Question

What are the requirements of commercial enterprise? Are branches of companies accepted as commercial enterprise?

Answer 1

COMMERCIAL ENTERPRISE MEANS ANY FOR-PROFIT ACTIVITY FORMED FOR THE ONGOING CONDUCT OF LAWFUL BUSINESS, INCLUDING:

· A SOLE PROPRIETORSHIP;

· PARTNERSHIP (WHETHER LIMITED OR GENERAL);

· HOLDING COMPANY;

· JOINT VENTURE;

· CORPORATION;

· BUSINESS TRUST; OR

· OTHER ENTITY, WHICH MAY BE PUBLICLY OR PRIVATELY OWNED.

THIS DEFINITION INCLUDES A COMMERCIAL ENTERPRISE CONSISTING OF A HOLDING COMPANY AND ITS WHOLLY OWNED SUBSIDIARIES, IF EACH SUCH SUBSIDIARY IS ENGAGED IN A FOR-PROFIT ACTIVITY FORMED FOR THE ONGOING CONDUCT OF A LAWFUL BUSINESS.

THIS DEFINITION DOES NOT INCLUDE NONCOMMERCIAL ACTIVITY, SUCH AS OWNING AND OPERATING A PERSONAL RESIDENCE.

BRANCHES ARE COMMERCIAL ENTERPRISES

BRANCH OPERATIONS SHOULD BE IDENTICAL OR SIMILAR TO THE REGISTERED OFFICE’S OPERATIONS. NEVERTHLESS BRANCHES INDEPENDENTLY PERFORM COMMERCIAL OPERATIONS

SO BRANCH OF COMPANY IS CONSIDERED AS COMMERCIAL ENTERPISES