Business Venture Laws (1986)

The Business Venture Laws (BVL) are a set of laws enacted by Congress in 1986 within the Huggie Union. These laws included ways of transferring assets, freezing assets, securing assets, and multiple banking laws. In the Huggie Union, the economy is partially socialist and partially capitalist, with the Huggie Union government and its entity acting as both its own enterprise and investor, and maintaining its own ticker symbol on the stock market for tracking and trading assets. Thus, Congress wanted to settle misconceptions and allow for future enterprise to be done within the Huggie Union. The government of the Huggie Union owns all retail and commercial banks as well as the central bank.

The Asset Transfer Law

The Asset Transfer Law (ATL) was the first law signed in the BVL in 1986. It states:

The Asset Transfer Law shall allow for the trading and transfers of private business ventures and public business ventures (specifically for the public pertaining to stocks and investments) given that these trades and transfers are legally and rightfully declared to the local governing bank, which will oversee the business ventures and operations, especially the transferred assets. At any given point, one entity can trade its asset (for example, an 87% share in one's company) to another entity, or simply mark the venture as a "gift" if the governing bank does not suspect wrongdoing with the gift. Local states have established a sort of jury-based system known as Audit Committees to determine if it is truly a gift to prevent bribery to the banks. For tax purposes, any transfer of assets should not exceed 80% of a share of any business venture, private or public, to prevent tax evasion, wealth hoarding, and to allow a stable income from said entity to the progenitor, well-off or not well-off. While 80% is the recommended limit, 98.5% is the absolute maximum for a transfer or trade of an asset in a business venture. There is a 5-year limit on this; however, after the 5 years are up, the remaining percentage of the entity may be transferred without having to worry about any maximums for a transfer or trade of an asset in a business venture. The banks take notice: the percentages add up, and you cannot transfer that other 1.5% to another entity. However, a court-ruled bankruptcy completely voids you of having to abide by the "limit law," and you can liquidate all assets hassle-free. A close friend, family member, partner, past business partner, or legally suspicious companies that could be found as shells cannot buy your newly liquidated assets.  If bankruptcy is found to be intentional to bypass the ATL, then the transfer is declared null. Once again: the banks will take notice. Transferring a company also requires you to pay a 0.25% regulatory fee of the cost of the entity sold to the local governing bank.

The Asset Freeze Law

The Asset Freeze Law (AFL) was the second law signed in the BVL in 1986. It was mostly written in the third person, a changeup from the first law. It states:

The Asset Freeze Law shall allow for the freezing of private business ventures and public business ventures (specifically for the public pertaining to stocks and investments) and their assets. The freezing shall be done by a judge ordering local governing banks to freeze assets for concealment or theft of assets, in which these liabilities are assumed in a courtroom. Freezing is defined as disallowing one to spend, relocate, physically tamper with, or sell assets. The freezing can also be done by one themselves for the creation of a trust, for the central bank to freeze one's credit file for the prevention of new credit/credit cards or loans from being taken out, for the restriction of one's account from making withdrawals or deposits, [AFL 2000 Amendment: and for the freezing of credit and debit cards.]