Impact of Business Law on Companies

Business law
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Table of Contents
INTRODUCTION...........................................................................................................................3
LO 1.................................................................................................................................................3
P1 Different sources of law.........................................................................................................3
P2 Role of government in law making........................................................................................4
LO 2.................................................................................................................................................5
P3 How company, employment and contract law impact on business........................................5
LO 3.................................................................................................................................................5
P4 Different types of business legally formed.............................................................................5
P5 How organisation is managed and fund.................................................................................8
LO 4.................................................................................................................................................9
P6 Legal solution for resolving dispute.......................................................................................9
CONCLUSION..............................................................................................................................10
REFERENCES..............................................................................................................................11
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INTRODUCTION
Laws and legislation is main pillar of a country. This is because it consists of rules and
regulations which need to be followed by people. Moreover, laws are formed by government and
it varies from nation to nation (Aldahmash 2021). Besides, it provide a structure by which
government and business runs. The laws need to be adhere by business as well. On basis of law
policies are formed and implied. The law ensure that business work in ethical and fair way. The
policies frame act as basis of structure of what procedure to be followed. Without law it is
difficult to run country and business. Courts, government, company, etc. all are governed
through law.
In report it will be discussed about sources of law and role of government in it. Also, it will
mentioned about how law impact on business and various types of businesses and how they are
funded and managed. At last legal solutions will be given for solving dispute.
LO 1
P1 Different sources of law
Basically, legislation means forming of laws and regulation. The laws govern entire nation
and it shows how government is able to monitor. In every nation there is a proper legal structure
which is formed. It provide a framework of how law is formed and applied. Similarly, in UK as
well there are different sources of law which is mentioned as below
Parliament- In UK there are two houses in parliament that is House of Commons and House of
Lords. In both these bills are passed to make it a law. Also, all government decisions are made
on behalf of Parliament (Begum 2020). The bills are examined and discussed in it. Usually, it is
referred as constitutional law.
European law- this law consists of law formed by European Union. The law is applicable to all
members of EU. The law over rule national law if there is conflict between EU and national law.
It is formed by European Union which is enforced in all nations. But it differ from law of nation
and its constitution. There is no relation of this law with UK legislation.
Common law- UK is divided into 3 that is Wales, Scotland and Ireland. The common law
include judge and court system. There are 2 sources of law that is primary and secondary. In
primary it include legislation and case law and in secondary it include legal expert, court
decision, etc. (Poesen 2017)
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Apart from it, there are some other laws as well which is source such as case, civil and
criminal law. It is having various sections and regulation mentioned in it by which it is applied in
UK. They are applied to different state and for criminal activity as well. Thus, these are some
sources of law in UK which form base or foundation of legislation. This constitute framing of
law and implying it on entire nation.
P2 Role of government in law making
In every country government is responsible for forming of laws and regulations. Also, they
regulate and govern those laws to be implemented in nation. It requires government to take
relevant and effective decision in law making. The government is having power to make law and
implement it. They find out that what changes is required in country and then accordingly they
make laws. The entire legal system is controlled and governed by government in effective way.
Usually, federal, state and local government are responsible for law making and enforcing.
Besides, there are reforms made in laws which is also done by government. Then, it is implied in
proper way. Local government play crucial role in law implementation. In similar way, in UK
government role is discussed as
Legislative- Here, it contain bills that is need to be passed in parliament to make it a law. The
role of government is to pass bill in parliament (Cejnar and Duke 2018). So, it is responsibility
of federal government.
Executive- in this government role is to implement and adopt law which is being passed by
parliament. They frame policy on basis of law. It comprise of PM, government agency,
department, etc.
Judiciary- it contains judge, magistrate, tribunals, etc. in court. Their role is to enforce law which
is formed. They are representative of government.
In UK statutory law is act of parliament known as bill which is passed by both houses.
This then becomes an act and is applied by court. This law is applied to business and people. The
statutes prescribed is by government. The judge takes decision in individual cases by considering
statute law. The statutory law is written and is directly applied in particular case.
Common law is defined as rules that is made by judge as they issue ruiling on case. This
refers to behaviour, customer, etc. of people of UK. The common law is applied in court by
judge and is developed by following principle of binding precedent. In this decisions of court is
also considered in it (Gillies 2020).
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