Key Sources of Laws for Business Organizations in the UK

BSc (Hons) Business Management
BMP4002 Business Law
Assessment 2
Report describing the key sources of
laws as the legal context for business
organisations in the UK
Submitted by:
Name:
ID:
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Contents
Table of Contents
Introduction .............................................................................................................................2
Businesses & Organizations in the UK......................................................................................3
The legal business structure of UK companies.........................................................................3
Sole Trader...........................................................................................................................4
General Partnership.............................................................................................................4
Partnership.......................................................................................................................... 5
Limited Liability....................................................................................................................5
Recommendations for IOM Solutions.......................................................................................6
Conclusion................................................................................................................................ 6
References ............................................................................................................................... 7
Introduction
Business law is a part of civil body which specifies regulations regarding the conduct
of business and their obligations which one needs to comply with. Business law in itself
covers a number of legislation's such as Company, Contract and Employment laws, which all
work in collaboration to each other which further helps in carrying the affairs of the business
in smooth and efficient manner. These regulations specifies certain rights, responsibilities and
obligations of every concerned individual as well as company. Moreover, the process of its
formation and dissolution are also required to be performed as per the prevailing regulations.
The said report is going top elaborate the different forms of business along with their
demerits and merits. It also covers the effect of legal implications which can affect and be
most suitable for the business of Sam. There lies the recommendations for the Sam for
adopting the new form of for his business of IOM solutions , where he wishes to expand the
existing limits(Abuselidze and Katamadze, 2018).
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Businesses & Organizations in the UK
Generally for the function of the business, the United Kingdom is considered as one of
most safest place and also it is reasoned that the laws of the country asks for easy form of
compliance. According to the index of world bank ease of doing business, United Kingdom
has also attained the title of highest ranking among all the other countries. One of the leading
legislation which looks after the workings and management of the companies is of
Companies Act of 2006. every business in order to ensure its effectiveness, other than the
companies act needs to comply with the employment and contract laws as well. As the
conduct of workforce which is the workers are directly related with the growth of the
business(Cappellino, 2020). Also, as the company is required to enter into number of
transactions and agreements which are4 mainly governed by the contract laws, in order to
achieve certain goals. The companies enjoys various titles each depending on their type, such
as the limited liability companies have the privileged of separate legal entity, where both the
owner and the company are treated in an individual capacity which means that the members
cannot be made liable for the acts of the transactions or debts of the company. Other than this
there also lies the titles of perpetual succession, letter of intent and non disclosure agreements.
Moreover, the Memorandum of association and Article of association are the two documents
which acts in the capacity of constitution for the respective company. Also there are
mentioned various duties which the directors and the other concerned members of the
company are bound to follow. One is also subjected to the liabilities and legal actions when
the acts are done by the directors while exceeding their given authorities that is the acts done
in ultravires. Other than the companies act the major legislation which specifically regularize
the matters of the partnership firms is the Partnership Act of 1890. The process with respect
to the dissolution of a company are also required to be carried out in the manner as prescribed
by the legislation as this involves the number of rights attached to it.
The legal business structure of UK companies
At the option of the person who wishes to start their new business venture or tying to
expand the existing one, there lies the option of various different forms of business. Each
form comprises of their own benefits and disadvantages and also certain obligations and
duties which one is bound to fulfill. Moreover, the existing legislation of the country with
respect to the business law also plays a crucial role for the ascertainment of any form as it is
required for the owner to know that which form enjoys the minimum legal
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