Business Law: Legal System, Sources of Law, Government Role

Business Law

Table of Contents
INTRODUCTION...........................................................................................................................1
PART 1............................................................................................................................................1
Explanation of legal system along with strengths and weaknesses............................................1
Different sources of law..............................................................................................................3
Role of government in law making.............................................................................................4
Application of statutory and common law in business ..............................................................6
Key legislations, regulations and standards the needed to be aware of by new businesses........6
Different laws that needed to be followed by businesses and their potential implications on
businesses....................................................................................................................................7
Explanation of the different types and classification of business organisations in public and
private sector and their legal structure along with advantages and disadvantages.....................7
Evaluating that how different organisations are managed and funded in both public and
private sector...............................................................................................................................8
PART 2............................................................................................................................................9
Solutions in respect to various legal problems facing by local businesses.................................9
CONCLUSION................................................................................................................................9
REFERENCES..............................................................................................................................10
.......................................................................................................................................................10

INTRODUCTION
Law is having the main purpose related to regulation of individuals and institutions
actions within a nation. It is the system formulated by government to protect the interest of
individuals and institutions. All the different laws prepared by government contains the
regulations that further govern the activities. These are must to adhere in performance of the
actions and functions otherwise, have to face the legal consequences. There are different kind of
laws that exists in nation and cover the functionalities of diversified parties along with
organisations. These includes company law, contract law, civil law, criminal law and
employment law. All these are having their own different contribution and attached benefits. In
overall manner, the integrated effect of all help in development of legal culture within a nation
that must needed to adhere by all who not aware of same or not resident of the nation (Allen,
Kraakman and Subramanian, 2016). The main aim of this report is also to understand about the
different legislations and regulations related to business law.
This report has two parts. The aspects covering in part one includes explanation of legal
system along with strengths and weaknesses, different sources of law, role of government in law
making, application of statutory and common law in business, key legislations, regulations and
standards the needed to be aware of by new businesses, different laws that needed to be followed
by businesses and their potential implications on businesses, explanation of the different types
and classification of business organisations in public and private sector and their legal structure
along with advantages and disadvantages and evaluating that how different organisations are
managed and funded in both public and private sector. The aspects covering in second part
includes brief overview about the contract, employment and company law and solutions in
respect to various legal problems facing by local businesses.
PART 1
Explanation of legal system along with strengths and weaknesses
Legal system contains the legislations, regulations and rules that govern the activities of
individuals and institutions. The native of this system is wide in scope where it includes all
different types of laws that applied over different parties, institutions and actions such as civil
law, criminal law, company law, employment law and contract law. The main purpose of the all
legal system is to safeguard the interest of vulnerable and bring legal consistency in society.
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