LAW421 Week 1 Assignment

Topics: Law, Business, Internal Revenue Service Pages: 5 (798 words) Published: April 18, 2015

Role and Functions of Law Paper
Gregoria Williams
March 9, 2015
Neha Bhatia
Role and Functions of Law Paper
The functions of the law and role of decision makers in business and for society are critical aspects for all issues that arise and require justification toward tolerance in a diverse country. The basic functions of the law are taxation, competition, intellectual property, employment and environmental law and create from a three party-system of government, the legislative branch, executive branch and judicial branch. Each department or areas carry a set of rules and regulations that are govern. These branches limit the power or authorization and commence the power of congress that impacts both businesses and society on a daily basis. CEO, executives and managers roles are critical and before making decisions, each decision maker must make certain that they are within guidelines of the law. The business laws are in place to protect the business entity from any fraudulent or poor decisions that would fail the business and create unlawful acts. “The Internal Revenue Service lets business owners choose from one of several business structures that that affect taxation (Hamel, 2014)”. Business owners may select one of types of business structure that affect taxation such as sole proprietorships, partnership or corporation. Each structure is built, taxed, ruled and regulated by the Internal Revenue Service (IRS). It is the responsibility of the a sole proprietorship owner to report annual business income for taxation purpose. For corporations, the entity is taxed and the owner is not directly charged with taxation. The business world is very competitive and it never rest. “Antitrust law is a field designed to promote business competition by curbing anti-competitive behavior such as price fixing and monopolization (Hammel, 2014)”. There are anti-trust and business ethics in place for business competition and regulated as well by the government. Before a business decides to merge with other companies, legally must go through the courts for approval. For example, American Airlines who merged with US Airways, needed to go through the courts before the merger passed. “The Justice Department sued in August to block the merger, saying that the deal would limit competition and drive up consumer prices (The Associate Press, 2013)”. American Airlines and US Airways in joint become an obilogomist airline and dominate the airspace combined, hence why the Justice Department sued in August of 2013. Later on, at the settlement table, the AA and US Airlines concluded to reducing flight segment slots out JFK, LGA and DCA and the company officially merge December 2013. There are several different types of business with many ideas to innovate; intellectual property is a law that protects businesses from other business using the similar idea without permission of the originator. For example, a company logo or product may not be reproduce without the permission of the originator, the originator would be losing business if this law did not exists. Another area of function of the law, a critical component is employment. Each business must abide by the laws, for example, the law requires each business to offer a pay rate of minimum wage and nothing less. The law also sets and governs safety rules and ensures that the business is following and practicing safety habits in the workplace. In addition, businesses have limited practices and must abide by the environmental laws. These laws protect the earth, air, water and communities from hazardous industrial material that could potentially harm society health. If businesses did not abide by these laws, the entity would be charge with hefty fines and even shut down the business if it concluded a hazard to the environment. For example, American Airlines has a corporate responsibility to protect the workplace of any chemicals, hazardous waste and non hazardous...
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