entity, specific to its Royal Charter;

g. there shall be a 15% quarterly tax on the assets of all bank accounts registered in The Brettish Isles that that have been used or were intended to be used for the purpose of conducting business transactions in The Brettish Isles for the purposes of a for-profit enterprise (salary and bonus payment's from one's employment with a business enterprise are excluded), regardless of whether the account has been used to conduct business transactions during the quarterly period;

h. with respect to the Small Commonwealth Unified Economy (SCUE) banking system, only "company" and "government" bank accounts, and not "personal" bank accounts, may be used to conduct business transactions (excluding salary and bonus payments related to one's employment) in The Brettish Isles;

BE THESE THINGS RESOLVED on this the day of this Bill's becoming Law as an Act of Parliament.

I thinketh that with the passage of this Act we would be well on our way to a viable economic framework. Therefore I hereby setteth 24 more hours for debate, upon the end of which we shall moveth onto a 48 hour voting period on the Act (Bill).

[Ri Mhor]

NOW let us begineth the 48 hour votyng periode on the proposed Act.

AND, for votyng on this bill, I would like use to use a secret ballot. THUS, please PM'eth your votes or notices of abstention to me.

The results will be posted after the 48 hour period.

THANKETH YOU.

[Ri Mhor]

The 48 hour votyn periode hath ended.

The results are as followeth:

YEAs - 2
NAYs - 0

Thus Parliament has passed the Act. Now the Act needeth the Lord Protector's Assent in order to go into effect.

[Verion]

WITNESS Ourself at the 12th day of September in the first year of Our Reign.
By The Lord Protector Himself Signed with His Own Hand.

James Sherrinford