BSc Business Management BMP4002 Business Law Report: UK Law

This report, prepared for a Business Management course, examines the key sources of business law within the UK legal framework, focusing on the legal context for business organizations. It begins with an introduction to business law, defining its scope and relevance to commercial practices. The report then analyzes different types of business structures available in the UK, including sole traders, general partnerships, limited liability companies and partnerships, and the legal consequences associated with each. The analysis is applied to a case study of IOM Ltd, a company specializing in electrical parts, and offers recommendations for the company's reorganization, emphasizing the selection of an appropriate business enterprise structure. The report concludes by summarizing the findings and highlighting the significance of business law in shaping organizational practices and ensuring compliance. The report emphasizes the importance of understanding the legal and ethical obligations for business operations.

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
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Submitted by:
Name:
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Contents
Introduction
Business law means to the body of low that can be oversee by the company as well as
commerce and this can usually know to be the part of the civil law. This usually operates with
problems of public law and private law as well. This basically governs the practices of hiring
of the company, contract of company, production of the products as well as sales of the
goods. There are several kinds of the company that opt commercial law in their
organizational practices. Moreover, to this, the following report is based on the company
IOM ltd which specialize in selling several electrical parts too many domestic garage. The
respective commercial business is running by the sole proprietor Sam that is functioning this
practice from around 8 years. The organization is getting more success in the industry from
the previous 2 years and this is becoming very problematic for the Sam in order to operate the
functions of the business in more pressure. The following report will cover about the
explanation of several type of business organization which are there for the IOM solution for
reorganization (Aparac, 2022). This also involves of several legal Consequences of various
type of business enterprise. Furthermore it will provide recommendation for the organization
in accordance to find appropriate enterprise for the Sam.
Businesses & Organisations in the UK
The respective organization is attaining success in the industry from previous 2 here’s that
makes more stress and pressure of operations towards the sand who is working as a sole
trader. In order to attain the demand as well as growth in the market organization need to
adopt several possible options which are there in the industry that will permit them to keep
the organization as well as also works to scale the operations in Newmarket area. At the time
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of rigid rivalry among the organization it is crucial to concentrate on choosing most suitable
kind of the business enterprise. In accordance to enhance the effectiveness as well as
efficiency of the organization this is crucial to choose among the best kind of business
methods. Every major organization in the global order for the domestic market area need to
concentrate on creating such a method in choosing most appropriate kind of business as it
will support the same to minimise its pressure of operation from them and permit them to
involves more staff in the organization in order to attain the demands of their consumers
(Buchner, and et.al., 2022). Some of these available choices of business to the respective
form is mentioned below in brief.
The legal business structure of UK companies
The consequences as well as system of the legal business of several kind of business
enterprises involves law and dimension which is related to it. This is one of the crucial part of
the company in order to evaluate all the possible legal consequence of positioning entity of
the business. There are several sort of business enterprise in the United Kingdom that are
corporate and incorporated. Incorporated organization are such business enterprise that has no
interference of the legal bodies or government (Faizin, and Anoraga, 2022). Moreover, to
this, these companies involve several vital enterprises that are home without having or doing
any type of legal documentation or formalities. As this is one of the major implications of this
type of business in order to follow all the regulations as well as rules imposed by the legal
authorities or government. In order to lead the market area
Sole Trader
This is one of the sort of business that in commercial organization can be operated as well as
owned by the single person with having the different aim. In this type of the business
existence and survival of the organization can be relied on the appropriate decision making of
the owner and the survival of the business is not possible at the time of absence of the owner
of the organization. In addition to this in this kind of business there is not even single identity
of the business apart from its owner which is more appropriate for the organization at the
time when owner is the single individual. This can also be opted by the small commercial
businesses as this involves where is low cost initially. Also profit or income which are gained
by the owners is taxed ones as this is the personal source of gaining or earning of a
individual. Sam has also opted this type of business for its business enterprise IOM Solutions.
As this permits it to earn all the income of the organization by itself and there is also no rules
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and regulations in this business. This offers appropriate flexibly to the individual who are
running the organization as sole trader is also considered as so businessman who started as
well as maintain by the owner individually. There is no involvement of the legal authorities
or the legal government and any other legal documentation which is linked to the
organization. In addition to this all the ethical as well as legal obligation of conducting the
business practices is in the hand of the single individual who is the owner in this type of
business organization. It is one of the crucial part of the soul trader in order to utilize INHRC
number in in accordance to make the registration of the organization. Furthermore, in its
capital are gathered by the owner, family members as well as friends of the owner (Krilytė,
and Matuzevičiūtė-Balčiūnienė, 2022). It is one of the major part of the organization in order
to concentrate on the vital parameters of growth of the legal system as well as methods in the
commercial business. Several major organization in the marketplace concentrate on
constructing flexible system of legal in order to provide every crucial practice in the ethical
way. The vital role of the organization need to be making the crucial method that is
advantages for enhancing the participation of the workers. Organization like sole trader is
known to be the vital kind of the business organization that assist in bettering the strength of
the economy.
