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Business law are further known as commercial or mercantile law which is a set of rules made on convention, agreement, or national or international legislative body which facilitating in governing the dealings between two business body with respect to commercial concern. It is very important as it helps the management to realize and work in an ethical manner which must be in accordance to the rules and regulation of the society. It helps in the proper functioning of the various business institution. There are various laws which are for different entities and makes sure for the peaceful working of all companies.
There are two types of sources which a company has to comply with for facilitating its function
Custom: a law is formulated on the basis of customs, beliefs and behaviours of the local society or nation. For eg: in a case it was stated by fishermen drying finishing net of beach is legal as everybody does the same. on the basis of such beliefs and custom laws are made.
Common Law: with general applicability of common laws in practices two laws are formed that is civil and criminal laws. These are generality based on old customs.
Act of parliaments: this is major source from were UK gets its law and legislation. A prospective law is presented to both houses of parliament and then after that it becomes a bill and with getting an assent from Monarch it becomes a law.
Judicial precedents: this doctrine provides a legal status too the decision passed by judges in the case law in a court proceedings. The law is refereed by all other courts in order of Hierarchy. A decision by lower court is not referred by higher court.
European union: UK is part of EU so law and legislation of EU applied in UK as well. Sometimes English law and Law of EU clashed with each other and in such a situation EU always prevails. This does not mean it override the UK law it just get priority over it.
There are various international sources which are discussed below
A company if operating at a global level have to sign various conventions and treaties. These treaties are made in order to protect the rights of every organisation belonging to various nations against exploitation and several measures that can be used to exploit them. There is a council of European Convention for Human Rights which is enforced by ECHR in Strasbourg.
European Community Law
European union is the major example of law which is operated internationally. All the European nation who joins the EU has adopt all the rules and regulations and their respective industries has to work in accordance with these rules.
National sources of law plays a crucial role in the growth of the constituent companies. These laws are discussed below:
It is regarded s the prime source and consist of various declaration of rules by the certain authority. It has many purposes such as regulating, authorising, enabling, proscribing, providing funds, sanctioning, granting, declaring or restricting any organisation. They frame new laws and amends old ones. A company has to work according to the legislature which has formed certain law structure related to the functioning of the company which includes every aspects such as establishing, expanding, promoting etc.
It is regarded as the oldest source of law. In the ancient era , many social relations has given rise to various usages, traditions as well as customs. These were used as a tactic to solve disputes among individuals. Many rules of the nation are derived from the custom they follow which was converted in to authoritative and binding rules. Also, every areas has different custom and company has to take care. This local source of law affects the functioning of organisation at ground level.
It means a sense of justice and fairness. It is also regarded as the source of law. There are deciding cases which are interpreted and applied by the judges. But all the laws cannot be perfect for every cases therefore every company has to depend on the concept of equity which means considering every aspects of labours providing them equal rights which in turn provide relief to various parties that works for the same , such practices helps in the smoothing down the rules for future.
Government is the regulating body within a specific geographic location which is considered to be dominating with respect to physical forces. It is required for ensuring the proper use of force. For this particular reason, it must specify various objective laws which are used for clarifying regarding the usage of these forces and one should have abilities for enforcing these laws.
The purpose of government is to protect the rights of individuals and make certain policies and rules for protecting citizens. Rights can be assaulted any where whether within or even outside a country, the government should be able to deal with the related threats. Government forms various regulating bodes that controls the working of every institution and makes sure that every company is working within the limit of the rules and does not violating any of them. This lead to peaceful functioning of industrial sector which is very important for the growth of every organisation. There are also certain judicial bodies known as court where every individual can reach whose rights has been exploited or faced any kind of violation or frauds from other company or a particular person. Government has already set up a structure that defines the punishments for all types of illegal activities to maintain an ethical scenario in an economy. It helps in representing the interest of labours and every other employee who is working in any of the firm. It also make sure that no organisation discriminate any labour on the basis of gender, age or due to favouritism.
Statutory laws are those which are issued by various agencies of government and also known as written laws. These are predefined law which are made under certain acts and can be very old. Many acts such as employment act, labour act, industrial act etc. comes under statutory laws. These are substantive at operational level which are prescriptive in nature and are originated from government or legislature whereas common law is defined as the particular law which have been derived from the preceding ruling of judges. These are procedural at operational level and are also known as case law which are instructive in nature. These laws has been originated from the precedent or judiciary. Common law is of two types in which the judges introduce some new laws and there are no statutes while other where judges interprets the laws which already exists and determines certain boundaries and distinctions which are new. On the other side statutory laws can be passed by several government agencies of the country, thus there are certain rules and regulations which are passed through federal and state government. News laws are introduced which aims to meet the needs of civilians, for resolving issues and also amending existing law. For determining common law for cases includes the process which begins with the research analysis,location regarding the earlier relevant cases, extracting the statements and sentences which are passed fro determining the common laws which can be applied. Their is a hierarchy which is associated with the regulation of each court where decisions of the high courts prevails over the lower courts. These laws are formed already which are only required to apply for the cases. Common laws are developed on the regular basis which do not cause any separation in the society or creating any expense. Those statutory rules are also codified to convert into law codes. This term means that the several statues are being formed or organised through subject matter.
