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Free «The Anatomy of Corporate Law» Essay Sample

The source of the law is not well understood, a similar situation with the efforts to understand the origin of the society. This is because the two go in hand, that is, the law exists as long as society exists. From the obvious understanding to many, law can represent the authoritative nature of any individual having control over others. From the changes that took place over time, there became a need to regulate the activities that were taking place within the society in order to bring order and sanity among individuals from the individual level to the society level. Looking at the greater depths, the activities that involve business over the world operate in an individual investment and market related complex framework. In reference to such operations, the law will come in play where it presents and ensures a very important structure where business activities take place. It is so important such that in the event that these laws fail to manifest, then business operations cannot take place. In the effort to maintain the necessary structure, law sets up the rules and regulations that apply distinguishing what is lawful business undertaking and which ones are not. With these limits, it becomes very important for anybody who wishes to engage in to business to make him/herself informed on the necessary requirements to follow in the kind of business one has interests. Irrespective of the fact that there are legal professionals who can excellently help whenever conflicts occur within the business activities, each and every individual running a business has the obligation to understand the binding terms that come with the business operations considering the potential financial consequences (Kelly, Holmes, & Hayward, 2005). Therefore, it is important to understand the most fundamental features of business law because these factors have impacts on different business undertakings determining the final benefits.

Order is the basic and most important procedure within any society, as this will allow the members of the community to engage in different activities without causing disorder hence coexisting in harmony. It is obvious that, as bound by their locations and culture, different societies will depict different kinds of order. This can vary from some of the social organization having strict regulations while others tend to experience weak regulations.

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Despite the nature of the order, law within any society remains a very important component in the ensuring order within the society. However, this does not mean that there are no other existing forms of ensuring order, they are there, and they do not singularly depend on law, as it will have influence from other external forces such as moral and political behaviors (Kelly, Holmes, & Hayward, 2005).

In general, law will represent the official media that controls a society and it will manifest in to different categories depending on the context in consideration. First, it is important to understand certain terminologies, which generally apply in law, as they will represent different situations as dictated by the context of application. The context in this case is in business law. Although these terminologies do not depend on each other to some extent, they will include the following. First, the common law and the civil law will apply in relation to specific legal organizations. The terminology of ‘common law’ in the business context, for instance in the United Kingdom, will indicate to all legal structures that have an influence from early English legal framework. On its part, ‘civil law’  will indicate the legal structures that have influence from the European continental law structure with its roots from Rome but still borrows a lot from German social structure. The common law will represent the case as centered as well as the judge, where he/she has the chance to deal with the cases from a specific point of view. Contrary, the civil law represents the generally arranged procedures that ensure good judgments. However, both situations will not apply in reality as the common law shows the extent to which a judge in this context can apply his judgment beyond limits while the civil law shows how judge cannot have the authorities to practice his powers in judging (Kelly, Holmes, & Hayward, 2005, p.2).

Secondly, the common law and equity will indicate a specific separation in the English legal framework. Common law, referred to as the law abiding the common people, it presented the declaration and approval of the central supreme authority. Irrespective of status in the society, the binding law remains applicable to all situations. For instance, a lower ranked plaintiff can file an appeal to a supreme court directly without much trouble.

Thirdly, a category representing common law and statute law, which is the law, made in parliament. In this context, common law represents the genuine law and regulation made by judiciary from the basis of judgments made earlier where else statute law is the parliament made law. The courts still have the rights to make and implement law in general case and determine how legislation operates in specific rendering the overall operation centrally placed.

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Private and public law form the forth category. To understand well these two types of laws, it becomes vital to look into the functions of the government and the citizens and the appropriate legal behavior that associate with the two, in the basis of the kind of law which bring their relation ship

The final category of the terminologies used in law is the civil law and the criminal law. The civil law will refer to the private law binding the relation amongst the citizens in particular and it allows different people to prefer charges to others in which such rights remain protected by law. These laws will manage disputes without necessarily punishing as they seek remedies from the distracters. The government will provide the necessary legal framework for use with the implicated individual taking responsibility to ensure they abide by the set guidelines. Differently, criminal law interests the public law and it is concerned with conduct where the government is to ensure it is not broken, as it makes sure the necessary characters are encouraged within the society. To understand the difference between civil and criminal law, certain situation can result to both (Kelly, Holmes, & Hayward, 2005, p. 46). For instance, reckless driver has a potential of being sued for breaking traffic rules as well as injuring an innocent pedestrian.

