The law means the rules designed by the authorized people in the country or the society.
Law is the subject that focuses on the disputes and various methodologies to solve the problems encountered. The subject gives emphasis on the constitution and the amendments of different countries, developing knowledge to resolve any matter faced by a nation in a thoughtful way. This subject though seems easy but the depth of information regarding the important act of the realm motivates students to work hard and take a positive yet a correct decision in any of the encountered situations. You can develop a good communication skills, decision making power, intense thinking and positive attitude once they pursue this field. You need to focus on many of the subjects that relate to the real world and making aware about the condition of the country and society we are living in.
The growing demands and needs for comfortable and smooth lifestyle have created lots of disputes in family, society and the country; which not only hampers a particular individual but a nation as a whole. Marriage disputes, property disputes, educational disputes, financial crisis and many more of such arguments are all handled by the students who have acquired a professional degree in law. Hence, this arena increases the scope of better future and a reputed life for any individual. It is said that nothing can be achieved without hard work; hence you need to make them well prepared with good knowledge and grace to grab the available job opportunities hence, capable of serving society and the country. During the course in law, it is seen that students generally have a problem regarding the homework and assignment. It is true that homework and assignment when lined up not only create a mess of mind but also distracts students from their studies.
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Explore how different types of business organisations are legally formed
It is necessary for every business to follow the legal aspects and maintenance of the laws and legislations that can help the company to secure its position and hence develop its business operations effectively. There are different types of business organizations that depend on their legal formation. Under laid are different organizations:
Sole-proprietorship: The single person owns a sole proprietorship. As per the legal requirements of the firm, it is observed that the person is singularly responsible for meeting all the requirements of the company. The owner shares the profits and losses by himself. The profits made by the company are shared after paying all the taxes. In case of losses, the owner is personally responsible for it. In addition to this, there is a chance of tremendous risk, if the owner is on the verge of a lawsuit. For instance, this can lead to the forfeiture of the assets of the owner (Solomon, 2017). This type of organization requires permission and a license for social security. Furthermore, the owner himself would entirely do raising capital and collection of revenues. In case of any conflicts, the owner is liable to solve the issues and hence, mitigate the troubles that arise due to the issue.
Partnership: In the case of a partnership, there are either two or more who are devoted to conducting their business operations. The profits and losses made by the firm is either shared equally or divided among them according to the investment of the partners. A partnership firm can be successful much in case the other partner supports other partners and they work in collaboration. For instance, it can be considered that if the accountant of the company is not present due to some issue, the other substitute partner would take over the responsibility till the time (Persadie and Ramlogan, 2015). According to the legal requirements of the company, a partnership deed is an agreement where the terms and conditions associated with the partnership firm are required to be followed by them. The partners are also required to follow the legal terms and conditions for the firm.
Corporation: Conduction of business procedures is termed as incorporation and thus, this helps an organization to instill flexibility within the company. This type of organization provides the employees various legal rights. The owners of this type of organization have limited liability as the corporation has separate legal standing and the owner takes the initiative to secure the personal legal actions. This can also help to maintain the security of the employees within the firm (Perry-Kessaris, 2016).
For instance, for this type of organization, the government supervises the business operations. Members of the Board of directors are also appointed for conducting meetings on regular basis and the minutes of meetings must be recorded and used for future reference. The income made by the company can also be subjected to taxation in association with personal and business revenue. Through sales of stock, the ownership can also be transferred, and accordingly, the interest of the corporation is shifted.
Limited Liability Company (LLC): Limited Liability Companies and corporations share almost similar advantages and the only case they differ is in association to governing of their operations that vary from one state to another. In relation to business lawyers, it becomes of sheer significance about retaining the services that are provided to the customers by the employees (Bayern, 2016).
Explain how business organizations are managed and funded
A different business organization is managed and funded in different ways. Under laid are certain ways through which organizations can be managed and funded:
“Recommend legal solutions for resolving a range of disputes using examples to demonstrate how a party might obtain legal advice and support”
Sole proprietorship- this organization type is less expensive and however do not seek huge investments. There are fewer regulations required to be followed and the owner shares the profits and losses only. However, on the other hand, the owner is responsible for issues and obligations and there is difficulty in raising capital.
Partnership- the partnership has more investors; this reduces the burden of raising capital for any one of the owners. Additionally, this type of organization also faces issues like different viewpoints and suggestions of the partners (McCormack, 2017).
Corporation- through the sale of stock, more capital can be raised and ownership can easily be transferred. On the other hand, there are more regulations and policies required to be followed by the owners and the employees.
From the above study, it has been revealed that business and commercial laws are useful for mitigating issues that arise in an organization. Commercial laws are helpful for regulating corporate activities of a form. In addition to this, different sources of law, the role of government in law-making, and its application in justice court are taken into consideration. The study revolved around the overview of Senior Employment and Dispute Law Advisor in the context of Global Solicitor. Moreover, the effectiveness of the legal system within an organization and exploration of the advantages and disadvantages of its formation are stated. Furthermore, appropriate recommendations are also provided in support of the findings of the study.
Allen, W.T. and Kraakman, R., 2016. Commentaries and cases on the law of business organization. Wolters Kluwer law & business.
Andenas, M. and Negra, F.D., 2017. Between contract law and financial regulation: towards the Europeanisation of general contract law. European Business Law Review, 28(4), pp.499-521.
Bayern, S., 2016. The Implications of Modern Business–Entity Law for the Regulation of Autonomous Systems. European Journal of Risk Regulation, 7(2), pp.297-309.
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