Business Law: Sources, Role of Government, and Impact on Business
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This document provides an overview of business law, including the sources of law, the role of government in law making, and the potential impact of company, employment, and contract law on businesses. It also discusses the distinction between legislation, regulations, and standards.
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BUSINESS LAW
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INTRODUCTION...........................................................................................................................3 TASK 1............................................................................................................................................3 P1. Sources of Law......................................................................................................................3 P2. Role of government in law making process..........................................................................4 How common law and statutory law is applied with justice court..............................................4 Effectiveness of Legal system.....................................................................................................5 TASK 2............................................................................................................................................6 P3. Using specific examples illustrate how company, employment and contract law has a potential impact upon business....................................................................................................6 M2. Differentiate between legislation, regulations and standards to analyze potential impact upon business...............................................................................................................................9 D1. Provide a coherent and critical evaluation of the legal system and law.............................10 TASK 3..........................................................................................................................................10 P4. Explain how different types of business organizations are legally formed.........................10 P5 Funding, management of various organization with advantages and disadvantages...........12 TASK 4.........................................................................................................................................14 ssP6. Recommend legal solutions for resolving a range of disputes........................................14 M4. Compare and contrast different sources for legal advice and support for dispute resolution ...................................................................................................................................................17 D3. Evaluate the effectiveness of legal solution, legal advice and support for dispute resolution ...................................................................................................................................................17 CONCLUSION..............................................................................................................................19 REFRENCES.................................................................................................................................20
INTRODUCTION Business law is considered to be as rules and regulations which are applicable upon all business organizations which comes together to achieve goals and objectives. These laws are dynamic in nature and have wider scope because of their tendency to deal with issues that affects business in various aspects. In a broader manner it can be explained as that framework which is formed in order to manage selling of product and services as per standards of the business. In the following assignment sources of law, role of government in law making and evaluation of law is done. Also various types of organization, management, are funding. Both advantages and disadvantages is covered. Solutions related to legal issues are going to be covered. TASK 1 P1. Sources of Law There are different types of sources which is available in UK and this sources are effective because it certainly provides the way to take decision through which goals can be accomplished. Some of the sources of UK law are explained below: Equity Law:It is the law which has a huge importance because role of parliament can be seen in it. Any of the law which is commenced in it are formed only after obtaining the approval of Queen as per Royal Assent Act. In addition, it can be said that House of Common and House of Lords has to contribute equally in it so that goals and target can be accomplished. Common law:It is one of the most important law in UK because it certainly forms the law on the basis of situation which is presented in front of the jury. Under common law, judges needs to judge the situation and try to understand that where past cases can allow to resolve the case or whether there is a requirement of to pass new law to declare the result. European Union Law:It is considered to be one of the most important law that has been formed in order to make the people of Europe fell safe within the boundaries of the country. Currently, there are more than half of the law enforced law which has been introduced by EU law.
P2. Role of government in law making process Executive role:As per this role is related towards forming of policies which is an concrete framework for law in UK. These laws are tobe enforced by executives only for maintaining law and order (Bird. and Park, 2016). In this Queen, Prime Minister and cabinet ministers are included.Government is having superior authority of forming law that is done by following an proper procedure within the parliament in which discussion is taken place over the bill presented in to it both the houses and after getting royal assent becomes law applied over a country. Role of government has been explained as above. Legislative role:Various law are enacted which is presented in the form of bill in parliament. House of Lords and House of Commons are two houses where discussion over bill takes place. After this bill is send for Royal Assent. Judiciary role:In the government role is to assist formation of law. All this is done to give judiciary effectiveness in passing judgments (Davitti, 2016). The result obtained by it helps in building required number of courts so that all the delays in different cases can be avoided. How common law and statutory law is applied with justice court. Common law:In courtsjudgments are made on the basis of precedents that are going to help in solving of case of similar nature (Desai. and Kroll, 2017). These laws are very much important which helps in making certain rules which is help in creating positive environment. In case, judgment of a case comes out as a new law then it is considered in subsequent court decisions. Statutory law:It refers to principles and rules of law which are made with a view to govern rights of citizens living in a country. It is know as concrete form of laws which are formed through a proper procedure within parliament. These are available in written form by the legislative body (Fenwick, 2016). It follows a fixed procedure of passing the bill in the parliament in which it is transformed into an act which is made applicable across the country. In this the fundamental structure of legal system on which number of statutes are established. It is a declaration by the government that every individual has to comply with it and judgment is made considering the future cases.
