How Laws Help Business Organizations

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This video explains How Laws Help Business Organizations.
Article Link: https://www.businesshelper.org/business-management/governance-corporate/how-laws-help-business-organizations/

Law is “a body of rules of action or conduct prescribed by controlling authority and having binding legal force"

Business law governs the relationships and conduct of individuals and organizations engaged in commercial activities

Law of the land protects the rights and assigns obligations to the parties involved in business

Profit maximization must not come at the expense of the legitimate interests of stakeholders associated or dealing with the business

The interests of customers, employees, governments, and service providers, among others are important in the eyes of the law

Any business that follows rules and regulations becomes more disciplined and often remains a going concern

Contract law requires firms to create legally binding agreements

The purpose of employment laws is to protect the rights of workers and employees

To generate tax revenue, the government enforces tax regulations on business enterprises

Corporate laws are enacted to guarantee that companys' governance and management are transparent

They describe the responsibilities of company directors, protect shareholders’ interests, and reinforce the accountability

Compliance with laws allows a company to avoid legal consequences and save money on account of legal costs

Article Recommends Two Books To Read on the legal and ethical side of the business

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