Business Law Report: Legal Solutions and Advice Sources

This business law report provides a comprehensive overview of various aspects related to business organizations. It begins by introducing different legally formed business structures, including sole proprietorships, partnerships, and companies, and then delves into how these organizations are managed and funded. The report also highlights the advantages and disadvantages of each business type, offering insights into their operational characteristics and potential liabilities. Furthermore, it explores various legal solutions available to address disputes, such as arbitration, negotiation, mediation, and conciliation, and compares different sources of legal advice. The report concludes by summarizing the key findings and providing a list of references for further study. This report is designed to assist students in understanding the core concepts of business law and the practical considerations involved in managing and resolving legal issues within business contexts.

Business Law

Table of Contents
• Introduction
• Types of business organizations which are legally formed.
• How business organizations are managed and funded
• Recommendations for legal solutions
• Compare and contrast different sources of legal advice
• Conclusion
• References

Introduction
The business law is an essential
aspect of the society as it states
every method by which corporate
areas can get protection. These are
mainly framed with an aim to
regulate the working of
organizations so that they can
have efficient practice in their
working process and smooth
functioning of the business can be
carried out.

How business organizations are formed
legally.
There are different types of
business organizations that are
legally formed which includes
the following
• Sole proprietorship
• Partnership
• Company

How business organizations are managed
and funded
The success of the business organization depends on its
management and the allocation of funds. Each of the business
organization has different management and funding so that
there is smooth functioning insured and the aims of the
business is achieved which is to maximize the profitability of
the organization. The management and funding of various
businesses are narrated thereunder-
• Sole proprietorship
• Partnership
• Companies

Advantages and disadvantages different
types of business organizations
There are various merits and demerits of every business
practices which are discussed below-
• Sole trader- These are operated at small scale so its biggest
advantage is that it requires limited capital for working and
there is only single person who has the control and decision
making power of the business. But the biggest demerit of
this is that there is unlimited and personal liability of the
owner in case of any debt of the firm.

Continued…
Partnership- The biggest advantage of this business
organization is that its functioning is divided among the
partners so there is easy allocation of resources and through
the specialization and expertise of the partners, the firm can
flourish. But its biggest demerit is that there is personal and
unlimited liability of the partners and in case, any partner
wants to dissolve the partnership firm, the whole firm is to be
dissolved.

Continued…
Company- There is the biggest advantage in this business
organization and that is there is limited liability of the
members of company and there is easy transferability of the
shares. The disadvantage of this business organization is that
there is very complex and time consuming process of
incorporating a company and there is lack of personal touch in
it.

Recommend various legal solutions
Every business organization has to
face various issues while working,
so there are various alternate
resolutions in order to solve the
disputes so that there is smooth
functioning of it. Some of them are
narrated thereunder-

Continued…
• Arbitration
• Negotiation
• Mediation
• Conciliation

Compare and contrast different sources of
legal advice
There are various legal advisors that are given to the parties
that help them to bring the amicable solution in their dispute so
that it is resolved in a proper and efficient manner. The parties
may go ahead with litigation that is a time consuming and
costly method of resolving the dispute or they can opt the
alternate dispute resolutions that are aimed to provide speedy
disposal of cases with less or no interference of courts. It is
cost effective and less time consuming method to solve the
business dispute so that the performance is enhanced and a
friendly environment is created.

Conclusion
It is concluded from above PPT that there are various types of
business organizations that are formed which includes
partnership, sole proprietorship and companies and are managed
and funded as per their scale and scope. Further, it is added that
there are various dispute resolution methods that can be opted by
businesses which includes arbitration, conciliation, mediation and
negotiation.