March 9, 2015
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.