Business Law
COLLEGE OF BUSINESS
TMC COLLEGE
LAW
Individual Assignment
The Importance of Understanding Business Law in Malaysia
PREPARED FOR
Mr. William Tan
PREPARED BY
Ilyassova Daniya
SUBMISSION DATE
2 June 2014
Table of Content
No. Details Page
When doing a business it is important to understand laws that apply to your business, laws depend on the country you live in, but there are many that apply almost everywhere in the world. The laws do change as well, so keeping up with changes to business laws is also very important. Business law includes the law of governing contracts, sales, commercial paper, agency and employment law, business organizations, property, and bailments. Other popular areas include insurance, wills and estate planning, and consumer and creditor protection. Business law may include issues such as starting, selling or buying a small business, managing a business, dealing with employees, or dealing with contracts, among others. It has been proven, that most companies are comfortable in doing businesses, provided they have a government license in hand, and an approval stamp for their business. It gives confidence in handling day to day business requirements to those who know the legal aspects of business. If you do not know the laws you may not be following them correctly and this can lead to problems for your business, so knowing the laws and keeping up with changes are the necessities in the business world. They protect your business from being copied, protects customers and employees. Several and different laws control the actions of all the businesses and each person involved in the business, from the manager the employee and even the owner. Some major business law categories:
Environmental Laws: The government enforces the environmental laws for the discharge of hazardous waste and the recycling laws pertaining to the
TMC COLLEGE
LAW
Individual Assignment
The Importance of Understanding Business Law in Malaysia
PREPARED FOR
Mr. William Tan
PREPARED BY
Ilyassova Daniya
SUBMISSION DATE
2 June 2014
Table of Content
No. Details Page
When doing a business it is important to understand laws that apply to your business, laws depend on the country you live in, but there are many that apply almost everywhere in the world. The laws do change as well, so keeping up with changes to business laws is also very important. Business law includes the law of governing contracts, sales, commercial paper, agency and employment law, business organizations, property, and bailments. Other popular areas include insurance, wills and estate planning, and consumer and creditor protection. Business law may include issues such as starting, selling or buying a small business, managing a business, dealing with employees, or dealing with contracts, among others. It has been proven, that most companies are comfortable in doing businesses, provided they have a government license in hand, and an approval stamp for their business. It gives confidence in handling day to day business requirements to those who know the legal aspects of business. If you do not know the laws you may not be following them correctly and this can lead to problems for your business, so knowing the laws and keeping up with changes are the necessities in the business world. They protect your business from being copied, protects customers and employees. Several and different laws control the actions of all the businesses and each person involved in the business, from the manager the employee and even the owner. Some major business law categories:
Environmental Laws: The government enforces the environmental laws for the discharge of hazardous waste and the recycling laws pertaining to the