Laws Affecting Business in Bangladesh
1. Definition of Law
As defined by Steven J. Skinner and John M. Lvanncevich, A law is a standard or rule established by a society to govern the behavior of its members. Federal, state, and local governments, constitutions, and treaties all establish laws. Laws have a direct and substantial impact on how business firms conduct various activities.
Law, as it is, is the command of the Sovereign. It means, law has its source in sovereign authority; which is accompanied by sanctions, and the command to be a law should compel a course of conduct. Being a command the law must flow from a determinate person or group of persons with the threat of displeasure if it is not obeyed. Thus the term Law is used to denote rules of conduct emanated from and enforced by the state.
The laws of a country relate to many subjects, e.g., inheritance and transfer of property, relationship between persons, crime and their punishments, as well as matter relating to industry trade and commerce.
The term Business Law is used to rules and regulations relating to industry trade and commerce.
There are several sources of law. The bodies of law created by judges through their court decisions are common laws. As a body, the laws enacted by the local governments, constitutions or treaties are statutory law. Moreover, there are administrative laws and judicial laws.
2. Various categories of Business Law
Numerous and several types of laws regulate the activities of all businesses and everyone involved in the business, from owner to manager to employees.
These include –
• Tort law (which includes product liability),
• Laws governing contractual agreements,
• Sales agreements,
• Use of agents,
• Property transactions,
• Bankruptcy proceedings, and
• Negotiable instruments.
3. Laws that affect business in Bangladesh It is important for all business owners to know and understand the laws that affect their businesses. It is equally important to comply with
As defined by Steven J. Skinner and John M. Lvanncevich, A law is a standard or rule established by a society to govern the behavior of its members. Federal, state, and local governments, constitutions, and treaties all establish laws. Laws have a direct and substantial impact on how business firms conduct various activities.
Law, as it is, is the command of the Sovereign. It means, law has its source in sovereign authority; which is accompanied by sanctions, and the command to be a law should compel a course of conduct. Being a command the law must flow from a determinate person or group of persons with the threat of displeasure if it is not obeyed. Thus the term Law is used to denote rules of conduct emanated from and enforced by the state.
The laws of a country relate to many subjects, e.g., inheritance and transfer of property, relationship between persons, crime and their punishments, as well as matter relating to industry trade and commerce.
The term Business Law is used to rules and regulations relating to industry trade and commerce.
There are several sources of law. The bodies of law created by judges through their court decisions are common laws. As a body, the laws enacted by the local governments, constitutions or treaties are statutory law. Moreover, there are administrative laws and judicial laws.
2. Various categories of Business Law
Numerous and several types of laws regulate the activities of all businesses and everyone involved in the business, from owner to manager to employees.
These include –
• Tort law (which includes product liability),
• Laws governing contractual agreements,
• Sales agreements,
• Use of agents,
• Property transactions,
• Bankruptcy proceedings, and
• Negotiable instruments.
3. Laws that affect business in Bangladesh It is important for all business owners to know and understand the laws that affect their businesses. It is equally important to comply with