Business law and business management are two mutually exclusive fields of study. Although they have common connections with the same professions, they are always treated as separate branches of education that need different expertise. Although, they are the two most common elements in business management study. As a student, you may have to write different assessment Answers on different topics, but we give you 8 reasons to study business law that contributes to your management study. If you are looking for Business law and business management assignment help then must move towards the myassignmenthelp.com website. For more details read Myassignmenthelp.com reviews
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1. Your business is not beyond the law
Law is important for every study. For business, it is even more relevant. Suppose you are out there to establish your business with a minimum starting capital. You have very few chances left except to resort to online assessment answers.
But this one point of realization can change your perception forever. Like all other professional activities, your business is also part of the legal restrictions that your country has set for you. Hence the dependence on the law in your business is even more. The number of units you can produce, the given conditioning in your external and internal environment, and the company’s employee strength must function according to the law.
The commencement of your business and its progress, development, and closure are also dependent on legal frameworks.
2. Legal protection of the business
The number of financial transactions in an economy is greater than the number of legal translations anyway. But shall we bank upon a system that does not have any protection? Your country is governed by law. The more you put your business outside the framework of law, the less your government will be able to collect taxes. Hence, the government must track your business’s legality in a civilized nation.
Also, it protects you from any business catastrophe. For example, suppose your company’s revenue suddenly started to fall at an increasing rate. Will you be able to take any legal refuge if you fail to subscribe to the legal requirement of your organization? So, law-abiding businesses will always succeed in securing maximum protection from the law.
This necessitates the study of business law more apt for management.
3. Compensation issues
Suppose you are in a deep crisis with your employees. They have dropped resignation mails out of a recent turmoil with salary and wages in mass. Now, as a manager, you can’t meet up the total number of compensation they are demanding.
But if the law of the land protects your business, you can come to the negotiating table by citing legal instances. Consequently, it may go either in your favour or their favour. These are crucial roles of a manager. They cannot risk losing such a vast pool of people suddenly. On the other hand, it is impossible for you as a manager to give in to their demands in a hastily taken decision.
This is the power of business law in affecting managerial practices. You cannot go beyond its premises if you have to set up a properly functioning business and do not force yourself to come under legal scrutiny.
4. Shareholder’s rights and safeguard
Safeguarding shareholder’s rights is a must for any entrepreneur. Your shareholders are your primary responsibility. You cannot grow your company to involve the masses unless your standards are not up to the legal standard.
As a shareholder, it is your responsibility to check whether it is under the legal radar of the country. The permanent address of the company, registration compliance, and legal protective measures should be checked before you start investing in its shares. For more writing click here
In every company, the management has to deal with multiple issues with the minor shareholders. Since they are not indirectly part of the organization, they are left unnoticed. As a business management student, if you learn business law, you can easily protect the interest of your shareholder in times of dispute.
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