business law essay writers

business law essay writers

The Role of Business Law in Ensuring Corporate Compliance and Ethical Practices

1. Introduction to Business Law and Its Importance in the Corporate World

Legal principle is important in the corporate field and so different legal forms have been created that embody different rules intended to suit particular demands. Similarly, corporations that are structured as companies are subject to company regulation that governs both the setting up and the day-to-day operation and control of the company. Business law performs a regulatory role and is concerned with corporate managers conforming to the myriad of rules which direct operations. The branch of law that ensures that business operates in a legally acceptable fashion is commonly called business or commercial law. It is concerned in the main with governing commercial conduct and is also the main force that ensures the ethical performance of corporate business behavior. Business law, therefore, is concerned with corporate compliance.

Law lies at the heart of modern commerce. Serious business enterprise is only possible within an effective legal framework which will facilitate and regulate business activities and which will also protect the public at large in their dealings with business organizations. Law fulfills both these tasks by regulating business from central to peripheral matters and by imposing a variety of standards to determine the conduct which the law requires or forbids. Law is but one determinant of business activities and ethics, social mores, and public opinion also regulate business performance. In order to construct and administer effective business law, it is accordingly important to appreciate the key legal principles and legal enforcement systems that are applied in practice.

As a multi-disciplinary field, corporate compliance studies have typically focused on regulatory rather than legal solutions to the problems that frequently arise within large, complex organizations. Simultaneously, the transformation of the corporate form within developed capitalist economies has been increasingly overseen by business lawyers advising corporations about the legal obligations they face and the structures and processes that are required to ensure that the corporation operates within the law. This module will survey the field of business law and explain the insights that legal study can bring to corporate compliance issues.

2. Key Legal Principles and Regulations in Business Operations

Main Ethics, Compliance, and Business Law Topics There is some foundational business law that applies to a wide variety of corporate entities. Businesses are expected to follow specific laws and regulations in regard to the way they are structured as well as how they carry on business operations. By meeting these standards, businesses are doing business according to the law, or in compliance, and demonstrate ethical behavior. If a person of interest conducts the business in a matter not regulated by law, the person may do whatever they wish in regard to the business and the operation. Being in compliance means that the company is operating within the parameters set forth by state and federal laws and regulations. Fashioning laws that govern correct and incorrect behavior within the business sector helps to ensure that companies are held accountable. Businesses must adhere to the laws set forth in their given industry if they wish to remain in business.

Introduction Business law is a field that applies legal principles to the operation and management of a business. Central to the modern economic system, business law creates guidelines for ensuring that businesses may engage in ethical practices and are held accountable for their actions through a variety of laws that have been crafted to meet the needs of unique businesses and industries. Enforcement systems have been established to ensure that companies remain compliant with various financial, employment, intellectual property, and communications laws that guide their specific industries. Educating professionals on the essentials of business law in relation to compliance is the first step in creating a healthy corporate culture. Understanding the basics of business law can provide guidance to individuals involved in the daily practice of business and aid in the development of a culture that shares the same ethical standards.

3. Enforcement Mechanisms and Penalties for Non-Compliance

2. Penalties for Non-Compliance To various degrees, non-compliance with laws can result in the following outcomes: Indictable offences – a trial by jury in the District or Supreme Court and a sentence of imprisonment. Many “Summary” or “simple” offences can be tried in either the Local Court or the District or Supreme Courts. A sentence of imprisonment is available for some Summary offences but generally the Courts will impose a term of imprisonment for a serious “Summary” Offence if the matter is finalised in the District or Supreme Court. Pecuniary penalties – where an individual or a business is fined a certain amount of dollars. For example, “civil pecuniary penalty” cases can be brought against corporations, directors of corporations, and some other parties such as management and senior officials for corporations that are found guilty of violating corporate law. Also known as “civil fines,” pecuniary penalties are lower than the maximum criminal penalties for serious breaches of corporate law. The order of a pecuniary penalty can be made alone or together with orders for compensation, restitution, refund, payment of interest, damages, declaration, disqualification, injunction, specific performance, community service, or release on parole.

1. Enforcement Mechanisms Enforcement of business law involves the use of the law to ensure that individuals and companies comply with the legal rules about how they should act in their business practices. People or businesses that do not comply can be subject to a range of penalties, including fines, imprisonment, being disqualified from being involved in the management of a company, being banned from being involved in the business industries in question, having the assets of companies (or even the companies themselves) taken over by government control, or being required to undertake rectification or remediation of their actions so that they now comply with the law.

4. Case Studies: Exemplifying the Impact of Business Law on Corporate Practices

GlobalG.A.P. Lactic Acid Supply Chain Group. Case prepared by Ms. Lauren Gaito, Professor Moira L. Clay, Ms. Charmaine Sinclair, and Mr. Diarmaid O’Dubhghaill, all from Defiant LLP. The GlobalG.A.P. Lactic Acid Supply Chain Group case study shows the application of business law in the development and implementation of best business practice. The legal framework applied was contract law and the clients were craft distillers in the UK and the sugar beet farmers. One distiller is in the early stages of building his own company from scratch, and the other operates a successful company which is part of a large family-owned brewery. Unbeknown to each other, but with a shared vision of creating a spirit/liquor rather than a more traditional whisky from sugar beet, both buyers had been seeking a real alternative to imported molasses and grain alcohol. A chance encounter allowed them to compare notes and ultimately to forge a partnership, along with four suppliers, to collectively commission a pilot batch of 1,000 litres.

Heathrow Animal Reception Centre. Case prepared by Dr. Jan Fuller, Centre for Creative and Cultural Research, University of Canberra. Take a moment to look at the images, read the text, and come back when you’re ready for an “a-ha!” moment. The resolution of this case revolves around an existing business opportunity. In 2008, new customers – an Australian pet boarder and a British veterinary practice – came to the Heathrow Animal Reception Centre asking for assistance with quarantine facilities so that they could ship pets in a compliant and ethical way. Their existing arrangements were severely lacking.

Case Studies: The Role of Business Law

5. Future Trends and Challenges in Business Law Compliance

Compliance issues for businesses acquiring data are likely to emerge as a matter of top-level strategy, potentially creating problems for their compliance officers. As Vincent Manancourt writes, regulators are setting about deciding how to go about compliance, and businesses will have to invest heavily. Compliance officers indicate that the growth in regulatory requirements (number of regulations) is, in one sense, creating difficulties for regular compliance activities. Greater issues raised by an increasing complexity in compliance are its growing importance in the business world and greater emphasis on ethical standards in a regulatory context.

With the dynamics of the business world constantly changing as a result of technological advancement, globalization, and the industrial revolution, the legal landscape is accordingly evolving. In order to maintain compliance, businesses must be aware of the international relevance of legislation dealing with environmental issues, anti-money laundering, the digital age, social media, and human rights issues. As an example, the cannabis industry continues to raise concerns and the dilemma is how governments can manage regulatory compliance. Jade McGlynn, suggests that businesses wishing to operate in the medical cannabis sector need to understand the regulatory process. These are international markets; the same obligations of licensing, control, and quality remain.