MGMT 6018 : Marketing Management Assignment

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MGMT6018
Business Law & International
Contexts
13-Mar-18
(Student Details: )

MGMT6018
Introduction
Located in the southern part of Korean Peninsula, South Korea is a
sovereign state in the East Asia (Kim, 2012). The nation encourages the
foreigners to invest in the economy of South Korea (SK), in both direct and
indirect manner. The foreign investment in SK is promoted through the
Foreign Investment Promotion Act, 1988. There are a number of incentives
given to the investors for making investments in SK. These take the form of
tax relief, financial support, supporting the industrial locations, providing
cash grants, and certain other incentives.
In SK, there are two types of business organizations. These include the
private businesses and the corporations. There are further four subtypes of
corporations. These are the limited liability corporation, i.e., Yuhan Hoesa;
the joint stock corporation, i.e., Chusik Hoesa; the limited liability
partnership, i.e., Hapja Hoesa; and the general partnership, i.e., Hapmyeong
Hoesa (Angloinfo, 2018a). This discussion focuses on the different
legislations, based on different legal concept, which apply on the businesses
carried on in SK.
Legal
Concepts
Applicability in SK
Legal System The legal system of SK is based on two key sources
of law. These include the primary sources and the
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MGMT6018
secondary sources. The primary sources of law cover the
legislation, rules, regulations and treaties. The secondary
source of law covers the law reviews, archives, cases and
journals (Latest Laws, 2018). The precedents or the ruling
of the court are not given the status of being a law.
However, in practice, these precedents carry a strong
value with them, specifically under the Supreme Court of
Korea. There are six basic codes in SK and these include
the constitution, code of civil procedure, civil code, and
code of criminal procedure, criminal code, and commercial
code (Chan & Yo, 2017).
The other type of written law covers the National
Assembly passes statutes, the Presidential or Enforcement
decrees, treaties under Article 6(1) of the constitution,
rules made by Supreme Court of Korea, the ministerial
ordinances which supplement the general statutes, and
the directives, rules, and notices which the government
ministers or officers propagate, even when these are not
law technically, yet are deemed responsible for regulation
of activities of public servants, who are the issuing parties
of such directives, rules or notices (Chan & Yo, 2017).
Contract In businesses which are conducted in any part of the
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