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Effectiveness of Legal system Legal system in UK has gone through lot of changes from time to time which has resulted into its development. Despite of developing itself still many loopholes are there which are existing in its legal system. Existing system of law in UK is very much difficult to understand because of its complex structure.This has made it less developed then other modern countries. Different parts are there in UK legal system which ahs made coordination very difficult among legal personal and laws.Modernization has not been done which makes it not compatible with
modern scenario. Applicability of law has also been not done in proper manner. Due to this lot of problem has to be faced by judiciary, executive and legislative in forming laws and applying them in UK. TASK 2 P3. Using specific examples illustrate how company, employment and contract law has a potential impact upon business Government of UKhas formed various kind of laws which are important in order to regulatebusinessorganizationandfunctions.Suchlegislationhasdrasticimpactand effectiveness over an organization. That is explained as follows: Company law:These are that type of laws formed for the purpose helping in establishing of an business organization within the frame work of law and also provide legal framework for it. All these laws are mentioned under the Companies Act of 2006. This act bought a revolution by reducing complexity of forming a business organization. This can be further understood with example that is(Hamad, Elbeltagi. and El‐Gohary, 2018) . For example, ZRT is an company and is willing to expand itself. For this purpose fund raising is done but the fund collected is not being used in appropriate manner. Under such situationa case can be filed against the organization. Doctrine of Incorporation:It is explained as the the principle which discusses about the rules and regulation which must be followed. The main purpose of doctrine is just to make laws more strong and preferable. Talking aboutSolomon v Solomon case, it was one of the famous case which discusses that member and organization are separate from each other and member will not be liable to pay any of the debt amount of the organization. Consequences of doctrine of incorporation:Talking about this particular law, it is has the impact that any any of the member working within the entity has to not suffer and event they can easily take entrance and exit from the organization. Consequences of lifting the veil of incorporation:Here, consequences are beneficial for the company because after lifting of corporate veil the one to makes mistakes are made liable for their decision which they have taken while working in the entity.
The circumstances when the veil of incorporation will be lifted There are different circumstances whereveil can be lifted and that has been discussed below in detail: Trading with a trading certificate:There are number of documents which must be obtained and if organization fails to obtained trading certificate then veil can be lifted. Fraudulent trading and wrongful trading:If an of those situation arises where entity is not able to perform as per the requirement of law and guidance of company law then veil can be lifted. The Phoenix Company–If in case organization uses the same name of the company was has been already insolvent then in that respective condition veil can lifted easily. Employment law:As this is very important aspect of business organization which requires manpower to perform its task and completing them within given time period. So employment law gives an opportunity to select an individual to work in an organization. These laws also speak about right and duties which has to be followed by employees in an organization. Also this act ensures safety and security of employee has to be kept in mind. Under employment act of 2002 these are covered.For example an employee working in an organization with full dedication has been abused and discriminated because of his color by his senior. He can be sued for the act committed (Heminway, 2016). Employment Contract:It is the contract which is formed between employer and employee where certain terms are included which must be followed by either of the party. The main thing which must be considered is that in any of the situation contract must not be voidable in nature. Distinguishing between Employee from Self – Employed. EmployeeSelf-Employed This are the person who needs to perform their part of work as per the requirement employer. This people are never bounded to perform any of the work. Only those work are performed on
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which they shows their involvement. This are those people who are paid on the basis of monthly payout. Here, payment is made on the basis of work completed. How does the law make the distinction between employee and self-employed? The nature of work performed by the person help to identify about employee and self- employed. There are number of cases which can allows to understand about the difference among both the person.Control test – Walker v Crystal palace FC 1910, Integration test – Cassidy v Ministry of Health 1951, Multiple test- Ready Mixed Concrete (South East) Ltd v Minister ofPensions and National Insurance1968, Mutuality obligation test-O’Kelly v Trust House Forte Plc 1983 Importance of the distinction of the types of workers It is necessary to distinction among the worker because it is one of the reliable source for employer or any of the entity to identify that what should be the payout of any employees. Even this can help organization to understand that what types of work can be allotted to them. Contract law:These are those kinds of laws which are formed to regulate an agreement and give it validity in the eyes of law.These are formed between organizations for rendering monitory transaction in valid manner. Under these laws various elements are there that has been used to make an contract valid they are Offer: means when one party has made offer and other party is required to accept it. Under this and offer is made by the party or an idea is presented in the party. Acceptance this means when offer that has been made is accepted by the party. In this an offer has to be accepted by another party in order to initiate the contract. Consideration there should be an concern over the contact that has been made upon the contract. Consideration is legal and should be based upon nature of contarct. There are various types of consideration and they are executor or future consideration in this
