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Role of Law in Business and Society (Research Paper Sample)


Write a 700- to 1,050-word paper in which you define the functions and role of law in business and society. Discuss the functions and role of law in your past or present job or industry. Properly cite at least two references from your reading. Make sure you are familiar with the instructor's writing guidance in the Instructor Policies and the University of Phoenix's plagiarism policy. I strictly enforce the plagiarism policies.


Role and Functions of Law in Business and Society
Role and Functions of Law in Business and Society
The relationship between business and law forms the basis for an enabling environment for all businesses to operate as well as acquisition of harmony in society. All businesses in the formal sector usually operate under certain rules, procedures and regulations as outlined by the government. In this case the businesses will perform under a certain legal environment whereby they are protected from all forms of malpractices. Similarly, when it comes to society, enforcement of law acts as the guideline for the acceptable behavior within society.
Functions and Role of Law in Business
Business owners usually possess expertise in specific industries in which they operate. However, they remain dependent on other experts to assist in areas outside the business core market for example finance and law. It is a requirement for all businesses to comply to rules and regulations provided by the governing body (Cox, 2011). A requirement for employing someone with legal expertise thus becomes crucial for business. The various functions and role of law in business are discussed below:
Competition – rule of law plays a great role in countering unhealthy competition. The law applied here is the antitrust law that is formulated to encourage healthy business competition through restricting unhealthy competitive behavior like monopolization. The application of law here helps the overall business industry to experience healthy competition which leads to better products and services due to enhanced quality (Meessen, Bungenberg, & Puttler, 2009).
Taxation – businesses are required to pay tax on the income they earn. This is a legal requirement by the government and the law applies to ensure fairness in the process of paying tax. This means that no business is exempted from paying tax making the competitiveness of business equal without any business taking advantage of the other in terms of competition.
Intellectual property – this describes any unique creation that people make for example art, literature, and company logos. This law helps to ensure legal protection of the unique creations in order to give the creators an opportunity to earn profit from their work, and eliminate prospective people who may copy without permission (Cox, 2011).
Environment Law – the role of environment law in business is to generate rules that help restrict any negative impact tha...
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