Purposes of law
In broad terms, the major function of the law is act as a platform or system of order that levies punishment for crimes that have been defined by the same law. Another function of law is to ensure that there is a uniform fairness across all boards of the justice system. In the business environment, the law also provides a platform whereby disputes between different parties are resolved, and the legal rights of the different parties in the business are also discussed. It is of the essence to note that the law is also used in businesses as a catalyst that is used in promoting good faith in the day to day business and as a form of guarantee that the business parties act in good faith.
Meiners, Roger, Ringleb, and Frances(56) note that the judiciary is structured by a combination of the state courts and the federal courts. The judiciary through the use of courts adjudicates disputes by settling legal cases and applying the rule of law in agreement with the charter. The other role of the judiciary is to monitor and adjudicate the decisions made by the lower courts in America.
The international courts also have a major role to play in dispensing law. The main function of the international court that is based in Netherlands is to provide advice especially on the major legal questions that arise and settling the disputes that have been submitted by the states that are members of the court.
In a society, the law is used to punish crime offenders as the law also defines what is considered a crime. It is vital that individuals understand that in order to practice law businesswise, the law should identify opportunities for any business especially in limiting liability, adding a competitive advantage to the business and planning of the business. In businesses, the management works together with their legal representatives to limit liability.
In the current company that I work in, the application of the law is done in several platforms. During the purchase of new rights and share equities, the company uses contracts. The main purpose of the contracts is to govern the agreements between the company and the private suppliers and in the process of negotiations. When the company is purchasing capital that is in the form of real estates and land, the law I essential and especially environmental law whereby the company is informed about the limits of the environmental impact assessment guidelines.
When the company is recruiting or laying off workers, it is vital that the legal parameters of the law are followed so that the company is not sued, or the company does not violate any employment or labor laws. According to Carroll, Archie , and Ann (113), the Law is also used by the company in determining the tax the company has to pay so that the company does not violate any tax laws that may bring liabilities to the company in accordance with the state’s tax policies. The law also determines the jurisdiction in which the company can operate and the different tax policies implemented at the different states.
The law is also vital in businesses especially in business dispute resolutions. These disputes resolutions can be made locally or internationally. In most case, the entities involved in international disputes are the government and corporations. Governments can be able to win claims in the event that they win these disputes. When individual or private parties are involved, arbitration is used to solve these disputes when the courts of law are not used.
The courts also provide a platform whereby civil litigation can be done. Civil litigation is a situation whereby parties can argue their points of view on matters that do not pertain criminality in a court of law. In terms of business, civil litigation can be used by the company to resolve contract issues, bankruptcy, lawsuits related to employment and negligence. The lawsuits in civil litigation normally have huge financial or economic interests. It is vital that companies use a well set up Litigation Company so that their objectives while undergoing the civil litigation process are met.
Conclusion
The law plays a major role in the administration of justice. It also provides a platform for fairness and justice to all business owners. In the event that there is a breakdown in law or the law is completely nonexistent, many companies will be negatively affected. Some of the companies may not respect the various contractual obligations that it has with other companies. These obligations will be respected based on the will of the companies and not on the basis of law. The companies would also be mainly closed corporations whereby people are willing to sell the company shares to their close friends and relatives depriving the public of owning the company. The banks will only offer loans to companies that they think can repay the loans or companies that can provide collateral as no business or company is trustworthy. Without the law, there will be increased cases of tax evasion, smuggling and organized crime.
Works cited
Meiners, Roger E, Al H. Ringleb, and Frances L. Edwards. The Legal Environment of Business. Mason, OH: South-Western Cengage Learning, 2008. Print.
Carroll, Archie B, and Ann K. Buchholtz. Business & Society: Ethics and Stakeholder Management. Mason, OH: CL-South-Western Cengage Learning, 2010. Print.
