What follows is meant as an overview to get you exposed to the legal aspects of running a business. As most of you know, I am not a lawyer nor do I play one on TV. So, if you have legal questions, please seek out professional advice.
Legal Aspects Of Business Book Pdf
This is a great overview of what a business owner can or should expect related to general business law questions. Key takeaways on the topic of hiring legal counsel is: 1) know when you need to do it and 2) know what you need support for. I think too many business owners try to cover all the facets of their business that they do not do a good job covering their bases. Sometimes you need to hire someone to do something so that your time can be better spent elsewhere. The main benefit of having corporate counsel is that they can advise you about the liabilities of decisions you are making. The bigger the decision, the bigger the potential liability; therefore the greater the need for support. You would be surprised at the number of flexible ways (i.e. flat fees, retainer cap amounts, quarterly advisory sessions, etc.) that business owners can work with attorneys to get the legal advice that they need while managing costs. Working things well, attorneys really can become a necessary good (granted, I am a bit partial).
Certain areas of business communication are strictly regulated by law, while others can lead to potentially harmful civil litigation. Understanding the potential legal consequences of communication in business is essential for entrepreneurs, managers and front-line employees alike.
Legal disclosures are similar to disclaimers, but less specific. Although disclaimers are a type of disclosure, other types of disclosures can be legally significant as well. Conflict-of-interest disclosures for stock analysts and financial advisers are one example, as are references for research-based claims in marketing. Non-disclosure agreements approach the legal issues in business communication from another angle. In non-disclosure agreements, one party agrees to refrain from sharing proprietary information outside of a contractual relationship.
Financial reporting can be considered a form of business communication, since it involves formally presenting information to investors, regulators and the general public. Using deceptive accounting practices to misrepresent company finances is a weighty legal matter potentially resulting in lawsuits, fines or even criminal charges, not to mention damage to a company's brand reputation. This is one of the most closely regulated areas of business communications and is especially important for publicly traded corporations.
Individual states further enforce their own internal communications regulations via state agencies, such as the California Department of Fair Employment and Housing. Remember, there are a variety of contributors to the legal aspects of business communication definition, so have a good lawyer on retainer and make sure you understand the laws governing your business.
For effective business law research , it is recommended you explore ideas published in secondary sources such as journals. A legal journal article can provide analysis and insight into a recent case decision or piece of legislation. Also listed below are sources for conducting primary research in a bid to extrapolate from decisions in earlier cases and analyse whether there are defenses available that would eliminate or reduce the amount of liability.
COURSE OBJECTIVE: The objective of this course is to familiarize the students with various laws that will help them torefine their understanding of how law affects the different aspects of business.
1. Understand the fundamental legal principles in developing various contracts andcommercial laws in the business world2. Identify the common forms of business associations and elements of Corporate Governance3. Develop insights regarding the laws related to industrial environment4. Ability to understand the fundamentals of corporate tax and GST5. Understand the role of consumer rights and cyber laws in the modern business environment
Businesses have multiple areas in which they may require legal assistance and guidance in order to avoid liability and ensure their best interests are protected. This can be confusing for business owners to navigate, especially for smaller owner-operator type businesses. Below is a basic overview of the different types of law applicable to the average business operation in order to simplify this and provide a better understanding of how this works.
Complying with federal and state tax code is one of the most challenging legal aspects of running a business. In most cases, it is strongly advised that businesses hire a business lawyer with tax experience to help them figure out their various tax obligations. These obligations typically include the payment of income taxes, sales taxes, property taxes, as well as other types of taxes. A business lawyer will be able to advise the specific types of taxes applicable to each business in order to remain legally compliant.
Arguably one of the most important areas of business law is employment law, which handles all types of different legal issues surrounding the hiring, termination and management of employees. The goal of employment laws is to ensure fair treatment of employees as well as making sure they have a safe work environment. Oftentimes this can involve compliance with a large number of OSHA requirements, especially for manufacturing and construction businesses where there is an inherently higher risk of injury to employees.
Business contracts can be especially tricky for business owners and executives to navigate, as a poorly written contract can open themselves up to not only financial liabilities but even possibly legal ones as well. A business contract lawyer can help businesses with a wide range of different contracts that can be used to negotiate and leverage better terms for your business. The most common types of contracts for businesses include lease and purchasing agreements as well as product sale contracts with third-party vendors.
Settingup a new business brings myriad challenges for the start-up and newentrepreneurs, predominately from the legal standpoint. This is the phase wherestart-ups need to remain watchful as any negligence in this regard could cost thema lot of time and money. That is the reason why most start-ups prefer toaddress such obligations under the supervision of a professional firm.
Every business concern, either large-scale or small-scale, is bound to comply with their respective legal regulations. Here are some significant functions of business law that can help you in understanding it better.
Information systems have had an impact far beyond the world of business. New technologies create new situations that we have never dealt with before. How do we handle the new capabilities that these devices empower us with? What new laws are going to be needed to protect us from ourselves? This chapter will kick off with a discussion of the impact of information systems on how we behave (ethics). This will be followed with the new legal structures being put in place, with a focus on intellectual property and privacy.
The first US copyright law, which only protected books, maps, and charts, provided protection for only 14 years with a renewable term of 14 years. Over time, copyright law was revised to grant protections to other forms of creative expression, such as photography and motion pictures. Congress also saw fit to extend the length of the protections, as shown in the chart below. Today, copyright has become big business, with many businesses relying on the income from copyright-protected works for their income.
This branch of law relates to the liabilities, duties, and legal rights of individuals or businesses involved in transactions that relate to merchandising, sales, commerce, and trade. Business law includes private and public laws as part of civil laws.
In countries with civil laws, the company laws include statute laws. In countries with common laws, company laws combine statute and equity laws. The two main legal concepts under business law are the theory of limited liability and the idea of legal personality.
When a business is formed as a partnership, the members form an association, allowing them to participate equally in profit-sharing and management. Partners in this type of business formation are also liable for all business debts and legal action in relation to any contracts or other agreements. The owners of a business might choose to appoint an agent, who is an individual who brings their expertise to contractual relationships between businesses and any third parties with which the company interacts.
If you need help with business law definition, you can post your legal need on UpCounsel's marketplace. UpCounsel accepts only the top 5 percent of lawyers to its site. Lawyers on UpCounsel come from law schools such as Harvard Law and Yale Law and average 14 years of legal experience, including work with or on behalf of companies like Google, Menlo Ventures, and Airbnb.
This textbook introduces the Indian legal system and presents exhaustive discussion on laws which govern and regulate businesses. It focuses on the application of law based on which managers need to take decisions. It also maximizes its usefulness as textbook for business management students and managers through a huge number of cases and mini-case highlighting the legal issues of business entities. Aiming to provide the readers an understanding and knowledge of business-related laws, the book provides in-depth coverage of the law of contract and sale of goods, laws dealing with negotiable instruments, consumer rights, competition and also law regulating the incorporation and management of companies in India.The book covers the syllabuses of most IIMs, IMTs, DU, GGSIPU, Jamia Millia Islamia. 2ff7e9595c
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