The benefits of studying business management are numerous and including prioritization skills, people management and money management. Business law is a vast field with many education and career options. Dec 27, 2018 business law includes a complex web of state, federal and municipal statutes. The present day poverty and the poor standard of living of the people of many backward countries are due to poor resources, little production and lack of technology. Law is a broad discipline with several fields that serve important functions in business. If you own a business, youll need an attorney and an accountant to make sure youre in. Jout business law and its relationship to business education. Why business law is an important part of an mba program. Jun, 2014 the business environment association of business executives as means of doing business in both national and international spheres. Importance of the english language in law english is known to be the universal language used by people all over the world to communicate and interpret words, actions and feelings on an international and global scale. May 16, 2016 commercial law is one of the most important legal areas of your business. The importance of studying business law and ethics free essays. This area of law deals with matters relating to commerce and trade between businesses and consumers, and it also reaches out into areas of employee contracts, business contracts, financial transactions and more.
In light of the importance to accounting professionals of recognizing significant legal, ethical and regulatory issues, a decline in the business law requirements to become a cpa is cause for. Concept of business law in broad sense, business law is considered as a law, which regulates all the business activities, or which apply to business entities, for instance, partnership and corporations. Why the accounting and finance students study business law. Of course, you may do this research on your own, but most people like the assistance of a lawyer who is knowledgeable in the area of business law. In this present report, there is discussion about the importance of business law and focus has been given on branches of businesses reed, 2008. What is the importance of studying business law to a business. The english common law system is influential across the world and studying it gives you real perspective on the value of your chosen subject, as. Introduction designing the right legal system is a fundamental challenge when attempting to promote economic growth in a developing country. Some thoughts on developing equity markets in developing economies troy paredes i. The laws need to be obeyed so that the business does not wind up in court.
Whilst studying for your aacsb online mba, youll quickly learn that law is a fundamental part of any business. Economics studies the, vital question of satisfying human wants with scarce resources. It is essential to know about business law before starting a business, as it will help you operate your business without the hindrances of ignorance. The paper attempts to provide a constructive understanding of the rule of law and governance clearly. It is better to seek the expert guidance of an accountant and an attorney to learn about the latest business laws that will affect your business. Business law encompasses all of the laws that dictate how to form and run a business. Importance of business law knowledge street directory. The importance of education law if you work in other education institution or a college then you may already be familiar with why education legislation plays an important part in modern education. Commercial law is one of the most important legal areas of your business. Business law courses help students develop critical thinking skills in three.
Before diving into the meaning and importance of why we study business law, lets take a look at the reasons and benefits of studying business law. Taxation just like individuals, businesses are responsible for paying taxes on income that they earn, and tax law determines how businesses pay taxes to the government. The major types of businesses are c, s and closed corporations, limited liability companies, and sole proprietorships. An overview 2 common law, equity and statute law 23 custom 25 case law 26 nature of equity 32. Below is a list of the most important business laws. Studying law what to look for striking the right balance between business decisionmaking and legal implications requires an experienced approach. The relevance of business law education for future. They also encourage competition by protecting property rights. In terms of what a business law course covers, there has been extensive debate over the content of business law courses and whether a traditional or environmental. The operation of or conduct of business is regulated by a number of types of law, including corporate law, contract law, intellectual property law, tax law and securities law. The purpose of this paper is to critically analyze the theory of governance and the role of law. The importance of studying business law and ethics. Mar 01, 2017 law is a fundamental part of business and business has always been intertwined with the law and legal regulations, but these are becoming more complex.
Discover how to make the best decisions for you and your business on our blog. Theyre essential skills for a small business owner or entrepreneur, or someone in a more traditional office role. As a result, business students often enter the corporate world without a comprehensive understanding of the law or the role of legal. Acquire an understanding of the principles of common law system within the students own legal system and how it affects their business life.
As a result, business students often enter the corporate world without a comprehensive understanding of the law or the role of legal professionals in the creation and operation of a business. Most master of business administration mba programs, including online mba programs, require that students be proficient in business law. A business can be established, but to successfully sustain a business, the business needs resources like finance, for which it has to depend on financial institutions. This scientific knowledge about human society is needed in order to achieve progress in. The business environment association of business executives as means of doing business in both national and international spheres. Chapter 1 the nature and importance of contract law 5 delivered pursuant to a contract. Business law and business law attorney business law is a body of the law that mainly focuses on the legal and proper configuration within with the business and the organization operates. This includes all of the laws that govern how to start, buy, manage and close or sell any type of business. Acquire a knowledge of the legal environment in which businesses operate in the domestic and. From startup to merger, idea to initial public offering, acquisition to sale, legal issues punctuate the life of a business. The current role of business law in the accounting curriculum.
