Business laws are there for the purpose of making the operation, production, productivity, distribution and all other aspects of business at right phase so that there is proper ordinance of business in a similar manner all across the country.
Therefore, business laws are behind the reason for how, what, why the business firms are liable to operate lawfully in the entire country which is very important to maintain proper discipline in terms of business in the country.
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Objective of business law:-
For proper management and maintenance of all the major segments of business it is important to have a proper law and jurisdiction system which can work forward for the management and working structure of various different types of business units. The major goal for having proper legal structure for the business sector is that one can have an efficient and smooth workplace and organization during their business working.
Few of the basic laws for business:-
- Indian partnership act: All the businesses where there are several partners or the business is not of sole person and have various owners known as partners in that case a partnership deed is not be maintained and legally binded wherein all the details regarding partnership people, their profit sharing ratio and other details need to be maintained.
- Companies act: All the companies private ltd or public ltd both work in governance with the companies act and work as per the memorandum of association which is maintained for working under the companies act. Therefore, if your business is a company which is legally formed under the norms of companies act then the rules of companies act will be binded for such business.
- Employment and provident fund act: Most of the businesses have various employees working for them and for such business a proper employment and provident fund act is there so that their working can be regulated and their salaries and other perks can be regulated as per them.
- Labor law: To all the labor working in a business organization the law binded to them is labor law as they have all their perks and rules work as per this law so neither the employer gets violated nor labor as proper laws have been made to do due diligence for both employer and labor under labor law.