Employment law defines the right which are associated with employment. It have been introduced to protect the rights of workers and includes all aspects of employer and an employee relationship. It is very essential for all the companies to comply with these laws to avoid any costly claims which are associated with certain disputes. Employment laws covers the following factors which ate contracts of employees and their conditions, their treatment, pay and working hours which are being provided to them, absent for sickness and time off work and also transfers & takeovers. With the respect of these aspects employment law also affects more issues which are discipline and grievances,harassment and bullying, equal pay, maternal and parental rights, discrimination on the basis of age, disability or due to status of marital or civil partnership, gender, religion, culture or belief ; pregnancy or maternity, redundancy and dismissal, employment tribunals, protection of data and terms and conditions which are related to employment. These are the criteria on the basis of which the employer and even employee are protected which facilitate the proper working of the company and maintains it decorum and peace.
Whereas Contract laws of business defines general principles which are used for regulation of enforcement and performance of various contracts between two or more business parties which are privately operated and generally enters to establish a commercial relation. It s impact is related to the approach of jurisdiction towards law. These approaches are based on the common law that is legal systems which are promoted by British and certain civil laws which are mostly related to non-common wealth systems of rules. Beside all these contract law binds the two parties that are forming legally valid relations and cannot take any step against illegal contractual relations. All the transactions which are legal are governed by the contact law and courts forces parties to perform their role ethically. These laws have immense impact on the working of a business institution and lead to coordinative functioning with other companies also.
There are several steps which are suggested for effective problem solving process
One should know what is the problem and remember that every individual can have different perception on the particular issue which might create conflict among them. so to avoide these conflicts there should be separate listing of all the issues from the interest of people so that a neutral decision can be taken.
Understanding interest of everyone
This is regarded as a critical step which is always missed. Interest are the needs which every individual wants to satisfy by the provided solution. The best solution for any problem is that people equally agrees on it. For making this happen one must have active listening and ignoring all the differences for a while and can listen with the intention of understanding the other person by thinking on his behalf.
Listing of possible solutions
Some brainstorming is always required because it can lead to provide some solutions which are completely out of the box and can be considered as creative as compared to obsolete solutions. Several aspects and the solution can be listed down and further followed by evaluation.
Evaluating available options
As with the availability of several options to resolve any particular problems; every solution has some pros and cons which is very important to evaluate as the solution which is to be chosen should be time and cost effective. All the plus and minuses of the solution should be examined to make sure that there are no or less negative consequences which are associated with it.
Selection of an option
It is very important to choose the correct solution among the choices available while considering which is the best and balance out all the odds which are related to the problem. Choosing the best solution will lead to effective and efficient working of an organisation with the proper usage of the resources available and avoiding the conflict with the other business parties too.
When solution for the particular problem is searched out it would lead to the final documentation of agreements within the company or along with other business body. As one should not rely on the memory or witnesses proper legal documents must be signed in order to provide a proper way for implementing solution. Also one should pen down all the important points so that one should not miss any critical step of solution which can create an adverse impact on which can totally opposite of what has been expected.
Agreeing on contingencies, ,monitoring and evaluating
Conditions can be change they may not remain same as it was expected. Making contingency agreements for uncertain future circumstances. How one will monitor compliance and will follow through. Therefore, creating opportunities for evaluating those agreements and their implementation.
Nature of registered company: A company on its registration get legal status of separate legal entity. It gets it own assets and liabilities and gains to right to sue and be sued.
Registration of a company:
Documents required for registration:
Duties and responsibilities directors
The solutions which are provide are needed to be implemented very well as the director of the company need to understand the problem completely and its consequences which xcould lead to proper understanding of the scenarios. Various meetings should be called comprising of specialist which are known to give various solutions and their consequences that would help the company to find out the best solution among the available option as every organisation has an aim to provide a solution which requires less time, cost and resources and can provide effective result. All the solutions or the agreements must be converted into documents so that a proof must be present physically for the future need if required.
Different legal system for the different areas
As there is always a difference between the areas on the demographical aspects which plays an important role in the implementation of a business in that area. Every areas require different resources and functioning to operate in that region. Therefore government should makes rules and regulation according to the geographical aspects also.
Role of various unions
Unions are formed to make sure that no member of that particular is been exploited or exploiting other. Union laws should be made with respect to the individual members so that every one has equal rights and can work efficiently
Advice of citizens and setting up of various institutions for problem solving
Before introducing new laws with respect to the country government should conduct a survey or to take advice from the citizens regarding that particular rule so that they might be aware of the fact and an provide full support.
Alternative dispute resolution:
This can be defined as a solution to dispute between parties without going to courts. This is less expensive and less time consuming method to solve a dispute. There are three methods od ADR:
Arbitrations : this method in which a third party is appointed as arbitrators and that person after taking into consideration all faces and evidence fron both parties pass a decision which is agreed by both parties and have a biding effect on them. No apples lies for decision under arbitration.
Negotiation: this is a method in which parties to dispute mutual reach to a decision without going to a third parties in this negotiation are done by them and an amicable decision is taken.
Mediation: in this a method in which a third parties is appointed as mediator to resolve the dispute but the decision does not have a binding effect and parties can deny at any time.
It has been conclude that there are different sources of laws which can be internationally as well as nationally based which every company needs to comply with for their smooth working. Also the role of government has been described in law making which is an essential aspect of every economy. Importance of employment and contract law has been described to understand the role of these rules for the employer and employee.
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