Business Law Report: Sources of Law, Business Types, and Funding

This report provides a comprehensive overview of business law, beginning with an introduction to the subject and its relevance to various organizations. It delves into the different sources of law, including legislation, case law, and treaties, and explains the role of government in law-making, specifically referencing the UK legal system. The report examines the impact of company, employment, and contract law on businesses, highlighting their significance in establishing legal frameworks. It further explores the framing of legal business organizations, covering sole proprietorships, partnerships, and companies. Additionally, the report discusses the management and funding of businesses, including how these aspects are handled in different organizational structures. Finally, the report recommends various dispute-solving methods that businesses can utilize. This report is a valuable resource for anyone seeking to understand the fundamentals of business law and its practical applications.

Business Law

Table of Contents
INTRODUCTION ..........................................................................................................................3
P1 What are the different sources of Law...................................................................................3
P2 Role making of government and method to apply statutory and common law in courts......4
P3 Impact of company, employment law and contract law on the business and organization.. .5
P4 Explain the framing of legal business organization with its types.........................................6
P5 management and funding of business....................................................................................7
P6 Recommendation of various disputes solving range.............................................................8
CONCLUSION ...............................................................................................................................9
REFERENCES..............................................................................................................................10

INTRODUCTION
Business law is the conduct of rules that has been implied of various rules which are
being implemented in all the organisations and companies. As all the organisations are being
concerned with the matter of fact that it has various rules and methods (Anderson and et. al.,
2017). Commercial law is is being used for all the rights and duties of the individual who are
engaged in trading and all the merchandise dealing. Contract law helps the individual to frame
the rights and liabilities of an individual. Company law frames all the rules and the dissolution
and the embodied framed for the organisation. This report will further deal with various roles of
business law the impact made by contract law, employment law and also the corporate law and
will also provide all the legal solution and recommendation for business organisation with the
dispute settlement methods.
TASK 1
P1 What are the different sources of Law.
Law is the main code in all the aspects as it contains all the set of rules that are embodied
in the human behaviour and also in the life style of all the persons. Individual has to act
according to the behaviour and the rules that are being governed by the government that means
law has framed all the essential elements and set of rules which are being made for the civilised
society.
There are mainly 2 kinds of sources:
Primary source Legislation- The primary source that has been made for all the rules governed by the
company is through UK legal system (Archibong, 2020). As it is not the written
constitution thus all the rules that are being enacted by the parliament will be applied to
whole of the UK. It contains all the statutory instruments and the orders that are being
raised by the council. Case laws- This mainly covers all the rules which are being made by the court by seeing
the ruling of the courts. That implies that all the decisions that are been raised by the
higher courts are binding and the judges will have to follow the decision led by them.

 Treaties- All the international sources that are being applied in the form of rules on the
other countries in order to make various contract they act as an binding agreement
between the parties.
Secondary source Textbook- All the legal writings that are being made by the writers for the students who
are learning law covers all the important topics and regulations are binding(Engelland,
2017).It covers all the acts, rules and case laws that are important for understanding and
learning. Law Journal- This is used in order to clarify any issue raised in the law and also covers
all the important information that is being important for the benefits of law in the form of
case commentaries.
 Directives- All the legislative that are being useful in order to make a proper amending
decision for any of the directives and the issues being framed. It frames out all the
persuasive methods that are being implied for the people and have to be properly
followed.
P2 Role making of government and method to apply statutory and common law in courts.
In UK their has been made 2 houses that are important it covers House of common and
House of lords. House of common is being made by all the government making bodies and the
house of lord basically being framed by the quality of work and the areas through which a person
shows their skills.
House of lords mainly complies of various stages: First Reading- It is the very first stage which provides all the methods in which the bill is
introduced in lords. And the name which is being decided use to read in the chamber. Second Reading- when the bill is being introduced in the first stage then the second
reading is use to be made in order to check all the necessary changes that are important. Committee Stage- The bill when being introduced on the desk use to make the members
on the desk to check all the amendments that are being important for them( Matusiak,
and Matusiak, 2018). All the persons in the house of lord can join the stage and their will
be a voting being raised for the benefit of the people.