considerations has been made further. President consideration that is being done on continuous basis. Past consideration that has been completed before the promise has been made. Intention should be legal to create an contract which means contract should not be illegal from any aspect. It is there to provide legality to an contract to make it valid in the eyes of law. An agreement is considered to be mutual understanding between two persons. Social agreement is related to any kindrebutting assumption between two parties participating in a lottery competition. Commercial agreement that has been taken place between two parties that are willing to perform business or trade. Privityof contract this doctrine is an common law based which explains that and contract cannot be confer rights or to be imposed upon obligation on any person that is not party to contract. Capacity is the legal ability of an party to enter in to contract. It can be considered as those obligations and guidelines set for contract to enhance legal nature in order to provide stability in contract. For example, contract has taken between SDF ltd and a supplier over raw materials supply within appropriate time limit. Due to certain reason supplier was not able to supply raw material and this resulted into revocation of contract.Hence it can be marked out the there has been breach of contract which means when a guideline of contract has not been followed. M2. Differentiate between legislation, regulations and standards to analyze potential impact upon business Legislation:These are related to an concrete framework of rules and regulation that has been passed by government only after having proper discussion over it. Proper procedure has to be followed for making a law that is done through a discussion in both the houses and giving it Royal assent. This bill once become a law is applicable to all over the country and to every individual. These laws are used by court within various cases. Regulation:They are considered to be that kind of instructions which are formed within an organization according to the legislation that has been set up. Such rules are to be made by administrative department of an organization(Katsos. and AlKafaji, 2019). These are those
strong forms of laws which are applied in addition of legal provisions. These are very much mandatory to follow be followed. Standard:These are fixed guidelines that have been formed in order to make regulations to be followed properly. Also it helps in achieving of minimum criteria for completing task related to product and services. D1. Provide a coherent and critical evaluation of the legal system and law Legal system in a country like UK has had a strong impact upon stopping and regulating crime rate with appropriate justice. Every legal system has three important pillars which are there to handle legal system of a country. Under the legal system various laws are there which has become out dated because of rigidity which exist in their implementation. Various changes have taken place according to time and situation. Both laws and legal system is directly connected with each other. Transparency has also been lost due to complex laws. This can be understood further in a manner that all laws are required to be amended in proper manner to give strength to justice in courts or else it is going to make the legal system collapse. TASK 3 P4. Explain how different types of business organizations are legally formed Business organizations are the organization which are established to accomplishment of common goals and objectives formed by persons come together to form it. This organization can be of public and private nature. Such organizations are formed as per the requirement of the persons willing to form it. Situation and laws also play an major role in an organization. Various types of companiesare there which exist under two categoriesthat is incorporated and unincorporated. Some of these organizations used commonly are explained bellow as follows: Sole proprietorship:Such organizations are very easy to be formed and have less complex structure is involved in it ((Lasprogata. and Foster, 2016). Business organization is of the simplest nature which comes under this category of business. Organization of this kind has single owner who runs business. It is not considered to a legal entity because it has no proper registration process like private company. Also in this business the owner is whole and solely responsible for all kinds of activities related to business. These organizations have no complex documentation or lengthy process of getting registered. Documents like article of association and
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incorporation is not required by such a business entity.Only an trustable resource should be arranged for generating of financial help or funds. In order to run such type of business organization a person should follow rules and have with him, National Insurance number or NI number for providing existence in business of this type. Only registration is done for the purpose of getting registered to an extent of self-assessment. This is done under HMRC. Name is required to get it a existence in market. Partnership:Such kinds of business firms are formed with an agreement under which more than two parties are involved in order to operate firm of such type. These organizations are set-up with a major motive that is profit making out of business done under a firm. Profit and loss is shared among the partners of the company. It also gets benefit in taxpaying for a such kind of firm that is of partnership nature. In an partnership firm an agreement is signed between both the parties to perform an activity. Such parties can be of any kind of nature which means that working of an organization should be under partnership only. Government, non-profit enterprises or individuals can become parties. This is only based on contract formed over a period of time. In this HMRC has to be used for registration. Private Company:This organization is part of incorporated companies and all are required to be managed through directors and shareholders. Such companies are required to select directors to run organization of such nature. These companies are not allowed to sell there sharesinthemarkettopublic.Decisionmakingisinthehandsofdirectorsforsuch organizations. Registration of these companies is done only after forming of Memorandum of Association and submitting required documents to Companies house. Public Company:Under such type of company public becomes director of the business only after shares have been distributed to public. In other sense it can be understood as that type of company which is their multiple, ownership and has sold all it shares in market with an offering of getting director’s position in these organizations. These companies can sell their sharestopublic(Lee,2017).Thesecompaniesareregisteredbyidentifyingnumberof shareholders and obtaining their digital signature, identification number. Also address of head office is required
