Topic: Laws that Affecting Business
Name: Sumon Roy
MBA (Evening Program)
Department of International Business
University of Dhaka
Submission Date: Saturday, 17th May 2010.
Table of Contents:
Definition of Business, Law & Business Law
Sources of law
Different laws affecting business
Laws regarding commerce in Bangladesh
Laws regarding Industry in Bangladesh
In the present world business plays an important role in every sphere of life. Business determines one’s life style, standard of living, education and even cultural standard. So to lead a bette-r life we need to understand business and study business. Business is dynamic – always changing. Coping with both predictable and unpredictable events can be easier, more efficient, and less traumatic if we understand business. Study of business will help us to understand that today national economies are no more independent entities rather interdependent and taking an uniform global shape, economic depression in U.S.A. has an impact on the whole world, business and global warming are not different issues, war in Iraq or Afghanistan has some kind of link with business, China becoming a factor in the world economy because of excellent business skill and the system known as “Free Enterprise”. However the road to success will be easier for those who understand how business works.
As business is an indispensable part of life there should have some rules and regulations to control and operate it in a disciplined way. In order to do so business laws have been introduced. And in the present world business firms must operate within the boundaries of laws and government regulation. Laws have been developed not only to protect consumers but also to preserve competition. Government agencies enforce these laws at different administrative levels. Business firms that do not comply with the laws face fines, penalties and in consequences fail to run. So, knowing business laws are very important to operate a business. Definition of Business:
Business is nothing new in human society from time immemorial Business is a part of our social life in different forms. Presence of business proves that we are dependent on each other and with the passes of time this dependency is increasing. At the early stage people was engaged in exchange of goods without using money which was called barter. Over the years many things have changed, money has been introduced as medium of exchange and through lots of forms businesses are now in the present forms. Today business means exchange of goods, services or money for mutual benefit or profit.
Definition of Law:
Law is a system of rules usually enforced through a set of institutions. It shapes politics, economics and society in numerous ways and serves as a primary social mediator of relations between people. In other words law can be defined as “A standard or rule established by the society to govern the behavior of its members.
Definition of business Law:
Business Law is the body of law that governs business and commercial transactions. In today’s complicated business world in order to operate and control a business Laws are must. So, the part of law deals with businesses to keep businesses running in a disciplined way as all the parties related to businesses get protection as well as feel responsible in their respective positions is known as business law.
Sources of Business Law: Laws are basically derived from three major sources those are: 1. Common Law
2. Statutory Law
3. Administrative Law
1. Common Law:
The body of law created by judges through their court decisions is known as common law. Common laws are basically based on custom, usage and court rulings of early England. 2. Statutory Law:
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