Sitting Laughing/Happy Tibetan Buddha Statue is a mere representation of profoundly idolized statues enshirned at major temples throughout the world or are duplications of well known sculptures that were primitively commisioned by royal patrons, as such, their meanings are similar to the original statues.
Buddha has many poses and postures, each traditional pose has a significance in the life or past lives of the Buddha. There are over 100 poses illustrating the life of Buddha and each posture has a specific hand gesture or Mudra associated with the posture.
As seen in the picture to your right, Laughing/Happy Buddha also known as Ho Tai or Prosperity Buddha. Ho Tai is often confused with the historical Buddha, but he is actually a revered Chinese Monk, famous for his buddhist sermons and bag full of gifts for children to reward them for coming to learn about the Dharma. Both Ho Tai and Buddha wear robes, also in certain languages like Thai the vernacular word for Buddha and for Monks is the same, the word "Phra"
Afterall, who wouldnt want some good fortune in there house! This little guy is palm size and will bring good luck, prosperity, and happiness to you and those around you!