From the understanding of these terminologies that come with law generally, we look at the most important legal issues to consider in business law specifically when an individual wishes to start a company. Irrespective of other factors such as the framework of the business and tax returns, there are four basic legal issues necessary when starting a business as they can turn things upside down when one feels that he/she is doing well. This can happen when there is failure in following the necessary steps. Here four major legal issues can cause trouble.

First are the trademarks. It is important to register the trademark of the company before it starts operations. However, securing a realm name does not necessarily indicate that one has the guarantee of the legal rights. Depending on the laid down procedures where some organization cannot deal with disputes concerning trademarks, federal trademarks have priority in time compared to domain names. Trademarks that are not registered will also fail to be recognized, thus it becomes important to register trademarks independently. In addition, trademarks that do not stand out distinctively as expected by registering bodies may fail to be recognized (Kraakman & Hansmann, 2004, p. 57). For instance, if two people like Ken and James can get into business as ‘K James and Co,’ the inclusion of the ‘company’ term do not indicate that the above business is perceived, or even taken as a registered company under the companies legal framework. Here, as guided by the companies’ legal framework, companies are different from partnerships, in the view of corporations, depending on the location and as the host country’s laws dictate. This is to show that they can have legal rights on their own; to exist irrespective of independency of its constituting members and this will not indicate any disputes concerning partnerships.

 
 
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Secondly, when starting a company, one has to keep records of any deals reached with any associates when establishing a company. This will render any one safe in case of potential disagreements that can resurface later. Being in partnership is an essential mode of existence in any business firm. During the earlier times, partnership came before registration of limited companies in the effort to combing the capital of different people and comprised the crucial aspect in financing industrial changes. For instance, it did just this in the United Kingdom between 18th and 19th centuries (Kelly, Holmes, & Hayward, 2005, p. 279). Being an associate of trade and industry, partnership remains an important legal issue in business. As time changed, company law replaced partnership law in legal procedures, as a large number in a partnership became unnecessary leading to registration of limited organizations where any disputes are under the Companies Courts. However, the importance of the partnership law remain vital as it forms an important part in undertakings that involve law, accounting, medication, as such activities do not include wishes, or necessities where there is restricted liabilities (Law and Business, n.d.). Problems arise when new laws come to play involving limited partnership with limited liabilities.

Thirdly, the employees are important composition of a company. Therefore, looking into their legal issues during employment is important. It is obvious that the employment law represents a bigger fraction of a possible liability and employees’ legal matters are too important to ignore them. In this case, the corporate laws will apply as this law looks into the best ways possible in which the stakeholders, administration, workforce, and the surrounding interact within the organization. The owner, director, or employer becomes responsible for the wrongs done by his/her employees where in case of legal actions, the employer an extra defendant without immunity of exclusion from the case. For instance, the failure of the employees who do not perform as expected leading to a company incurring losses, the authorities remain responsible for the failures (Nicholls, 2004, p. 339).

Lastly is the contract liability where a business owner should find and know the range binding liability within the contract. This is possible by ensuring there is a limit in highest liability as well as removing potential losses (Law and Business, n.d.). Business will involve exchange of goods and services where different people come to market with their goods in the market place and they will, at will engage to confer with each other (willing buyer, willing seller) in order to reach in to an agreement and establish the terms and conditions, which will bind exchange of the good or service. In this situation, contract law comes in to play such that it facilitates and enforces regulations of activities in the market place. In fact, in all activities that everybody engages in his/her daily life are some kind in one way or another, type of contract and they will range from a small activity like purchasing  a biro pen to employment at an office (Emerson, 2003, p. 137). To many people, such activities will seem meaningless until at a certain point in time when something goes amiss. This presents the high time for one to realize that whatever the engagement, there was a certain agreement reached. It is from here were one insists on his/her rights and goes further to seek some form of compensations from the damages made. This is usually from the person who is involved in the dispute. At this particular time, the finer details of the contract come into play depicting the contents of the contract law. From here, the parties establish if there are rights, if any and in what best way can they be enforced and if so, the possible remedies. From this discussion, one can understand that contract law is a representation model of the operations of the market (Kelly, Holmes, & Hayward, 2005, p.103).

In conclusion, business law remains an important feature in business operations and thus one should understand it properly to enable success of the business venture. In the effort to make this a success, there are terminologies related to law such as common law, public law, civil law, statute law and criminal law, that should be understood as they help one to avoid certain mistakes that can make a business collapse. As much as they may appear similar, many will apply independently determining the eventual consequences. In the case featured of starting a business, four vital legal issues are determinants to a successful business. They include registration of trademark, proper records on any deals made, legal rights of the employees and contract liability. Therefore, their perception in relation to business law leads to a successful business, as mistakes are noticeable in the operations hence avoided.

   

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