 Report stage- This stage covers all the essential areas that are needed to be covered in the
bill. As this is the final chance of amendments in the bill so the member will raise all the
areas that are needed to be changed. Third Reading- This stage provides the final tidying up of the report with all its changes
that are framed and they clearly aims to cover all the loopholes that can arise later. Consideration of amendments- when the changes were being made by the lord it will
then move to the common and they will further decide that whether the bill will be
accepted or not in the case when they do reject it then this session will again started and
is known as ping pong.
 Royal Assent- This is the final stage when both the houses accepts the bill it will further
being passed.
Judicial organization
The judicial system being made in the UK covers all the laws that are being enacted
through the precedents. It complies of superior courts and also subordinates court. The superior
court covers the supreme court which covers all the types of cases like civil or criminal, and this
is the final stage of appeal(Newton, 2019).The High court cover the Queens bench, chancery
division court of appeal and also the family divisions.
The rest are the county courts, family court, crown court all this tries to hear the original
criminal matters and also the appeal being raised.
Process of applying statutory and common law
All the laws that are being made by then legislature are covered as statutory law. The
main authority of law making lies with the parliament as they covers all the matters which cannot
be questioned. In UK the law made by the legislature are the final law and they cover varies
common laws like employment law, contract etc. the main aim behind making of these law are to
protect the rights and the duties of the individual.
TASK 2
P3 Impact of company, employment law and contract law on the business and organization.
The employment law, contract and company law all contains the important relevant rules
and regulation for the benefit of the business and trade the main impact of these laws on the
business are as follows:

 Company Law- The company law covers all the essential elements that are needed to
frame a company from its setting up to its dissolution(Poole, Devenney, and Shaw-
Mellors, 2017). A company is a separate legal entity and it covers its own liabilities with
assets. Company law provides the right of the stakeholder and helps them out to work in
a proper manner in detailed and formed way. Contract law- The contract law provides various rules, regulations and all the legal
obligations that are important for any person entering in a agreement. It deals with all the
purchasing, rendering of any property. Every person working in a contract use to be bind
in the legal obligation of the company. Contract law provides various remedy for any
breach being done to them. All the agreements being made between the parties are duly
enforceable by law. And the contract law covers all the specific relief that can be given to
a person on any breach. Their are various essentials that has to be followed before
entering in a contract.
 Employment law- This law is being made for the protection of the rights of the
employees working in any organization. It creates a important impact and laws which
covers the employees demands and their rights. In UK their has been made Equality Act.
Which renders the rights of the workers and helps to avoid the pay discrimination .and
promotes gender equality (Popescu, 2017).This act also covers the health and safety of
the employees who wee working in the organization. Any breach of right of employees
can also be covered in it.
TASK 3
P4 Explain the framing of legal business organization with its types.
The company has various types of legal structure as to organize a proper business there
uses this various structures in which it will be framed they are one is that company is a sole
proprietor and the other is the partnership between the members of the company.
Sole proprietor
In this organization the business is being handled by the single owner that means there is
the only sole proprietor of the company. All the decisions liability and assets were completely
being dependent on the that sole owner. The main responsibility of the sole proprietor is to
maintain a proper relation and to give all the business. The person who has been registered with
HM revenue can make their company to be a sole proprietor.

Partnership
This type of business involves all the partners when two or more person starts any
company or any organization then they will be treated as partners. All the liabilities and the
assets are dependent on all the partners (Rego, 2019).The decision being taken for the
companies benefit rely on all. The partnership act provides all the law and the functions which
provides the basic culture and nature.
And if any of the partner wants to remove themselves from that position then will have to
inform and has to first follow all the regulations being made.
Company
Company is the single and separate legal entity it does not have any owner. Companies
carries perpetual succession in which the person holding the company can come and go but the
company will remain forever. The company being that entity will have to be registered. And for
that their has be given proper documentation. After making the proper documents the company
has to choose the name and the director and the company will be registered in the company
house.
There consists of two types of company that are public company and the private
company. The public company has all the shares being made for the stake holder and the
company is being advised by them to about certain decisions. But the private company have
separate legal entities and all the asset and the liabilities lies on the head of the company.
P5 management and funding of business
The most important element of the organization or business is that from where they raise
their funding and areas through which they manage it. The main power of all the funding is with
the owner and it is entrusted to provide different forms with different organization-
Partnership- All the business that are being framed by the partners or when the partners
tends to hold any business then the responsibility lies on the all the partners about the funding.
They both are counted as a eligible owner and they have to aim on the capital being raised by
them.(Wang, 2020).As the partners shares all the loss and profit with them selves then they have
to share the funding also. The partners can either invest by their own savings or can take any
debt or the help of share holder for funding.