P5 Funding, management of various organization with advantages and disadvantages Incorporate Organization:Such types of organizations are formed in order to operate any kind of business that has personal legal existence because of which it becomes very easy to be formed as part of contract and also is very easy to be formed. This is considered to be one of the most safe and secured form of business to be operated and also fund raising is easy. Private Company:These types of organizations are funded through loans from banks, equity and also from raising fundthrough crowd funding. These organizations are managed by the directors which have been selected for performing operations in a business. Advantages of Private Company are It is a separate legal entity means that all it is separate from its owner. Perpetual succession is there which means death of a member is not going to effect Company’s existence. Disadvantages of Private Company Process of getting it register is very long Also complicated procedure which becomes time consuming. Public Company:These organizations are funded through selling of it shares to public and taking loans from any kind of government organizations. Management of these organizations are done through its owners. Advantages of Public Company Capital is raised through issuing of shares. Sources of finance can be arranged easily(Rohlin. and Ross, 2016). Disadvantages of Public Company Directors appointed should have different aims as that of shareholder. Control is lost over ownership due to various owners.
Unincorporated Organization:Such kind of organizations are formed in order to operate that kind of business in which operations are performed to earn profit out of it.Major benefit of such kind of organization is that it is not recognized legally and does not has to pay taxes like private company. Arranging of funds can be really hard at point of time because of no association of a name. Sole proprietorship:These organizations have to be handled by an individual and funds have to be arranged by him only. Funds can be arranged through friends, family members and taking private or personal loan. Management of these organizations is done through individual only and persist whole responsibility of managing everything to perform activities of business. Advantages of sole proprietorship: Easy to set-up businesses and no complex procedure involved. Less financial resources are required for setting it up. Disadvantages of sole proprietor: Liability of the owner is there while running a business and also loss has to be handled by him only. Tax of self employment has to be paid by the owner. Partnership:In these types of organization that are run by more than two individual as partner. Finds are being arranged through private organizations, arranging of loans from bank. All the partners involved in this business is responsible for managing every aspect of it and liability lies over the partners to run this firm(Lifshitz. and Finkelstein, 2017). Advantages: Process of setting this organization is very easy and not complex in nature. Chances of generating large resources increases as more than two persons are involved in it. Disadvantages of partnership
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Liability of partner is limited Lack of harmony is their because dispute can arise at any point of time. TASK 4 ssP6. Recommend legal solutions for resolving a range of disputes Case A:Thomas & JVC Plc:Generally the appointment of the directors has been done by the shareholders at the annual general meeting of the company by voting system. In case if the vacancy has been arisen before the AGM in that case the other existing directors can appoint a new director which have to be later approved by the shareholders. Generally directors get their remuneration on the basis of the agreement with the company at the time of their agreement. Generally in the Articles of Association, it is mentioned about remuneration to the directors. The employer's most important duty towards its employees is to provide a safe workplace to work and also paying the agreed wages with incentives. Whereas the employee must also do his assigned work in a sincere manner and also follow the instructions of employer. Insolvency Act 1986is the governing law in UK when an individual or company is unable to pay its existing debt. Generally an insolvency leads to the liquidation of the company which means ending the the life of the company and stopping it from doing business. Here the company can make an informal agreement with the creditors for demanding extra time for the repayment. This can lead in avoiding the compulsory winding up. Under ADR the negotiation means that parties will negotiate among themselves to reach a solution. The best option in this case is that to solve the dispute by adopting the ADR method because it is less time consuming and less expensive. If the issue is not solved through ADR, Insolvency Act 1986 will be used to solve the dispute. Case B: Augustine & Smart Equipment Ltd: Equality Act 2010establishes the gender equality among men and women at workplace. Generally women and trans genders faces discrimination, thus to protect their rights this act has been enacted. The Environment Protection Act 1990was enacted to control the pollution level of air, water and land by managing the waste management and emissions. This act imposes the duty
