Key Sources of Laws for Business Organizations in the UK

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:

INTRODUCTION
Commercial Code, also known as Commercial Code or Commercial Code. The body of the rule,
whether customary law, agreement law, national or international law, which governs transactions
between individuals in commercial law issues. The Business Law can understand by two types :
common law and civil law. In united kingdom there are several laws which are enforceable on
the business sector like the employment Law, Partnership , and Bankruptcy which regulate the
commercial enterprises, and Contract Law and related fields for the regulation of commercial
transactions. In a country of civil law, corporate law consists of statutory law. In the country of
jurisprudence, it is partly combined of the usual rules of common law and justice, and partly by
law. Underlying that the legal personality and limited liability two are basic theory for every
business law(Bryson, Wood, and Keeble, 1993 ).Almost all legal regulations help protect
creditors or investors. There are many forms of statutory entrepreneurship, unlike the sole owner
who bears the risks and responsibilities of running a business and making a profit, but by itself
does not form a legitimate company and is therefore special. This report will cover different
types of business organizations and recommendation to the IOM Solutions.
Businesses & Organisation in the UK
The plan of action and functional decision of company are taken by the administrative unit as
they are responsible for manage and run the business properly. Every company, itself acts like a
board of director and as if a shareholder. It duty that they ensure about fulfilment of legal
obligations. Being the board of director it is responsibility to fulfil and make decision for manage
the company's obligations. they are representatives of business who choose d by shareholders to
complete day-to-day obligations. This is basic rule that they work collectively as a board of
director. Board have power to delegate powers individually between directors or committee.
Duties and liabilities of directors
 Act in agreement with the company's Articles of Incorporation and the delegation of
powers is only reason for exercise its authority.
 They work to promote and the success of company and their members. they are also
accountable for company and employee's interests.