What is the importance of business law to the development of a business?

Answer 1

1: protects businesses from having products copied (patent)

2: protects employers and customers (from deception)

Without law, business organisations could not achieve desired results

Why?

Activities restrained and dependent on law:

-Establishing the organisation

-Acquiring resources

-Business operations

-Selling output

kind of helps :P

Answer 2

A developing business must take into account all of the laws and regulations that will apply to it, so that it is in compliance. If a business is found not to be in compliance with a law, it could possibly be subject to very heavy fines.

US state laws governing corporations, try to ensure (among other things) that decisions made by a corporation are made in the interests of the business and its shareholders, rather than the company's management or other third parties.

Business law also governs things like social responsibility and responsibility to employees to ensure that the business is not unfairly using or abusing individuals for gain.

The following are some areas in which laws and regulations affect businesses:

1) Administrative law (laws requiring the filing and periodic updating of certain registration documents with the state may or may not be applicable to a business) For example, NJ corporations must file papers with the state and pay an annual corporation fee for as long as they are in existence. When a corporations ceases to do business, it must also file with the state and pay a fee to legally terminate the corporation (this can be done online in New Jersey). Any required state or local licenses or registrations would also fall under this category.

2) Tax law (income taxes (for US corporations), payroll taxes, sales and use taxes, etc.) apply to all for-profit business (and payroll taxes apply to any business with employees). The business' income and expenses and net income must be reported each year to Federal and state income tax authorities, and tax must be paid on that income.

3) Laws and regulations regarding protection of consumers and employees - health codes, OSHA worker safety requirements, the necessity to provide for Worker Compensation insurance schemes.

4) Employment antidiscrimination and wage and hour laws

5) Laws intended to protect the environment

6) Laws intended to protect consumers from fraud (deceptive advertising)

Answer 3

The study of law is very important for our business.

Ignorance of Law is no excuse in the practical life.

When we study about the law relating to our daily transaction we can perform well and demand that other also perform well.

In the history of the world every body wants to less and demand more from the others. The study of law helps us to improve our selves and do our best.

With law we can protect our business from errors and frauds, misrepresentation.

Abdul Rehman Baig Advocate HC.

Answer 4

Managers must study the legal environment to ensure they are compliant. When managers don't, they jeopardize the business and risk getting sued.

Answer 5

Law is important to business because if a business doesn't operate legally the managers will have to face the consequences. Without law, businesses would take advantage of customers.