Business law or commercial is a body of law that applies to the relations, rights,
and the conduct of persons and businesses that are engaged in trade, and sales. Law has a
significant role in any business. The law serves as the control of quality. It is used as a tool
that inspects whether or not the business serves its function appropriately or not, whether
it offers good quality services or not. The rules in business law can be either by agreement,
convention, or national or international legislation, governing the dealings involving persons
in the commercial matters (Washington State Grange, 2008, 1190). The law broadly falls
into two parts which are distinct: a) the first is the regulation of commercial entities by the
laws of company, that is, partnership, agency, and bankruptcy and b) the next is the ruling of
There are a number of forms of legal business entities, which include: i) the sole
trader (entrepreneur), who alone encounters and bears the risk and the mandate of running a
business, benefiting from the profits. This forms no any association in the law and therefore
not regulated by special rules of law. ii) The other business entity is the partnership, in which
members join together, forming collectively an association in which they all participate in
managing the firm, and together sharing the profits obtained from the transactions carried
out, together bear the liability for the firm’s debts and they are sued jointly and frequently
in relation to the firm’s tortious acts (Watchtower etal., 2002, 150). All partners in the
partnership are each other’s agent and as such are in a fiduciary relationship with one another.
Corporate law in the U...
... middle of paper ...
...to implement reasonable care to
The step that follows and actually the most difficult in analyzing case problems is the
application of the rule of law that is relevant to the specific facts of the case been studied.
In our case and as our conclusion, Quality Market is liable to Lawson for a
customer’s injuries. This is because the market’s violation of its duty of care caused
Lawson’s injuries. The law is therefore significant in protecting the rights of customers and
also makes it possible to run business smoothly. Those engaging in businesses are provided
with laid platform through which they can smoothly relate with both their employees
and their customers. This prevents the violation of the law and protects the rights of all
individuals. In this regard the law therefore serves as a quality control within a company or a
Liability – The general partners are all responsible for the debts and obligations of the business, but the limited partners are only liable up to their invested amount.
This paper will focus on the Limited Liability Company, commonly known as LLC. Limited Liability Companies are a comparatively new form of business structure. It came about in 1977 once Wyoming was the first state to consent to such an organization, which merged the tax advantages of a partnership with the limited liability benefits that come with corporations. It took more than ten years following that decision for the Internal Revenue Service, or IRS, to declare that an LLC would be considered a partnership when pertaining to federal taxes. During this time, none other than the state of Florida had introduced any LLC laws. This was due to the uncertainties surrounding LLCs when it concerned the tax outcomes of the entity. (Cartano, 2008)
A General Partnership is composed of two or more persons (usually not a married couple) who agree to contribute money, labor, and/or skill to a business. Each partner shares the profits, losses and management of the business and each partner is personally and equally liable for debts of the partnership. In terms of asset protection, general partnerships can be even worse than sole proprietorships.
Miller, R. L., & Hollowell, W. E. (2011). Business Law: Text & Exercises 6th Edition. In R. L. Miller, & W. E. Hollowell, Business Law: Text & Exercises 6th Edition (pp. 22-23). Mason: South-Western Cengage Learning.
there are laws, such as the Minimum Wages Law, the Industrial Safety and Health Law, the Labor
Clarkson, K., & Miller, R. (2012). Business law: Text and cases: Legal, ethical, global and
Business must ensure that they are up to date with the current laws and that they
Sole tradership is when the business is fully owned and managed by one person, though others can be employed to help run the business. As the sole traders only financial income is from the business and/or bank loan, they do not have the resources to expand and cover regional or national areas. These types of businesses are located in the small business sector and usually cover local areas. Such businesses could be hairdressers, corner shops or market stalls etc. Sole traderships have unlimited liability so if the business fails to pay its debts the financial responsibility falls on the owner/s to pay the debts in full even if they have to sell their business, personal possessions and assets.
I believe that Business laws do in fact keep business practices fair, balanced and competitive. Each law is designed to keep domestic and international businesses thriving in an ever changing market place.
Commercial law, also known as business law, is the body of law that applies to the rights, relations, and conduct of persons and businesses engaged in commerce, merchandising, trade, and sales. It is often considered to be a branch of civil law and deals with issues of both private law and public law.
It is conduct that separates the unmistakably set principles or laws that oversee business. This is simpler to distinguish than untrustworthy conduct on the grounds that it is essentially weighed against the recorded laws. The criminal code diagrams the fundamental prerequisites of conduct and any conduct outside of what is delineated in this code can be viewed as unlawful. Despite the fact that organizations can have composed rules or sets of principles it is unrealistic to foresee all conceivable dishonest conduct and since individuals have distinctive qualities, there remains space for participating in unscrupulous conduct. In recognizing unlawful and dishonest conduct, a business could pick up an awful notoriety through its untrustworthy conduct however actually talking may not be doing anything to contravene the law. Then again, a business that is occupied with unlawful conduct could be arraigned in light of the fact that it has infringed upon the
“Generally each person contributes assets and share risks. Like a partnership, joint ventures can involve any type of business transaction and the "persons" involved can be individuals, groups of individuals, companies, or corporations.”
In corporate law a company is considered to be a separate legal entity. The law sees the company as being separate from those who manage it. According to the law a company owns its own properties. The companies properties do not belong to the owners and those who manage it, which makes it a separate legal entity from its owners. Therefore if a corporation is considered to be it’s own separate person whenever it is involved in any legal action. According to an online business dictionary, separate leg...
Legal factors involve the laws that a firm has to abide by, i.e consumer laws, employee laws…Understanding the varying laws and regulations in a given region of operation is critical to avoiding unnecessary legal costs.
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. One could even say that laws are enforced ethics. Laws serve several roles and functions in business and society, and this paper will discuss those roles and functions.