Business Law: Sources, Impact, and Types of Businesses

Business Law

TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................1
LO1..................................................................................................................................................1
P1: Different Sources of Law......................................................................................................1
P2: Role of Government in Law Making.....................................................................................3
LO2..................................................................................................................................................4
P3: Impact of Laws Upon Business.............................................................................................4
LO3..................................................................................................................................................6
P4: Different Types of Businesses...............................................................................................6
P5: Management and Funding of Businesses..............................................................................9
LO4................................................................................................................................................10
P6: Legal Solutions....................................................................................................................10
CONCLUSION..............................................................................................................................11
REFERENCES..............................................................................................................................12

INTRODUCTION
Business laws are basically such legal rules and regulations to the businesses which each
business owner need to follow in their workplace. These laws give a specific direction to owner
to all business activities in ethical manner. There are Contract law, employment law,
environmental law, etc. some major laws which comes under business laws. A businessperson is
able to create a safe zone to their business with support of business laws. These laws are
generally developed by local government or international business institution. To main ethical
environment within businesses is the main objective behind business laws. These laws know as
commercial laws. This report discusses various sources of business law. Role of government in
law making is also mentioned below. Impact of employment, contract and company law on
business is specifically discusses below. There are legislation and regulations different to each
other. Role of legal terminologies within different organizations is also mentioned in this report.
There are various legal solutions available to a business which helpful in resolve a range of
disputes. These laws are very useful in maintain effective standards within a business
environment.
LO1
P1: Different Sources of Law
Law is a systematic framework of a country which helps to regulate and control the
actions of its population. It also helps to protect their citizen from different malpractices which
occurs within the reach of legal framework (Überbacher and Scherer, 2019). Law is amended
and controlled by the legal justice body of the country and their government which helps to
govern all the actions to increase productivity of country and provide welfare their people. Law
provides legal justice to people of country to secure their rights as a citizen and help them to be
more productive. The power to provide justice to citizens is only with government and anyone
which uses that power can be held under law. Cultural values and ethics are commonly
considered into law to safeguard their beliefs. UK's law has been integrated with four sources of
legal structure which helps to regulate rules to whole country effectively. Common Law,
legislation, human rights law, European union law are four sources of UK law which helps to
provide safety to citizens and ensure peaceful environment in country.
Legislation
1

Legislation is the actions which are taken by the parliament of UK in London. Parliament
is the only legal body which has the power to regulate and demolish laws from legislature to
improve code of conduct (The Legal System of the United Kingdom, 2020). UK's parliament is
divided in two houses which is House of commons and house of lords. Every individual of
houses is called member of parliament. House of common consists of 600 members who are
elected by citizens of particular constituency or region to be their leader. House of lords has 800
members out of which 600 members are elected by prime minster and Queen and others are
members due to ancestral legacy. Any act which is taken in legislation is called act of parliament
and it is converted into law after approval of Queen.
Common Law
Common law are the rules and regulation which is made by judicial body of country and
it is very essential for the country to understand all the rules and regulations. Common law is
based on laws of legislation to provide safety to citizens of country. The focus of common law is
on civil and criminal laws to provide justice and peace in country. This law facilitates legal
cases which are filed in courts and this helps to protect rights and duties of citizens which are
innocent. These laws are unwritten in the legislation and provides a better ideology for
legislation t enact effective law to resolve all the issue faced by the country. The judicial system
is divided of different level of legal bodies from small courts to supreme courts according to size
of cases.
European Union Law
European union law is the effective framework of laws which is applicable in the
European union member countries. This law facilitates common laws in all the member countries
of European countries and governed by a committee consisting of member of every county in the
committee to make decisions (Roberts, 2018). This law inspects all the judicial bodies and also
provides guidance to them to increase their efficiency in providing justice to public. This law
welcomes all the counties of Europe to join the committee if they are willing to follow rules and
regulations which are implemented in the laws. Currently here are many countries which have
been elected European union member and follows the rules and regulation of union laws for
uniformity.
European Convention on Human Rights
2