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Economic Enterprise: A Comprehensive Guide to Its Legal Meaning
Definition & Meaning
The term economic enterprise refers to any commercial, industrial, or business activity that is owned by an Indian individual or group, with the primary goal of generating profit. To qualify as an economic enterprise, at least fifty-one percent of the ownership must be held by Indian individuals, as defined by the Secretary of the Interior. This definition emphasizes the importance of Indian ownership in promoting economic development within Indian communities.
Table of content
Legal Use & context
Economic enterprises are relevant in various legal contexts, particularly in areas related to business law, economic development, and tribal law. They often involve the creation of legal entities that can engage in various business activities, including but not limited to retail, manufacturing, and service industries. Users may need to complete specific forms or follow procedures to establish such enterprises, which can be facilitated by using templates available through US Legal Forms.
Key legal elements
Real-world examples
Here are a couple of examples of abatement:
Example 1: A group of Native American entrepreneurs establishes a retail store that sells handmade crafts. The store is owned by tribal members, ensuring it qualifies as an economic enterprise.
Example 2: A tribal council creates a construction company to provide services for local infrastructure projects. The company is at least fifty-one percent owned by tribal members, meeting the criteria for an economic enterprise. (hypothetical example)
Relevant laws & statutes
Major laws relevant to economic enterprises include: