One of our Education Advisors will get in touch with you shortly and will explain the programme in greater detail and answer all of your questions. We can expect to work in a safe work environment because of laws. Staying on the right side of the law Confidentiality in the workplace laws in the UK (external link) work to protect information that is shared on the basis it will remain private property. Even online sellers might have to collect sales tax in any state … For example, standards are set in every workplace surrounding things like sexual harassment, or discrimination. Sure, business owners might have a full understanding of the way digital marketing works, but if they can’t understand the legal practices at work that revolve around the company they’re trying to build, they only know half the store. Having even the most basic of knowledge when it comes to the importance of business law can drastically improve your life as a business owner, as well as your own company. He has a wide gamut of professional experience, from the Merchant Marines to the Banking and Finance industries and has been associated with Robert Kennedy College since 2015. Over the years they have grown to reflect the values we hold as a society and in our ideal of the equality of all people. They protect the rights of the company, and of the people who work there, as well as help to establish a certain standard for how things should be run. This is “Importance of Rule of Law to Business”, section 1.4 from the book Business and the Legal and Ethical ... Alcohol, Tobacco, Firearms, and Explosives. You would be forbidden from engaging in illegal arms trading. The Importance of Business Law: The Basics For starters, let’s review what business law is. https://www.quora.com/What-is-the-importance-of-business-law For starters, these laws dictate and define what’s acceptable, and what’s not in a place of work. In fact, most people are still learning to this day—operating a business is something that takes time, energy, and a lot of trial and error when it comes down to the nitty-gritty. Let me give you some examples of the importance of law in everyday life. In short, a better understanding of Corporate, Consumer, and Commercial Law helps in setting benchmarks in product quality, safety standards, production and operational standards, and human resources, thereby protecting the rights of the organisation, its clients, vendors, and employees. Business law serves as a way to maintain order among businesses, brands, and companies alike. Additionally, they provide a sense of stability that helps businesses maintain that scheduled order, as well as giving them protection to easily settle any disputes that might occur. Hello Stephen, Thank you for your message and your interest. Anyone of these circumstances calls for protection, aid, and help from the field of business law, and it’s important that the business owner in charge of the company is well aware of what they are, and are not, allowed to do. No business wants to face criminal charges for not adhering to the law. https://online.scu.edu.au/blog/how-rule-of-law-is-important-to-business Copyright 2018. Yet managers are expected to be aware of the legal implications their decisions might have on the organisation. Contract law is also covered, which can be important to understanding the complex interactions between individuals under the law and the rights that buyers and sellers can exercise. Contract law is a broad field that governs the conduct of business in many areas … Sorry, your blog cannot share posts by email. Even for mid-sized companies, having legal teams in place to cover every eventuality may for practical purposes be out of the question. For more information you may request for a free catalogue at http://www.salford.rkc.edu/catalogue?j=face_an. There are commonplace terms that businesses owners often talk about without maybe recognizing how it’s tied to business law. Please how do I get an online admission and how do I know if this schooling is legit. An agreement doesn’t need to be signed for this law to apply, although companies will usually include a confidentiality clause in employment and client contracts. First-time business owners might not know the complete in’s and out’s of business law, and that’s all right. For starters, the importance of business law hinges on what you’ll be protected from, how your business will also maintain a sense of independence and stability, and how you can provide that protection for the people who will be working alongside you. Just like individuals, businesses are responsible for paying taxes on income that they earn, and tax law... Competition. Sahil Devasia has a bachelor’s degree in Physics, Mathematics and Computer Science with an MBA in Marketing. It will help your business thrive, it will make you a better business owner, and it will give you a leg up on people who don’t know their stuff as well as they should. Post was not sent - check your email addresses! For starters, let’s review what business law is. However, for all profit-driven organisations, reducing costs and increasing bottom-line profits are one of the primary considerations in the decision-making process, and if your organisation is small or has limited resources, there might not be a legal team in place. When it comes down to it, the importance of business law provides you with a bevy of information that you’ll certainly need in the long run. Such definitions of types of business help clarify ownership of the business entities. Business law serves as a way to maintain order among businesses, brands, and companies alike. Salford Business School Students Visit The Supreme Court, http://www.salford.rkc.edu/catalogue?j=face_an. Indeed, knowing the rights and the protection the law can give to both an individual and a company can be vital managerial information. How do I know this is real because I am really keened to grab this opportunity please contact me 0736192777. There are many businesses in Geneva that function on a domestic and even and international level. Learn as much as you can, and apply it to your business to see the results. Many junior managers who may have limited understanding of the legal implications of management decisions may underestimate the importance of the law in the business world. Contract Law. Knowing your rights as a business owner, and knowing the importance of business law, can help you establish your ground, and give you plenty of room to stand on when defending yourself in various situations. 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