aspects of law
Topics: Contract, Corporation, Types of companies, Limited company / Pages: 3 (662 words) / Published: Nov 20th, 2014

Q1. State three most important aspects of law as related to business. Give your rationale as to why those are the most important.

Ans. Business and law are interlinked to a large extent. It would not be possible to do business without law. There are some important aspects of law as related to business are given below.


Every organization needs a porichiti and it is known by a name which represent any business. Every organization has a name and it shows a distinction than other organization firstly. Structure is very important for any organization because it represents strength of any organization.

Different types of organization are available in the market and which type of organization it will be it depends on the owner of the company. It may be sole proprietorship or partnership or corporation. It depends on investment and liabilities also.

Business license is a important in case of businesses. Every organization needs a business license when they started and government will provide only.


Contract is a legally enforceable agreement between two or more persons to do, or to refrain from doing, a particular thing in exchange for something of value. It can be written, using formal or informal terms, or entirely verbal.

Without agreements with customers or clients no business could exist. Most major transactions for business will involve a written agreement, whether you are buying or selling a business, opening new premises, entering into an agency, distribution or franchise agreement, or involving a new shareholder or partner.

It is always a good idea to put the terms of a contract in writing, not all contracts must be in writing. If a contract is not in writing, it is more difficult to prove what contracts terms were actually part of the agreement.


A business which operates on a small scale or a large scale may quite often need the help of arbitration when disputes take place with another

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