Business Law: Sources, Role of Government, Contract Law, Company Law, Employment Laws, Legal Business Formation

Business Law

Table of Contents
INTRODUCTION...........................................................................................................................3
MAIN BODY..................................................................................................................................3
Sources of Law............................................................................................................................3
Role of government in law making.............................................................................................4
The application of statutory and common laws by the judicial court..........................................4
Efficacy of the legal system in light of recent developments or improvements..........................5
Contract law's impact on business...............................................................................................5
Company law's impact on business.............................................................................................5
The impact of employment laws on businesses...........................................................................6
What is the difference between legislation, regulations, and standards?.....................................6
Formation, management, and funding of many forms of legal businesses.................................6
Advantages and disadvantages of various legal business formation...........................................8
Dispute resolution through legal means......................................................................................9
CONCLUSION..............................................................................................................................10
REFERENCES..............................................................................................................................11

INTRODUCTION
Law plays a critical part in the country's greater control. The government enacts a number of
laws in order to manage and control the country and ensure that all of the country's operations
are regulated. Various acts deal with various aspects of the country. Business law is a field of
law that assists in the administration of business operations. Contract laws, corporate law,
employment laws, and a variety of other laws all fall under the umbrella of business law
(Rendtorff, 2019). Every one of the business related laws aid in a variety of activities related to
business, such as the structure of the firm, fundamental requirements, business development,
employer and employee duties and obligations, and so on. The purpose of this report is to have a
better understanding of the United Kingdom's legal system. It also seeks to comprehend the
effects of various regulations on the organization. Its goal is to comprehend the establishment of
various types of businesses. Finally, it seeks to comprehend all legal options open to parties other
than the judicial procedure in the event of a disagreement.
MAIN BODY
Sources of Law
There are two important origins of law in the United Kingdom.
1. Primary sources of laws.
Legislation: These are just the statutes which the administration of the nation has
enacted. The laws or legislation introduced by the government are effective on the entire
country. If any entity is proven to be disobeying the laws enacted by the country's
parliament or administration, the laws or bill will inflict severe penalties on them. Those
would be the laws that are also enforceable on the courts, particularly when it comes to
issuing orders or interpreting statutes in order to give judgment.
Precedents include: All of those are court judgments that have been in effect for a
long period of time and it's still being obeyed by the court. Precedents are extremely
valuable and serve as a guide for the courts, particularly when dealing with similar cases.
When there's any resemblance seen between proceedings, precedents assist the judges in
taking quick conclusions (Ponthoreau, 2017). Because precedent is so important, the
court frequently uses it all while deciding rulings.
2. Laws from secondary sources include:

 Various forms of law-related literature, as well as legal commentary produced by
legal experts.
 The opinions of judicial specialists, as well as their perspectives on legal concepts
and information.
 Decisions of various courts with varying jurisdictions.
The two sources of legislation mentioned above are extremely valuable to the country since
they aid in decision-making. If there is a contradiction between the above-mentioned sources of
law, the primary sources of law shall always take precedence.
Role of government in law making
The government plays a critical role in enacting legislation. Before the royal queen assents
to the law they passed, they must go through a six-step process. The following is a discussion on
the same:
 First Reading: In the House of Commons, the phrase of the suggested bill is recited,
along with its contents.
 Second Reading: Members of parliament debate the proposed bill.
 Committee Stage: The bill is being reviewed by the House of Commons for further
amendments.
 Report Stage: If any corrective action is taken to above stage, the delegates of the
Commons debate them.
 Third Reading: The measure is brought to a conclusion, which will be authorized by
voting.
 House of Lords (Lords): The proposal is sent to the House of Lords after receiving a
majority of the votes. Every one of the preceding stages are followed in the House of
Lords.
 Ascension to the Crown: Although both houses were comfortable with that of the bill to
be implemented, it is transmitted to the queen seeking royal approval and royal assent.
The application of statutory and common laws by the judicial court
Every one of the legislation most of which are relied mostly on precedents are known as
common laws (Pillai and Williams, 2017). If some of the cases that shows up before the
Judiciary or judge, the juries are compelled to look at the precedents and make that very same
verdict as the last one. This is consistent with the belief it was legally binding. Whenever the