 This session is going to be a continuation of the previous session because in the previous session we were talking about the different forms of organizations and we looked at the social, the public sector and the private sector different organizations and then talked about them in the context of business organizations. Today we are going to be talking classically about the business organization and in the context of its corporate regulation and its corporate regulations which are always there. The two we talked about earlier were one is that these organizations are perpetual and secondly that they have limited liability. Now the other important characteristics of business organizations tends to encapsulate what we see over here is that they have an additional cost, they basically have formality and thirdly they have continuing obligation. Now when we talk about cost then definitely again we see that coming under the corporate body the corporations have continuing obligations to disclose information for the benefit of the creditors, members and the wider community. The accounts disclosing the company's financial position need to be maintained and for some companies audited and imported in summary form or a public register. Thirdly there are penalties for directors and officers for non-compliance with duties of diligence and loyalty. This burden of formality is a major cost of incorporation and in contrast to partnerships are a remarkably flexible form of business. So ladies and gentlemen what we see is that for a corporate business we see that there is a cost an additional cost, there are different formalities and thirdly there are continuing obligations. Now what we see over here is that in this cost is the cost which these corporations have to incur to maintain the audited accounts to basically submit the different forms for example form 29 or form 27 and there are dozens of different forms which have to be submitted which are the different formalities which have to be completed and then we also see that there is a continuing obligation on the death of a director or on the death of an important shareholder the company tends to continue as if nothing has happened. So therefore the difference between the corporate business and the partnerships is that there is more cost more formality and a continuing obligation which tends to take place. Now when we are seeing all of that then we also see that there are certain advantages also. The advantage that we can see is in financing corporations are entitled to make a public issue of shares or debt interest and have the power to create a floating charge over the assets of the business. So again we see that these corporate organizations can have a can have subscribed shares through their shareholders which can be floated on stock exchanges they can take larger financing from the banking sector and again they have more credibility because of the fact that they have a corporate regime and a corporate governance regimen which is taking place and all of that tends to accumulate and facilitate the whole financing aspect. Then we also see that there can be advantages and taxation and the most important one is is that these corporate businesses should not be liable to double taxation. So it is not that they are paying tax in Pakistan then they are paying tax in England and then they are paying tax in America. So they are basically protected from double taxation as corporate entities. Now again ladies and gentlemen what we see is is that these differences basically tend to separate them from a partnership and they have their own advantages with a few disadvantages that there is more formality there is more documentation. So there is no double taxation and then most importantly there is perpetual succession. So that is why ladies and gentlemen the best form of doing business is corporate business and to make an organization which comes under the corporate governance regimen and that is why these companies tend to do business not only on a local or national level but are also enabled to do it at an international level. Thank you so much.