Business Law Types of Sources - Assignment
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Added on 2020-10-22
Business Law Types of Sources - Assignment
Added on 2020-10-22
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BUSINESS LAW
Table of ContentsINTRODUCTION............................................................................................................................3LO 1.................................................................................................................................................3P1 Different sources of law.........................................................................................................3P2 Role of government in formation of law................................................................................3LO 2.................................................................................................................................................5P3 Impact of different law on business.......................................................................................5LO 3.................................................................................................................................................7Formation of different type of business organisations................................................................7Management & Funding of business organisations.....................................................................8LO 4.................................................................................................................................................9Recommendation for resolving various disputes........................................................................9CONCLUSION................................................................................................................................9REFERENCES...............................................................................................................................10
INTRODUCTIONBusiness Law provides various provisions, rules and legal guidelines for regulating &conducting operation of a business. This report includes various types of sources of law. Further,this report elaborate role of government of UK in formation of law and application of common &statutory law. Furthermore, this report explains impact of Company act, contract law andemployment law on business. Moreover, this report includes different types of businessorganisations & their formation. Further, this report elaborate sources of funds used byorganisations. At last, this report explain various methods of resolving disputes with in abusiness firm.LO 1P1 Different sources of lawLaw of United Kingdom is formed and regulated by government of UK. This law isapplicable to 4 countries such as England, Scotland, Wales and northern Ireland. Law of countryis introduced from different sources which are discussed below-Legislation- Legislation is a supreme source which formulate various acts of parliamentsand it also make amendments & changes in laws according to requirements. Purpose behindformulation of Legislation is to authorize, to restrict and to protect rights of citizens of UnitedKingdom. Parliament of UK, which is located in London is authorised to form legislation. Thereare two house in UK parliament such as House of common & House of Lords and all the powerregrading formulation of law is with this two house. This source also gives orders to councils,Bye-laws and other statutory instruments(Cherry, 2017).Common Law- Common law is formulated and regulated by judges of courts. Origin oflaws, rules and regulations in Europe & Wales is from Common Law. Provisions of this laws canbe amended frequently in comparison to acts of parliament. According to this source lawyergives their judgement on case laws in a written document.European Union Law- Provisions provided by this source is applicable to members ofEuropean Union. This source consists of rules & regulations related to political, economical andsocial policies of European Union (EU). United State is also a member state of EU thus, thisprovisions are also applicable on UK and any other state who wants to join EU has to followrules & guidelines given by this EU Law.
European Convention on Human Rights- As UK is member of European union it hasto follow all the guidelines described in “The Human Rights Act, 1998”. This act is formed forprotecting rights of citizens of United Kingdom and it is mandatory for all courts to follow.P2 Role of government in formation of lawRole of Government in Formation of LawGovernment is a body who runs a country. It is the responsibility of government to makerules and policies which helps them in providing better facilities and services to its citizens.Government of United Kingdom also responsible for functioning of its parliament. Governmentplay a role in making legal rules by appointing members of parliament.Government of UK provides guidelines and policies to parliament through which helpsthem in making necessary decisions. Government conducts legislative programmes for makingdecisions related to formation of policies and rules. Government gives order to legislatures tomake changes in existing act time to time so it can benefits individuals of United Kingdom. Lawis formed with the help of public bills and whole process of passing a bill is conducted bygovernment & parliament. This process is described below- First Reading- This a formal stage where role of government is to read the pubic billand than member of parliament also go through details of Bill(Poole, 2016).Second Reading- In this stage member ofGovernment of United Kingdom plays a roleas Bill is presented to House of Common by minister of government. After presentation of Bill inparliament other members of opposite political party go through it and they give their views onthat. By considering views of opposition party Bill is further processed to Committee Stage. Committee Stage- At this stage Bill is transferred to Standing Committee and thiscommittee is consists of 16-20 members of parliaments. This panel also includes somegovernment members. If the bills are related to finance and armed forces than government directthem to pass them on standing committee. On the other hand bills which are important forconstitution and bills which are not controversial are transferred to committee of whole house.Report Stage- Bill is that is evaluated and passed from Committee stage is than passed toreport stage in which bill is reported to whole house of common within a period of 2 weeks. This
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