The role of law in business education springerlink. Aspiring business leaders should consider studying a master of business law online that covers a variety of tools you can use to manage your organisation more effectively. Aboriginal law, constitution law, property law which religious holidays should be days off school and work. What is the importance of studying business law to a. The prime purpose of business law is to maintain order, resolve disputes, establish generally accepted standards, protect rights and liberties.
Consequently, any one business law class may contain a variety of majors, from those studying accounting and economics to those majoring in marketing and information systems. Importance of contract law contract law serves as your protection in every legal agreement you make in life. Because they are not the students of law therefore a question may arise in the mind of a student why i am studying business law. There are many interesting extra curricular activities. Business law is an important topic to understand due to how intertwined business transactions are with society. Business law is very important to a person that is going to be running a business. Business law deals with the creation of new businesses and the issues that arise as existing businesses interact with the public, other companies, and the government. These laws work together to ensure predictability and fairness. Sociology has made it possible to study society in a scientific manner. Rights law should people who werent born in canada be sent back to the country they were born if. Chapter 1 of the third edition of letters to a law student deals with the question of why anyone would want to study law, and in the course of so doing defends the importance of law, and by extension the work that lawyers do.
Contract law makes these agreements enforceable, which usually means that it gives the party the power to compensate and obtain money damages caused by the other party due to a breach of contract. Any regulation or legal rights that affect employers, employees, and consumers, as well as how businesses interact internationally, are considered topics of business law. The importance of understanding business law scu online. Importance of business law in business school curriculum. Business law career options and education requirements. It deals with new business creation and also with the existi. Criminal law, immigration law, canadian charter of. It was also made to provide for proper guidelines and order upon the behaviour for all citizens and to sustain the equity on the three branches of the government.
What is the function of law in business entrepreneurs are often experts in specific industries, but certain business decisions may require expertise in areas outside a businesss core market, such as finance and law. The object of this section is to provide a gateway through which you can explore on the internet in greater detail exactly why law is such an. Regardless whether a business transaction involves the sale of a horse or a complicated multimilliondollar movie deal, the law provides a. Pdf the importance of the rule of law in governance. Its important for business owners, managers, and other professionals to have a basic understanding of business law to help them make better decisions. One of the reasons for studying business law is to learn to predict what the law will be in the conduct of businesses both at the national and international level. The business law studies are very important, as it helps the management professionals in realizing the business ethics, he or she must follow, in order to run a proper and authenticated business. Its important for business owners, managers, and other business professionals to have a basic understanding of business law to help them. You dont have to have a major corporation to need a business attorney. Since business has always been closely intertwined with the legal industry, its important for business students to have a clear understanding of the role of the law in business before. In light of the many legal aspects not to mention banking and economic dimensions of the financial crisis of 2008, and previous crises in recent years, the need for a greater awareness by business executives of basic aspects of business law is, or should be, apparent. Advantages of studying business management bizfluent. This area of the law draws on a variety of legal disciplines, including tax law, intellectual property, real estate, sales, employment law, bankruptcy, and others.
Introduction to business law and ethics susana silvestri grand canyon university bus340 october 17, 2010 introduction to business law and ethics statutory interpretation was critical to the supreme court of colorados resolution of a 2007 case, pringle v. Sep 17, 2009 importance of business law for mba students 1. Law is meant to protect people and property from harm. Canadian charter of rights and freedoms, human rights law should people who werent born in canada be sent back to the country they were born if they commit a crime. Indeed, anyone who makes a small amount of money with an online store, a brick and mortar shop or small car dealership can find themselves benefitting from the services of a business attorney. The purposes and functions of business law include maintaining order, protecting. Business law is a subject that business and commerce students study in their course. Why business students should study law lawyer monthly. Benefits of learning legal issues in business whether you are a manager of a multimilliondollar international company or the founding entrepreneur of a fledgling startup, it is important to understand basic. This is consistent with maines thesis that the movement of progressive societies is from status to contract. Understanding business law will enhance the ability to take right decisions without violating rules framed by the government.
Proper market conditions, for which it has to depend on the market. It is designed to either remove people from society who have harmed people and property or to make them monetarily responsible for the harm. Law is a fundamental part of business and business has always been intertwined with the law and legal regulations, but these are becoming more complex. This language is taught in all schools and universities internationally from preschool, college and even on a masteral level. A qualified lead counsel business law attorney will explain which one is better suited for you based on your needs and will prepare the necessary paperwork. The importance of business law education is emphasised by the fact that there is a compulsory commercial law topic in the academic requirements for a chartered. Importance of the english language in law, essay sample. Jan 05, 2018 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. How the rule of law is important to business scu online. Read on for information on education requirements, options for aspiring business lawyers and other careers a business law. Any regulation or legal rights that affect employers, employees, and consumers, as well as how businesses interact. Aspiring business leaders should consider studying a master of business law online that covers a variety of tools. International business laws pondicherry university. Acceptance of social norms, for which it has to depend on society.
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