These are things that every potential and current business owners should be aware of—whether it comes to daily tasks revolving around money, disciplinary issues with staff, or how you can treat customers if they cross a line they certainly shouldn’t have. For both business owners and people who work in the field of business law, it’s important to understand all sides of the project you’re working on. The importance of business law stretches beyond what people might assume, which involves the livelihood of the employees that work for the business. programme in International Business Law. There are many businesses in Geneva that function on a domestic and even and international level. Hence businesses are no exception to this. Law Practice Doctor. Even online sellers might have to collect sales tax in any state … It’s safe to assume that lawyers who have studied and practiced in this field for a very long time have a deep understanding of what they do. Businesses, large or small, all fall under the same ruleset. And in any case, considering the fact that most organisations these days operate multinationally, legal costs can have a considerable impact on the company’s bottom line, so managers do need to have at least basic training in Law. A better understanding of legal matters also provides a manager with a framework on which a decision can be made. For more information you may request for a free catalogue at http://www.salford.rkc.edu/catalogue?j=face_an. Therefore, when looking to start a business, entrepreneurs should be willingly reaching out to learn what they can, or build upon the knowledge they might already have. After all, they may have joined a management programme with the dream of becoming a manager in a multinational company in which they might assume there will be teams in of lawyers in place to take care of any legal implications. This is “Importance of Rule of Law to Business”, section 1.4 from the book Business and the Legal and Ethical ... Alcohol, Tobacco, Firearms, and Explosives. Yet managers are expected to be aware of the legal implications their decisions might have on the organisation. Contract Law. That nexus might mean a physical retail shop, or hiring employees in the state. Laws on guest-tenant relationships, maintenance of public health through the creation of smoke-free zones and food hygiene standards apply directly to the industry. Contract law is a broad field that governs the conduct of business in many areas … It’s important that businesses have their own field of law to protect them for a multitude of reasons. These are business laws, and they’ve been put in place to protect the rights of everyday people that want to make a living. Importance of Business Law 1. He has a wide gamut of professional experience, from the Merchant Marines to the Banking and Finance industries and has been associated with Robert Kennedy College since 2015. His favourite song is Bon Jovi’s - It's My Life and his ambition in life is to be the “World’s best Dad”. One of our Education Advisors will get in touch with you shortly and will explain the programme in greater detail and answer all of your questions. Business law serves as a way to maintain order among businesses, brands, and companies alike. Such definitions of types of business help clarify ownership of the business entities. 2. Required fields are marked *. Indeed, knowing the rights and the protection the law can give to both an individual and a company can be vital managerial information. For more information you may request for a free catalogue at http://www.salford.rkc.edu/catalogue?j=face_an. In an agency relationship, there is a principal and an agent. First-time business owners might not know the complete in’s and out’s of business law, and that’s all right. They protect the rights of the company, and of the people who work there, as well as help to establish a certain standard for how things should be run. For starters, these laws dictate and define what’s acceptable, and what’s not in a place of work. https://www.quora.com/What-is-the-importance-of-business-law Hello Vuyo, Thank you for your message and your interest. Let me give you some examples of the importance of law in everyday life. The law is important because it serves as a norm of conduct for citizens and residents. Staying on the right side of the law Confidentiality in the workplace laws in the UK (external link) work to protect information that is shared on the basis it will remain private property. Even for mid-sized companies, having legal teams in place to cover every eventuality may for practical purposes be out of the question. Many Management students might wonder about the need to study Law. However, for all profit-driven organisations, reducing costs and increasing bottom-line profits are one of the primary considerations in the decision-making process, and if your organisation is small or has limited resources, there might not be a legal team in place. How do I know this is real because I am really keened to grab this opportunity please contact me 0736192777. https://online.scu.edu.au/blog/how-rule-of-law-is-important-to-business For starters, the importance of business law hinges on what you’ll be protected from, how your business will also maintain a sense of independence and stability, and how you can provide that protection for the people who will be working alongside you. When it comes down to it, the importance of business law provides you with a bevy of information that you’ll certainly need in the long run. What Is the Function of Law in Business? Business law defines different types of business for setup, such as - Partnership, Proprietorship, Corporation (Private and Public), etc. To define Regulations for Business Operations. Please how do I get an online admission and how do I know if this schooling is legit. Business law serves as a way to maintain order among businesses, brands, and companies alike. For starters, let’s review what business law is. The Importance of Business Law: The Basics For starters, let’s review what business law is. Copyright 2018. A business, as a whole, can come under heat in tough times—people can sue businesses for wrong doings, businesses can commit crimes that put them on the chopping block, and businesses can move and sell the property if they wish to relocate. We can expect to work in a safe work environment because of laws. Anyone of these circumstances calls for protection, aid, and help from the field of business law, and it’s important that the business owner in charge of the company is well aware of what they are, and are not, allowed to do. No business wants to face criminal charges for not adhering to the law. Indeed, knowing the rights and the protection the law can give to both an individual and a company can be vital managerial information. It acts as a guideline for acceptable behavior, and ensures equality within communities and social groups by an outline for the consequences of law violations. According to state laws, you would likely have to ensure that each purchaser of a firearm held a valid permit for a firearm.