Sole proprietor- All the sole proprietor tends to have a duty in which they can raise their
fund either by their own savings or by the help of banks or the companies who are providing
loans to them. As all the sole owner have series of responsibility with themselves then their
implies all the rights and duties that are to be made with them.
Company- As the companies used to be the legal entity then it came up with certain
duties which provides that all the public companies use to be managed by the shareholders and
the directors. And the funding can thereby being raised by the public who gives the share in
stock market they can also gain the fund from the investors of the company as all the public
company has the board of directors who manages it.
In the private companies it use to be managed by board of directors and the funds are
being raised by the director itself either through their own savings or by the help of investors.
TASK 4
P6 Recommendation of various disputes solving range
Alternate dispute resolution (ADR) is one of the important legal solution it provides an
speedy judgments that are being raised for the party. This is one of the important method which
provides all the various alternate a company can take in order to resolve the issue (Story, 2020).
This feature has been used in order to make various impact. ADR is the cost effective process
which implies that all the parties or the companies if arises in any dispute can take the help of
ADR for solving the dispute. This process is less time consuming and helps out that the relation
between the parties also tends no to break within them.
ADR has mainly 4 main types of methods that are being used they are: Arbitration- In this method the parties appoint ban arbitrator for themselves and both the
parties give the fees to the arbitrator together. All the evidence are being recorded by the
arbitrator and they just after listening the matter give their decision. The decision given
by the arbitrator is binding on both the parties. Conciliation- In this method the person being appointed will not be a known of any of
the party and they will provide the decision after taking evidence and recording
statements. If the parties seems fit then the decision use to bind on both. Mediation- A mediator is being appointed in this method and they provides all the
essential decision which seems fit.

 Negotiation- This is the cheapest method where a negotiator appointed tries to solve the
dispute and make both the parties in a win win situation by getting the same terms for
both the parties. Once the parties agrees the decision will be framed as binding for all of
them.
CONCLUSION
It is concluded from this report that, Business law is being framed by the the set of rules
that implies all the methods and body of nature that covers all the laws and their impact on the
companies. All the business organisation covers the framework that provides the law making
authority and working. Their are two sources of law which are primary and secondary in which
primary implies all the legislation, case laws and more and the secondary implies with the
textbook and journals. All the companies also have various management and funding through
certain means. It also covers the method apply by the government and also the recommendations
of alternative dispute resolution (ADR) for solving the disputes.

REFERENCES
Books and Journals
Anderson and et. al., 2017. The Common Law Employment Relationship: A Comparative Study.
Edward Elgar Publishing.
Archibong, J.E., 2020. Intention to Create Legal Relations and the Reform of Contract law: A
Conservative Approach in the Modern Global Era Social Development, Customary Law
and Administration of Justice in Nigeria. The Journal of Social Sciences Research, 6(2),
pp.177-184.
Engelland, B., 2017. Force for good: The Catholic guide to business integrity. Sophia Institute
Press.
Matusiak, R.E. and Matusiak, M.C., 2018. Structure and function: Impact on employment of
women in law enforcement. Women & Criminal Justice, 28(4), pp.313-335.
Newton, A., 2019. The business of human rights: Best practice and the UN guiding principles.
Routledge.
Poole, J., Devenney, J. and Shaw-Mellors, A., 2017. Contract Law Concentrate: Law Revision
and Study Guide. Oxford University Press.
Popescu, A., 2017. The Right to Information and the Information Society. In Diversity and
Interdisciplinarity in Business Law (pp. 273-283). Societatea de Stiinte Juridice si
Administrative.
Rego, M.L., 2019. Transparency in the Insurance Contract Law of Portugal. In Transparency in
Insurance Contract Law(pp. 211-239). Springer, Cham.
Story, J., 2020. Commentaries on the Law of Agency. BoD–Books on Demand.
Wang, R., 2020. Information asymmetry and the inefficiency of informal ip strategies within
employment relationships. Technological Forecasting and Social Change, 162,
p.120335.