Business Law and Mitigating Risk (Essay Sample)

BEMM386 Business Law and Mitigating Risk
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Table of Contents
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1. Introduction  PAGEREF _Toc96108025 \h
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2. Section 1: Risk Audit and Mitigation  PAGEREF _Toc96108026 \h
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A. Commercial risk factors I have taken up to this point  PAGEREF _Toc96108027 \h
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i. The Executive Biking Shop  PAGEREF _Toc96108028 \h
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ii. Products Sold and Other Business Considerations according to the Law  PAGEREF _Toc96108029 \h
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B. The Legal Structure of My Business  PAGEREF _Toc96108030 \h
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C. The Legal Agreements Required  PAGEREF _Toc96108031 \h
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D. Intellectual Property  PAGEREF _Toc96108032 \h
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E. Consideration of Operating Internationally  PAGEREF _Toc96108033 \h
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3. Section 2: Response to Commercial Scenario  PAGEREF _Toc96108034 \h
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4. References  PAGEREF _Toc96108035 \h
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BEMM386 Business Law and Mitigating Risk
The Executive Biking Shop
Superior Sporting Bikes, Quality Bicycles, Gear, Repair, and Consultation from the Best Experts
Introduction
According to Thomson Reuters (2022), due to recent high-profile corporate bankruptcies, failures, and scandals, the corporate world in the UK (United Kingdom) nowadays has to face a stronger corporate governance demand and a stricter regulations regime. As such, any type of business in the UK including business start-ups should strictly embrace best business law practices and incorporate an effective risk management strategy to mitigating their risks. Moreover, Thomson Reuters (2022) notes that all businesses including business startups should also have an in-depth comprehension of business law and commercial risk related to their own business contexts. Most importantly, the market, creditors, suppliers, insurers, investors, and shareholders will mostly view a particular business as risky when it fails to implement effective strategies to monitor risks. Hence, businesses should understand the various legal risk categories, including tax, product liability, media, labour, intellectual property, insurance, health and safety, environmental, data protection, crime, corporate governance, contract, competition and compliance, and bankruptcy and insolvency (Allianz Insurance PLC, 2022). Other business risks in reference to Allianz Insurance PLC (2022) include pandemic outbreak, cyber incidents, business interruption, changes in regulation and legislation, market developments, climate change, new technologies, fire and explosions, and loss of brand value or reputation. Notably, it is also paramount for businesses in the UK including business startups to comply with the stipulated laws and regulations in their operations to avoid any litigations that might adversely affect their business brand and reputation (GOV. UK., 2022). This module assessment will discuss a risk audit and legal mitigation for the Executive Biking Shop business startup, as well as provide a comprehensive response to a commercial scenario.
Section 1: Risk Audit and Mitigation
Commercial risk factors I have taken up to this point
The Executive Biking Shop
In particular, the Executive Biking Shop is a business startup in the UK that was started 6 months ago and its operations are gradually growing despite facing some common challenges that many businesses encounter in the UK. In principle, during its inception, I had to comply with all the stipulated legal requirements for starting a business in the UK with the assistance of a legal consultant who happens to be a reputable UK lawyer. Some of these legal requirements I had to comply with included adhering to the UK business rules and regulations, utilising the GOV.UK, registering the business, acquiring a license for the business, getting insured, and getting legal assistance (Andrews, 2022). Other legal requirements included complying with the equal opportunities provision, complying with data laws, checking the Employees