2. Their importance cannot be overstated – employment (or labor) laws provide the foundation for our economic system! That nexus might mean a physical retail shop, or hiring employees in the state. Law Practice Doctor. In a more detailed and direct definition, day to day operations is often directly correlated with business law, even if we don’t see it. First-time business owners might not know the complete in’s and out’s of business law, and that’s all right. A better understanding of legal matters also provides a manager with a framework on which a decision can be made. Having even the most basic of knowledge when it comes to the importance of business law can drastically improve your life as a business owner, as well as your own company. Not everyone knows everything they need on the first try. This is, perhaps, the most beneficial importance of compliance in a business. https://www.quora.com/What-is-the-importance-of-business-law He has a wide gamut of professional experience, from the Merchant Marines to the Banking and Finance industries and has been associated with Robert Kennedy College since 2015. programme in International Business Law. It will help your business thrive, it will make you a better business owner, and it will give you a leg up on people who don’t know their stuff as well as they should. Businesses, large or small, all fall under the same ruleset. Your email address will not be published. The importance of business law stretches beyond what people might assume, which involves the livelihood of the employees that work for the business. In today’s almost borderless business environment, understanding the organisation’s rights vis-à-vis its employees, clients, vendors, government, etc., will go a long way to making better, more informed, and profitable business decisions. In today’s almost borderless business environment, understanding the organisation’s rights vis-à-vis its employees, clients, vendors, government, etc., will go a long way to making better, more informed, and profitable business decisions. Business law defines different types of business for setup, such as - Partnership, Proprietorship, Corporation (Private and Public), etc. For more information you may request for a free catalogue at http://www.salford.rkc.edu/catalogue?j=face_an. Business law serves as a way to maintain order among businesses, brands, and companies alike. For example, standards are set in every workplace surrounding things like sexual harassment, or discrimination. Importance of Business Law 1. Learn as much as you can, and apply it to your business to see the results. Staying on the right side of the law Confidentiality in the workplace laws in the UK (external link) work to protect information that is shared on the basis it will remain private property. Business law serves as a way to maintain order among businesses, brands, and companies alike. No business wants to face criminal charges for not adhering to the law. Laws on guest-tenant relationships, maintenance of public health through the creation of smoke-free zones and food hygiene standards apply directly to the industry. You need to understand what rights your business has against other businesses, and individuals as well. This is “Importance of Rule of Law to Business”, section 1.4 from the book Business and the Legal and Ethical ... Alcohol, Tobacco, Firearms, and Explosives. Other areas to consider include corporate and company law, which covers all aspects of business operating constraints as well as corporate structure. Laws communicate what is … For more information you may request for a free catalogue at http://www.salford.rkc.edu/catalogue?j=face_an. For first-time business owners, long-standing businesses owners, and self-starters who maintain their services as a business in and of itself should be aware of the basics revolving around business law. Indeed, knowing the rights and the protection the law can give to both an individual and a company can be vital managerial information. Knowing your rights as a business owner, and knowing the importance of business law, can help you establish your ground, and give you plenty of room to stand on when defending yourself in various situations. Contract Law. Copyright 2018. For starters, the importance of business law hinges on what you’ll be protected from, how your business will also maintain a sense of independence and stability, and how you can provide that protection for the people who will be working alongside you. Sure, business owners might have a full understanding of the way digital marketing works, but if they can’t understand the legal practices at work that revolve around the company they’re trying to build, they only know half the store. Contract law is a broad field that governs the conduct of business in many areas … When it comes down to it, the importance of business law provides you with a bevy of information that you’ll certainly need in the long run. Robert Kennedy College in an exclusive partnership with the University of Salford, UK offers an Online Master of Laws (LL.M.) Hello Vuyo, Thank you for your message and your interest. Required fields are marked *. Anyone of these circumstances calls for protection, aid, and help from the field of business law, and it’s important that the business owner in charge of the company is well aware of what they are, and are not, allowed to do. In general, the law specifies that a business must collect sales tax in any state with which it has a physical connection (known, in legal terms, as a “nexus”). Even online sellers might have to collect sales tax in any state … Just like individuals, businesses are responsible for paying taxes on income that they earn, and tax law... Competition. Hello Stephen, Thank you for your message and your interest. It acts as a guideline for acceptable behavior, and ensures equality within communities and social groups by an outline for the consequences of law violations. Please how do I get an online admission and how do I know if this schooling is legit. Yet managers are expected to be aware of the legal implications their decisions might have on the organisation. How do I know this is real because I am really keened to grab this opportunity please contact me 0736192777. For starters, let’s review what business law is. In short, a better understanding of Corporate, Consumer, and Commercial Law helps in setting benchmarks in product quality, safety standards, production and operational standards, and human resources, thereby protecting the rights of the organisation, its clients, vendors, and employees. Contract law is also covered, which can be important to understanding the complex interactions between individuals under the law and the rights that buyers and sellers can exercise. They protect the rights of the company, and of the people who work there, as well as help to establish a certain standard for how things should be run. They protect the rights of the company, and of the people who work there, as well as help to establish a certain standard for how things should be run. Such definitions of types of business help clarify ownership of the business entities. We can expect to work in a safe work environment because of laws. In an agency relationship, there is a principal and an agent. Therefore, when looking to start a business, entrepreneurs should be willingly reaching out to learn what they can, or build upon the knowledge they might already have. The corporate business entity is a legal “thing.” Once properly set up, the corporation can act like an individual in a business setting: it can operate a company, enter into contracts, conduct business transactions, sue and be sued. Indeed, knowing the rights and the protection the law can give to both an individual and a company can be vital managerial information. Salford Business School Students Visit The Supreme Court, http://www.salford.rkc.edu/catalogue?j=face_an. Your email address will not be published. There are commonplace terms that businesses owners often talk about without maybe recognizing how it’s tied to business law. State and federal laws prescribe standards for every industry, and in the hospitality realm, there are a number of relevant laws that service providers must follow. Salford Business School Students Visit The Supreme Court from University Of Salford on Vimeo. One of our Education Advisors will get in touch with you shortly and will explain the programme in greater detail and answer all of your questions.
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