business law assignment help drummondville

business law assignment help drummondville

The Role of Business Law in Ensuring Ethical Practices and Legal Compliance in Drummondville

1. Introduction to Business Law and its Importance

For over a century, the academic discipline of business law has been widely studied by scholars all over the world. In many colleges and universities, it remains an important part of the accounting and management training programs (MBA). Nonetheless, there is limited improvement in our understanding of the historical advancement and progression of business law as an academic discipline. The primary goal of business law is to provide an even playing field for businesses to operate without fear or favor. In this respect, business law is directly connected to ethics since both focus on enhancing an individual’s awareness of what is morally right and legally correct, enabling him or her to act based on it. Business law also covers all the laws and regulations required to begin and operate a company or partnership, as well as any anonymous or incorporated or limited liability organization. Business laws provide guidance for other entities, such as cooperatives and non-profit organizations, that are based on company principles or shareholding institutions.

Business law is a crucial regulatory subject that ensures ethical conduct and compliance with all applicable laws by businesses. In lay terms, business refers to a legally recognized entity that conducts business operations for profit, and the law element describes the rules and regulations that such business entities must follow. In short, business law mainly deals with routine matters and commercial transactions, as well as the handling and settlement of commercial disputes. It is very different from most areas of law, which are mainly oriented to protect society from an individual’s wrongful acts.

2. Key Legal Principles and Regulations in Drummondville

Legislation sets forth the basic rules that the population must adhere to. For example, the Workers’ Compensation Act (2019, A, c. M-19.01, s. 1), which codifies rights and obligations, must be followed by employees of the city and of the entreprises. In Drummondville, this law requires employers, among other things, to provide any employee with training on health and safety at work. This can facilitate the understanding of the population of the province of Quebec as the core principles to stay secure and healthy on the job are being introduced.

There are also rules and regulations, practices, and principles created and set by bodies and organizations, including the Médecin du Travail Québec (MTQ). Finally, these engineers, when practicing in the public sector in different provinces, will also have to respect the principles and workplace laws similar to the ones that prevail in Drummondville.

The Workers’ Compensation Act in Drummondville, for instance, influences health and safety in different aspects. Engineers (logical reasoning and critical thinking are crucial in these regards) who may be designated as a RO or RGC in the province will and/or have to comply with the requirements of this act.

Different principles play a crucial role in legislating and drafting legal precedents, but little has been mentioned in proposing policy amendments in future research. The Civil Code of Québec, the Code of Civil Procedure (CCQ), criminal law, as well as judicial precedents, are the main sources of the law. From another perspective, the different legal principles mentioned above also have a direct or indirect impact on ethical aspects.

3. Business Structures and Legal Considerations

Potential business owners in Drummondville will need to give significant attention to selecting the business structure that is best for the enterprise. The five main business organizational forms are sole proprietorships, general partnerships, limited partnerships, corporations, and cooperative companies. Each form requires specific legal approval and registration fees, and owners must comply with business law requirements for reporting, taxes, and protection of debts. A sole proprietor makes all decisions and retains all profits but assumes all responsibility and liability for a business. Sole proprietorships can be registered under a trade name and as a GST/HST registrant in Drummondville. Additionally, a general partnership is a form of operation where two or more individuals or organizations carry on business together with the aim of making profits. Each general partner has the same rights and powers concerning the efforts of daily business operations. However, all partners share equally any finances lost. The general partners can also get around limitations by organizing as limited partnerships as shown below.

When operating an organization in Drummondville, business owners need to consider how different types of business structures are impacted by business law requirements. For example, the tax and legal considerations for a company with a single owner will differ from an organization that was formed as a partnership or a corporation. Sharing ownership brings with it additional concerns for drafting partnership agreements or organizing corporations.

4. Contracts and Agreements in Business Law

The making of a contract is dependent upon the applicable legal framework. This framework can originate from various sources, for example, common law, civil law, all federal legislation, and some provincial legislation. Consequently, the laws which apply can be varied and extensive. Some generalities are, however, recognized. An agreement to sell is essentially based on negotiable instruments, the ‘perfect’ kind of obligation, which must, by its essence, be available to the public. Within this contractual agreement, the rights of the creditor, who possesses the negotiable instruments, are stipulated. When an ‘unconditional’ bill of exchange is endorsed, i.e. ‘pay to W or order,’ any person may be listed as the ‘W’ to whom the debt is owed. The creditor giving the debtor an obligation to pay is not the actual creditor, but is only in proxy (an agent). It is this handing over of rigidly certain assets, directly transferable, which, as solemnized in documents of credit, firstly provided confidence in business.

Almost every business transaction results in the making of a contract. This contract, whether it is a sale of goods, the rendering of a service, or a purchase of property, is made with the understanding and expectation that it will be legally enforced. If a contract is not kept, the law provides a remedy, usually in the form of damages to the party hurt by the breach. Business law prescribes the rules regulating the making of a contract and the rights, duties, and obligations flowing from it. In this section, the discussion deals essentially with the making of a contract as it exists in our legal system, following the Civil Code of Quebec.

5. Enforcement and Remedies for Business Law Violations

In addition to enforcement mechanisms, a business victim or, depending on the facts and the applicable laws, a class of victims has the right to bring a legal action in court. Typically, business legal disputes are resolved through the normal litigation process which can be lengthy, time-consuming, and expensive. In an effort to speed the resolution of business disputes, alternative dispute resolution (ADR) methods are available in the form of mediation and arbitration. Either method is binding on the parties: mediation provides a legal resolution to a legal dispute while arbitration is legally binding on the parties and arbitrator. Both methods must be resolved within a specified time, unless given an extension. This latter method is becoming increasingly popular with businesses within whose provisions the parties can tailor the proceedings to fit specific needs of their dispute prior to proceedings. The confidentiality of ADR methods can often be a positive point to a business, as long as their reputation is maintained.

In any legal field, enforcement mechanisms and available remedies for violations of the law are essential components. In terms of business law, regulatory and pre-litigation enforcement actions by relevant agencies often play an important role. Regulatory agencies charged with enforcing business laws, rules, and regulations often have the power and duty to investigate, inspect, and assess whether businesses are complying with the law. When there is a violation, a regulatory agency has the authority to sanction or penalize the violator through such measures as fines, warnings, revoking a license to do business, or other actions.