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Business law is also called corporate law or commercial law. It is a law branch that governs how to form and run businesses by providing rules and regulations. Business law is essential in a country since it regulates business practices in issues like compensation and safeguarding shareholder’s rights and plays a huge part in business formation. A student needs to go to a law school, study law in general and later specialize in business law. Some topics taught in business law include:

Introduction to Business Law

It is the first topic you encounter; you get to learn what business law generally entails and what to expect, including:

Nature and Concept of Law

Law is a set of rules and regulations that orders the behavior and relations of most people and organizations.

The purpose of law in society includes social control, establishing moral standards, and implementing policies as a basis for dispute resolution.

Law as Tradition

Law carries a nation’s development through centuries.

Rule of Law Principle

No one is ever above the law, and democratic countries must follow it.

Law and Justice

Law is what parliament and the courts say, whereas justice is different.

Sources of Law

There are mainly two sources of law:

Statute Law

Made in the parliament. The parliament has the right to make and abolish the law if they unanimously agree and a legislative procedure is followed.

Interpretation of Statutes

Disputes may arise and need interpretation by the court according to Acts.

Common Law

The courts make it. It refers from sources like parliament, Sharia, Marxist theory or historical courts.

Delegated Legislation

Definition

The parliament may give another body power to pass regulations and by-laws.

Reasons

If the parliament does not have the expertise or time to pass the legislation, the parliament sets regulations for the body conducting.

Contract Law

Contacts are part of business law in terms of how to create, enforce and when breaking or enactment contacts.

Contract Law Definition

Contract law is an agreement between different parties that create a mutual and enforceable law that is signed. Contracts ensure cooperation and trust between parties.

Contract Lawsuit

Specific steps are taken according to the law if a contract is breached. The wronged party should receive compensation as agreed during the signing, or the court should be involved.

Contract Requirements

Statutory law requires a contract to be signed and executed in a particular format. Specific rules should be followed during the formation and execution of a contract.

Breach of a Contract

Two cases in which contracts are breached, either actual or anticipatory. Actual breaches are when a party refuses to honor their contract deal. Anticipatory breaches are intended failure to perform duties by a particular party.

Ethics

Legal ethics that lawyers should uphold and the responsibilities and rights of corporate lawyers. It also includes ethical ways to conduct a business.

Who Develops Ethical Standards for Lawyers

Ethical standards are developed by the legal profession consistent with legal and international standards.

Importance of Ethics

It ensures that the rule of law is upheld to ensure equity, fairness, and confidence in the law. It also ensures the reputation of the legal profession is upheld. It ensures accountability, where the duties of lawyers are set.

Ensure Lawyer-Client Relationship

The relationship should be strictly professional and should treat clients fairly. Matters discussed should be treated with confidentiality.

Tax Law

Encompasses matters concerning tax fraud and the tax law governing businesses and corporations.

Purpose of Taxation

To finance the government to undertake fiscal purposes. To ensure allocation of resources, ensure distribution of wealth and income.

Types of Taxes

Include direct and indirect taxes. Direct taxes are imposed on individuals based on income, net worth or consumption. Indirect taxes mean taxes on the consumption and production of goods, services and transactions. It includes value-added tax, sales tax, import duties and tax on legal transactions.

History of Taxation

Taxation has a long history starting in Greece and Rome, with taxation on consumed goods and services, taxes on imported goods or tariffs. Taxes have caused great controversy throughout history, like between American colonies and Great Britain and during the French Revolution.

Principles of Taxation

Adam Smith tried forming rules for taxation, including everyone should contribute towards supporting the government, and tax on individuals should be specific, not arbitrary, in regards to time, manner and quantity of payment. Taxes should be levied at a convenient time and manner for the contributor. Taxes should take a little portion from the pockets of the contributor.

Distribution of burden of taxation

The distribution of tax burdens assumes that people in the same position will be liable for the same tax. For tax compliance, specific requirements include clarity of tax laws to the taxpayer, stability of taxes, costs of collecting and controlling taxes should be minimal, payment of taxes should be convenient, and taxes should achieve the country’s economic goals.

Business law is a comprehensive course learnt by law students for a few years. It requires the student to be passionate. Business law is a marketable course in the law profession.

Entrepreneurship is often seen as a route for people to make the world a better place, with the promise of wealth and success. Businesses have risen in popularity across America over the past decade and now are an important part of society.

However, there has been some confusion on what it means to be an entrepreneur; most definitions seem to indicate that they’re just people who run their own company or start their own business.

The article below discusses Entrepreneur Examples by discussing business venture characteristics that lead to entrepreneurship.

1. Responsibility of Success Or Failure

It’s important to understand that regardless of what the person has been successful in, it’s up to them to determine whether they are a successful entrepreneur or not. This can be dangerous if you view entrepreneurship as a way in which you’re going to take advantage of people.

The decisions made by entrepreneurs are very different from traditional jobs. Entrepreneurs have many decisions that affect their business, and they make these decisions based on their company’s vision and goals. Entrepreneurs can make mistakes and learn from them, but traditional employees cannot do the same.

An example of an entrepreneur responsible for his success or failure is Mark Zuckerberg, who worked hard to create Facebook. He’s had to make many decisions to keep the business running – some were successful, and some weren’t. But it was up to him as a person what made sense based on his company’s goals.

