Ahsan Zaheer

L1F10BBAM2149

B.Law A

LAW
Definitions: According to Aristotle What so ever the ruling part of state shall elect. T.H Green defines it as The system of rights and obligations which the state enforces. Woodrow Wilson defines it as Law is that portion of established thought and habit which has gained recognition. Salmond defines it as Law is the body of principles recognized and applied by the state in the administration if justice.

Business Law Scope and Importance

In operating a business it is necessary to be clear in all legalities concerning your business. Governments make laws, and different countries have different structures as well as laws varying from state to state or city to city. Some have only one level of government (a national government); others have two levels (e.g. a national and either local or state) and yet others may have more levels. If you are involved in any business, you need to know what authorities are responsible and relevant for making and enforcing laws within your sphere of operation. The law which applies in any business situation will depend upon what governing body has authority, both with respect to: The location of the business (the country or state where business is being carried out) The area of activity (In some places, international agreements may come into force with respect to quarantine law, but might not be relevant with respect to storage of products for sale). It is essential to know about business law before starting a business, as it will help you operate your business without the hindrances of ignorance. It is better to seek the expert guidance of an accountant and an attorney to learn about the latest business laws that will affect your business. Below is a list of the most important business laws.

Business structure laws:There are different laws for different business entities. Be certain you learn about the business laws that govern the kind of business entity that you choose to start. The major types of businesses are C, S and closed corporations, limited liability companies, and sole proprietorships.

1|Page

Ahsan Zaheer

L1F10BBAM2149

B.Law A

Zoning Laws:It is essential to know about zoning laws, as certain zones are restricted in certain areas. It deals with the kind or type of business allowed in certain areas, how the land surrounding a business is used, signboards, advertisements, and parking.

Licensing Laws:In order to operate a business certain licenses are required and there are some important business laws you need to know. If a business operates without these licenses, it is illegal and the business may be dissolved or forced to close.

Trademark and Patent Laws:These are laws that deal with ownership; intellectual property rights, and inventions. They are necessary to protect the business.

Employment Laws:These are laws regarding the hiring and firing of employees, their rights, compensation, safety, work place discrimination, child labor laws, overtime pay structure, disability laws and unemployment laws.

Tax Laws:This section deals with filing of tax returns and depends on the kind of business entity and the state the business operates in, sales tax. These include franchise tax, income tax and other state and federal tax requirements of a business. These are very important business laws you need to know before starting a business.

Environmental Laws:The government enforces the environmental laws for the discharge of hazardous waste and the recycling laws pertaining to the business.

Health Department Permits:This is necessary if your business deals with food products. You must get health department permits to operate your business.

2|Page

Ahsan Zaheer

L1F10BBAM2149

B.Law A

Fire Department Permits and Air and Water Pollution Control Permits:There are laws that certain kinds of business entities must get permits from these departments to operate. Beware of Laws the list above contains basic business laws you need to know before starting a company. It is necessary to take precautions that you are not violating any law by operating your business. You must obtain all the necessary permits and licenses from the appropriate authority.

3|Page