This the commerce code of Wayland.
Business owners Edit
Establishing a business in Wayland is an exclusive right of citizens. Citizens of Wayland in good standing may register a business at the Wayland city hall for free. All businesses are owned by a single citizen, although business owners are free to take investments and distribute profits as they see fit, within the limitations of any contracts they may be bound to.
When registering a business, owners must take a written test to show that they understand their rights and responsibilities as a business owner. When selling a business, both the seller and the buyer must take tests to show they understand their rights and responsibilities.
Owner's Responsibility Edit
Owners are expected to be involved in their businesses and aware of its day-to-day operations. They are expected to properly train their employees to ensure worker safety and to ensure that workers know the law of their trade. Owners are expected to investigate, report, and stop illegal or harmful actions carried out by their employees.
Owner's Liability Edit
Owners can be held personally liable if they knew (or should have known) that their employees were doing something illegal and did not report the offenses immediately, or if they failed to investigate properly when they had (or should have had) knowledge of suspicious activity in the company.
The businesses' revenue (minus any payments to investors) is counted as the owner's income for tax purposes. Registering a business does not lower tax liability compared to conducting business informally. If ownership of a business has changed hands during the tax year, its revenue is counted for tax purposes as income for the person who owned it for the longest period of time during that year.
Investing in Wayland is easier than owning a business, and is open to citizens and foreigners alike.
Investor's Liability Edit
Wayland has partially limited liability for investors. Investors are not expected to be involved in and aware of the day-to-day operations of their businesses, but they can still be held liable if they knew the business was doing something illegal and did not report the offenses immediately. If they are unaware of such activities, their maximum liability is simply their investment in the business.
For tax purposes, investors must report any income they receive from their investments as part of their yearly income.