2. Firm Decision Making

Employees are not responsible for their own decisions. They’re given direction and follow it to the best of their ability. On the other hand, entrepreneurs make all the decisions that affect the company; this includes what products to create, how to market them, and how they should run their company.

Employees are given directions by their bosses, who follow them to the best of their abilities; often, they can become complacent with their job. Entrepreneurs still have jobs because a business is still a business, but the main difference is that entrepreneurs control what they do and make all decisions for the company.

An entrepreneur, in my opinion, has to be a bit of an eccentric genius. A good example of an entrepreneur is Elon Musk, who owns Tesla and SpaceX. Even though he’s extremely successful in both these companies, it wasn’t always smooth sailing for them.

For example, SpaceX designed the first Falcon 1 rocket, but the first attempt at launching into orbit failed. This didn’t make Musk any less of an entrepreneur because he was in full control of the company and decided that to succeed, he would have to rebuild his rocket and try again – a decision few people would be willing to make.

3. Cognitive Vision

A cognitive vision is an idea in your head, but there’s more to it. An entrepreneurial vision must have both a practical and a creative component. In other words, knowing what you want to do is not enough. It has to be expressed so that people can see and understand what you’re saying and the benefits they’ll receive from it.

The entrepreneur’s mind must be able to think outside the box when you can look at a company like McDonald’s and see how it is run as a classic example of a large corporation or an example of an entrepreneurial firm. But whichever way you look at it, they are in control and make all the decisions that affect their business.

4. Mass Appeal

Traditional businesses push their products, services, and ideas to a targeted audience. If these ideas are great and people enjoy them, then it’s likely that other people will too because the first group of people are the most important part of the business.

Entrepreneurs don’t want mass appeal for their products; they want something that stands out enough so that only certain parts of the market will buy it. People who want something unique or different from everything else are a strong market for an entrepreneur to work in; this is why some companies specialize in one specific category.

5. Risk Taking

Entrepreneurs show the highest levels of risk-taking behavior. They take risks that change how humans think about the world around them, which makes an entrepreneur an entrepreneur.

Many people have lost money by investing in businesses because they don’t understand all the risks involved with entrepreneurship. Entrepreneurs work hard and make decisions based on their company’s vision and goals.

Entrepreneurship is much more than running a business or starting a business; it can see that success is not only an option but also an expectation. Optimism is the key to being successful as an entrepreneur, which means you have to see your ideas through and stick with them even though they aren’t working out.

The norms and guidelines that direct corporate operations are referred to as business ethics. It entails conducting commercial affairs honestly and with good judgment. Ethics are necessary for a business to succeed.

Modern company standards now include the provision of adequate safety measures for personnel, consumer satisfaction, and environmental protection.

Business ethics ensures that consumers and various types of market participants can trust various enterprises on at least a basic level.

Top Management Commitment

To steer the entire firm toward moral behavior, the top management must play a vital role. Top management in any company should be clearly and firmly committed to upholding ethical standards and setting an excellent example for middle and lower-level personnel.

Implementation of Compliance Procedures

Appropriate processes should be implemented to guarantee that real choices and actions adhere to the firm’s ethical standards.

Examples of such measures include emphasizing corporate ethics in training and emphasizing values and ethics in hiring and recruiting, as well as putting in place communication channels to make it easier for staff members to report instances of unethical behavior.

System for Confidential Reporting

This encourages workers to report wrongdoing or violations at work as they become aware of them. Additionally, this serves to demoralize those who engage in such behaviors.

This approach offers all possibilities for “doing something about” at work. Additionally, the corporation may save a significant sum of money if the misconduct is rectified quickly.

Publication of a ‘Code’:

Businesses with solid ethics programs outline the organization-wide standards of behavior in the form of “codes” of conduct in written documents.

Fundamental honesty and adherence to the law, product quality and safety, workplace safety, conflicts of interest, fairness in marketing strategies, and financial reporting are a few examples of the topics covered by this in general.

Additionally, it educates the workers on the critical elements of interacting with their veterans and conducting themselves at work.

This could act as a reminder and a point of reference for them in the future if they are forced to perform something they don’t feel comfortable doing.

Engaging Workers at All Levels

Personnel at various levels follow ethics policies to make ethical business a reality. As a result, their participation in ethical programs is essential.

For instance, a small group of employees can be organized to debate and analyze employee views toward significant ethics policies of companies.

Results Measurement

Although it can be challenging to quantify the final effects of ethics programs, businesses can audit to ensure that ethical standards are being followed. The top management group and other staff members should then discuss the findings to determine the next step.

Training in Ethics

If the organization’s built-in ethics are not understood or upheld, they are worth the paper or storage space they take up. There is also its importance to the organization. Because of this, many businesses establish internal training divisions.

Both the organization’s leaders and staff can receive essential training from these departments. The responsibility of imparting ethics training falls to a trainer. To be more effective, he should be well-equipped and have enough expertise in ethics.

Conclusion

No matter how little or large the business, it cannot endure the vagaries of time, market conditions, and its clients without business ethics and ethical standards.

The integrity, stability, and prosperity of the company are supported by ethical pillars, which stand tall and upright with honor.

Business ethics are a collection of rules that help businesses operate morally. The higher these criteria, the more rigorous the support and ethics will be.

Ethics can also be referred to as ethical standards. Business ethics strongly depend on moral standards, despite the lack of a clear definition for this concept.