Relationship between LAW and BUSINESS

To begin with, let us introduce the term BUSINESS. The term business refers to an organization where a group of people work together who are engaged in industrial, trading or professional activities. Trades can be for profit or non-profit organizations that operate to fulfill a charitable mission.

Now let’s discuss the term LAW. It is the discipline and profession concerned with the customs, practices, and rules of conduct of a community that are recognized as binding by the community.

Law governs and regulates all aspects of the business process starting from engaging in a business or trade to the legal form of a business, to agreements for buying and selling goods and services. Law regulates the product’s quality which are sold and the advertisement of products which are for sale. Also, it controls the employment relationship, protects business property and taxes of business income.

There are three basic legal forms of business:

·         Proprietorship

·         Partnership

·         Association

Proprietorship

Many businesses begin with an idea worked out at kitchen table, in a garage workshop, and today, on the computer. There are no legal obstructions or requirements that are necessary for starting most of the businesses. When a single person starts a business with nothing much, it is then called a sole proprietorship. Licenses are necessary for running anti - business. Such as, beauticians, plumbers, lawyers and physicians must have license issued by government.

Partnership

A partnership is a federation which includes two or more people to carry on as co-owners of a business for making profit. It is easy to create partnership. For example, Samuel and John are mechanics and they run a garbage "Samuel and John's Garage—Open for Business," Hence partnership was opened by them under law.

Association

An association is a form which includes large as well as small businesses. It must be registered with the state and must comprise the words such as Association, Corporation, Incorporated, Limited, or Professional Corporation. The money is contributed by owners or bondholders for shares.

There are multiple laws which are relevant directly and indirectly on business. Some of them are:

Antimonopoly laws help in making sure that different businesses are operating on a level playing field in a marketplace.

Labor or employment Laws of every organization have to stick to labor laws no matter how big or small work it is.

Privacy Laws or IT laws in the business can handle things like e-contracts, protecting the private data, digital signature of the organization. So having knowledge of Information Technology laws will help the organization to explore the opportunities in the business.

Conclusion

All entrepreneurs commence a journey of success must search and go through all the legal factors which are involved and can affect their business and make sure it does not face any legal problem while running its operations. Most entrepreneurs spend lot of time in developing and increasing their business and tend to neglect various legal and regulatory agreements. Therefore, it is necessary that the entrepreneurs should follow all the legal requirements which are important for the proper functioning of the organization.

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