Role and function of law business

Business transactions rely on contracts as a way to issue confidence that said request can and will be executed Barnes et. Law is a broad discipline with several fields that serve important functions in business.

Common business types include single owner operations called sole proprietorships and multi-owner businesses called partnerships and corporations, which are businesses owned by a group of stock shareholders.

Corporate Law--Formation Corporate law governs formation of corporate businesses. In a republic, such as the United States of America, the laws are formed by elected leaders to suite the needs and concerns of the citizens Republic, Acquiring trademark rights is important because it prevents product confusion among consumers.

Acquiring patent rights is an important strategy for many tech companies because if they have the patent to an invention, they may exclude others from making and using that invention.

They require certain businesses to pay employees a minimum wage and to pay workers at a rate of one and a half times their normal pay for overtime work. The government can potentially prevent companies from merging or force companies to split into different divisions to promote competition.

Government intervention has been met with differing By this assertion the laws should adjust and change as society changes. Intellectual Property Intellectual property describes creations of the mind, like art, literature, inventions and company logos.

These laws work together to ensure predictability and fairness. This diffusion restricts the power of any branch over any individual.

The law governing contracts tries to ensure that each party to a contract understands what is expected of them and that there is a legal remedy if problems arise. The law should reflect a balance of the American jurisprudence.

What Is the Function of Law in Business?

In the Federalist, James Madison observed the need for a constitution to, " Environmental law also regulates the use of chemicals and pesticides. The government also sets various workplace safety rules to ensure that businesses provide safe working conditions.

Intellectual Property Intellectual property law includes patents and trademarks. The rules of contract law fulfill the facilitating planning and the realization of reasonable expectation function of law.

Such licensing rights are governed by contract law. Intellectual property protections let businesses prevent competitors from stealing and using their ideas -- a protection that gives businesses the incentive to innovate.

The Functions of Law The functions of law are broad and general in order encompass the many specific rules and legal regulations.

Other parts of the corporate code define what types of acts are ultra vires outside the corporate purposeduties of officers and directors, and grounds for corporate liability.

Competition Antitrust law is a field designed to promote business competition by Role and function of law business anti-competitive behavior such as price fixing and monopolization. State corporate codes provide rules and regulations regarding articles of information, bylaw, boards of directors, and other elements involved in forming a corporation.

This function of law is necessary for modern societies to operate. State websites usually have much helpful information about this. Generally, a corporation can be formed by sending a copy of the articles of incorporation and a small fee to the Secretary of State.

This function includes both civil and criminal aspects of a legal system. The anti-trust laws allow for the promotion of a fair market and the protection of small companies against large corporate dominance. The rise in corporate injustices has lead to the Sarbanes-Oxley Act of which holds executives accountable for the practices of the companies they lead.

By Shelly Morgan - Updated June 16, Business law includes a complex web of state, federal and municipal statutes. Small businesses must comply with the same rules and regulations that apply to large companies and thus need someone with legal expertise from time to time.

The capitalist market place needs to have certain regulations in place to promote fair economic growth. Owners of sole proprietorships and partnerships report business earnings on individual income tax returns, while corporations are considered tax entities that are separate from the owners.

Competition is considered healthy for an economy because it tends to lead to better products and services and fairer prices. Some laws require companies to obtain permits to engage in activities that release pollution into the environment.

Much of this law is derived from the Securities Act of and and the Securities Act of This function of law interoperates and enforces agreements between parties which have an expected outcome or promise.

Others Laws Depending upon the type of business, many other laws may be relevant to your business. In short the functions of the law are to promote social cohesion and to provide for social progress Functions of Law, The people of a society should have the ability and obligation to change the laws as needed and should not be controlled by the law.

Contract Law Contract law is a broad field that governs the conduct of business in many areas including contract drafting, assignment of rights, transactions, delegation of duties, what agreements have to be in writing, conditions to a contract, breach and remedies.Role and function of Law 1 Role and Functions of Law LAW/ Contemporary Business Law University of Phoenix Role and function of Law 2 Role and Functions of Law “Law plays a significant role in the successful operation of business and society” (Bushman, ).

Laws help to keep behavior intact.

What Is the Role of Law in Business?

Law is a broad discipline with several fields that serve important functions in business. Taxation Just like individuals, businesses are responsible for paying taxes on income that they earn, and tax law determines how businesses pay taxes to the government.

The Roles and Functions of Law in Business and Society Establishing standards Role of Public and Private Law Private and Public Law Function of law in business and society include: Peacekeeping Checking Government Power and Promoting Personal Freedom.

Contract Law. Contract law is a broad field that governs the conduct of business in many areas including contract drafting, assignment of rights, transactions, delegation of duties, what agreements have to be in writing, conditions to a contract, breach and remedies.

Role and Functions of Law

Roles and Functions of Law in Business and Society Introduction William O. Douglas said, "Common sense often makes good law." Well that is what laws essentially are, rules and regulations that make sure common sense is followed. Because business law is vast and complex, a business needs to have lawyers to interpret and advise proper action to ensure compliance.

"The Legal and Ethical Environment of Business" explains that to aid businesses and their legal staff, governments create regulating bodies.

Role and function of law business
Rated 4/5 based on 18 review