upon every business to conduct their activities in such a way so that the environment should be protected till the possible extent. Redundancyis basically removing an employee from his job to decrease the workforce. The rights of employees should be protected while doing redundancy such as payment of pay during redundancy and serving the proper notice by the employer. The ways in which the information regarding the alive people must be used as per the compliance withData Protection Act 1998. This act has been implemented to avoid the misuse of the information regarding people. TheCopyrights,Designs & Patents Act 1988is one of the governing laws related to the protection of IPR. It majorly protects the rights of the authors for their artistic and literary work and give them right to control that how their creation will be used. TheMediationis one of the ways of ADR where a mediator will be appointed and he will mediate between both the parties to reach a solution. His given solution will not be binding upon the parties. Here in the given case the mediation is the best option to solve the dispute among the parties as in this both the parties will be in a win-win situation. If the parties does not follow the suggestion given by the mediator, the parties can proceed for the ordinary legal proceedings. Case C: Daniel & Smart Equipment Ltd:Trade Unions means a group of members of a businessorganisationspeciallyemployeeswho worksfor theprotectionof rightsand upliftment of workers. They generally discuss the issues related to the workers with the management of the company regarding payment, redundancy and ensure that the management is complying with all the major labour laws. The major advantage of having a trade union is that the rights of the employees gets protected. The disadvantage of having a trade union in a company is that sometimes it creates unnecessary pressure upon the management of the company to fulfil their vague demands. Citizens Advice Bureaugives free advice to the citizens of the UK in the matters related to finance, legal advice and advice related to consumer law etc. The main advantage of this is that people will be getting advice in free and through experts while the disadvantage includes that sometimes this process can take a long time due to many people seeking for the advice.
Employment tribunal solves the various disputes which arise between the employer and employees. In an appropriate time the claim should be made in person or electronically before the tribunal in the prescribed form. The tribunal can dismiss the claim if it is barred by the limitation. The response from defending party must be filed within 28 days of sending the claim form by the tribunal otherwise the claim will be proceed as undefended. After that the hearings will take place and the compensation will be provided accordingly. The remedies will be given by the tribunal as per the legislation in which the claim has been filed. Arbitration proceedings are done through appointing an arbitrator and the award given by arbitrator will be binding upon the parties. As arbitration does not take much time and it is also cost efficient so the parties should adopt this while solving the dispute but it should be taken into consideration that there will no appeal against the award. Case D: Janet & Janet & Italian Restaurant: Negligencemeans breach of some duty due to which someone has suffered a harm. There should be four elements present while that there was a duty, the duty has been breached, the loss suffered was due to that breach and that damage was foreseeable. On presence of these elements only the compensation will be given to the sufferer. The court can order the wrongdoer to deposit the compensation amount with the court. There are various ways by which negligence claim can be funded such asLegal Aid, Conditional Fee AgreementandLegal Expenses Insuranceetc. Here in this case the mediation will be the most efficient way of solving this dispute. Because nobody wants a complex and time taking process to solve their issues. So it is highly probable that decision given by mediator will be followed by both the parties. M4. Compare and contrast different sources for legal advice and support for dispute resolution Legal advice is the advice which are being regarded as the opinion that is being given by the lawyer in formal manner. This is done only when client visits lawyer for solution regarding the case or problem. For proper advice all facts must be disclosed in front of the lawyer.
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Free legal consultation:As per this a lawyer gets involved in direct conversation with the clients and discussion takes place over it. All facts over the issues are heard and time is also given to client for deciding to proceed with the lawyer or not. Many questions are required to be answered under this. Legal aid programs:Main aim of this is to protect legal rights and maintain equality towards justice. It gives right to have fair trial. Self-help legal aid:As per this the legal rights that has been vested has to be implemented and fight has to be done over the rights that has been granted under the constitution.(Peterson. and et. al., 2016). D3. Evaluate the effectiveness of legal solution, legal advice and support for dispute resolution Legal solution is the remedies that have been applicable under the situation to solve the dispute that has taken place. Methods like negotiation, arbitration, conciliation is used under this. As these are mainly the out of court settlements that is helpful in finding an immediate solution over the problem which has occurred. Legal advice is that opinion which is describing upon what to do under the situation to get justice. It has to be given through professional of law like lawyers or advocates only after hearing facts of the case. Movement has to be made in the right direction to utilize money and time in proper manner.
CONCLUSION From the above file it can be marked out that concept of business law is of very wide and drastic in nature because it covers procedure for establishment of an organization. There procedure of formation, funding, managing has been covered in this file. Sources of law and role of law making has been explained in PPT. Further in this file various laws like company, contract and employment law is explained. In the end legal solutions is being given regarding various case scenario through Alternate Dispute Resolution System.
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