Importance of Business Law and Ethics in Running a Business

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Business Law
It is a body of law which
governs the commerce and
business and this also helps in
regulating the hiring practices,
corporate contracts and the
sales and the manufacture of
the consumer goods. It tells
about the laws which are
needed to tell that how a
business is run and formed.
It falls into two main
categories which is the
regulation of the entities by
the laws of the partnership,
company, bankruptcy and
agency and also helps in
regulations of the transactions
done and transactions by the
laws of related fields and
contract.
Is regulated by the federal and
state laws in which the federal
governments govern the
investments and stocks,
environment protection and
the employment laws. The
State laws add to the federal
of laws.
It is made after considering
the moral values and ethical
principles and it is made by
the judicial system in the
country
Front
Importance of Business law
 Helps graduates in
setting the business
 Safeguard the interest
and protect the
general public and
maintains the social
peace, order, justice in
the society
 Guides about both the
civil and criminal laws
 Helps management
professionals in
meeting the business
ethics
 Explains the duties,
rights, liabilities and
obligations of the
parties which are
involved in the
contract of purchases,
sales or in any other
contracts
 Deals with many other
legal aspects like the
laws of land, sea, laws
of guarantee and
indemnity, insurance
laws and many more.
 Helps in getting
comprehension about
the business ethics
and how to run a
proper and authentic
business