General Partnership
In this type of organization there are two or more than two people together work in
developing organization with having the purpose of earning more income for long term. Turn
off the most revealing type of the partnership in United Kingdom as general partnership is
considered to be one of the systems of the partnership model in which the operations of the
partnership are similar to this type of organization. The documentation and the process of
incorporation is efficient as well as effectual and in it it is known as the partners sharing
equally manage their obligations as well as duties together. Likewise, they also share their
revenue making and profitability as well as losses. Additionally, the legal key aspect of this
type of organization are organized in accordance with the existing regulations of the
partnership organization which are not recognized as separate legal entities from their owners
(MATTER, 2022). As a result all the partners are obliged to pay their respective tax which
are based on the income and which has been deducted from the entire share of the profit of
the business because of the taxes on the entire income should be paid individually in
accordance to the terms and conditions of the organization.
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Partnership
This is another type of commercial business which is basically based on the formal agreement
between the two or more individuals that conduct the practices of the business together. This
can be imposed by two or more people as well as organization. In partnership there raise
suitably stated responsibilities, profit and liabilities in the business. Every partner shares the
income as well as obligation and choice of partner makes the influence towards the
functioning of the organization. The basic elements which are required for the formation of
several kind of partnership form with the fundamental section of partnership deal among the
various partners as it is with the stage that the liabilities as well as profits are need to be hold.
Moreover to this the availability of the sufficient number of the partners is vital element
which can have several advantages as well as limitations at times. This includes optimistic
elements which provides greater level of network cause which are being retained with various
owners (Schwartz, and et.al., 2022). Therefore, the negative element which can a person apt
to lose immediately and the entire control of the organization as well as that caused which
being the element of the broad shape. Effectually maintaining regarding the Implications of
the Leaders who are not bound to pay the favorite taxes on their overall profits which have
been earned with the dealings of partnership. Rather than all the people are required to pay
same type off amount from there earning
Limited Liability
In this type of commercial business in which the proprietor has the minimal responsibility as
well as financial benefits. This offers a number of advantages to the owner of the business
involving the opportunity to minimize the liability for losses and debs, also the capability to
share profit. Sam who is a sole trader in its respective organization might utilize this type of
organizational structure since it permits the owner too separate its identity from its business.
This will support them ineffectually managing their organization while also minimizing their
liabilities as it enables organization to tract more partners that might divide the obligation of
job, reduce the workload and permitting them to develop effectively in the market (Siems,
2022). Moreover, today’s the documents needed to form a public organization might involve
memorandum of association, digital signature of the owner as well as article of association.
Recommendations for IOM Solutions
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This is recommended to the company to choose partnership organization as the major method
of conducting the operations of the business. The management of the company should select
the partnership as this is one of the suitable methods of doing the practices of business. In the
partnership there is no risk as sharing method that assist in reducing the risk linked with the
functions. In addition to this several successful and developed global as well as domestic
organizations in the industry concentrate on conducted their business operations in
accordance to the partnership deed in order to develop and minimize the chances of risk and
losses. The respective firm need to operate their function which are based on partnership in
accordance to increase effectiveness as well as efficiency in their vital operations (Winkler,
2022). Moreover, to this management can also take into the consideration that search
organization is one of the best ways of doing business in accordance to obey all the legal and
imposed policies, regulations as well as rules. It is one of the crucial parts of the organization
in order to consider the development which is basically risk free as with the assistance of the
several techniques of minimizing the risk. The various organization in the industry must
concentrate on enhancing their abilities as well as trend with assistance of the ethical and
legal methods.
Conclusion
From the above report it has been concluded that laws of business are one of the most crucial
policies for the organization as it fix the restrictions for the company. There are several kinds
of laws related to the business in various nations across the world that is need to be abide by
the organization. There are various kind of business types which organization can opt as per
their need as well as condition. In addition to this, sole trader, General partnership, limited
liability and various other are the form of business. Every of these business forms poses their
own disadvantage as well as advantage and also several legal consequences.
References
Aparac, J., 2022. Business, Human Rights, and Transitional Justice: Overcoming the
Regulatory Dysfunction of International Law. The Global Business Law
Review, 10(1), p.24.
Buchner, M., and et.al., 2022. Combined Business Tax Statistics 2016 of the Federal
Statistical Office of Germany–A Micro Data Set for Scientific Use. Jahrbücher für
Nationalökonomie und Statistik.
Faizin, M. and Anoraga, S., 2022. The Development of Legal Politics in Micro Business
Policy of Jombang Regency Government. Audito Comparative Law Journal
(ACLJ), 3(1), pp.18-24.
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Krilytė, K. and Matuzevičiūtė-Balčiūnienė, K., 2022. Research of the impact of business
cycles on the unemployment in the countries of the European Union. Mokslas–
Lietuvos ateitis/Science–Future of Lithuania, 14.
MATTER, M.O., 2022. JOURNAL OF BUSINESS & INTELLECTUAL PROPERTY
LAW.
Schwartz, B., and et.al., 2022. Administrative Law: a casebook. Wolters Kluwer Law &
Business.
Siems, M., 2022. Comparative law. Cambridge University Press.
Winkler, M., 2022 The role and function of a bond security agent–problems and challenges.
In Challenges of Law in Business and Finance (pp. 72-84). Societatea de Stiinte
Juridice si Administrative.
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