Because land that the company could have used for disposal has become more expensive and scarcer. To ensure that it has been protected from abuse, laws have been put in place to ensure the preservation of the environment. The disposal of waste should be carried out in accordance with the rules that have been [introduced]. Air pollution protection laws have been strengthened to minimize acid rain through strict controls on coal emissions. Laws have been passed regulating maritime activities, regulating the number of fish to be caught in the sea. Oil drilling procedures have also been introduced to regulate the amount of oil to be processed to ensure that it does not pose a threat to the environment and that deposits are not depleted. A business entity that is owned by shareholders and whose board of directors is elected to oversee its activities is a corporation. Unlike sole proprietorships and partnerships, the law considers a company to be artificial and responsible for all its finances and actions (Skripak, 2016). The legal requirements for starting a business include the names and addresses of the company and its registered agent, the purpose and stock market information. Skripak (2016) adds that a company also has ongoing legal obligations that include tax identification number, licenses and professional standards, annual registration, minutes of meetings, securities, first and subsequent board meetings, and accounting. The company`s legal environment refers to the Code of Conduct, which defines the legal limits for doing business” (Research Starters).
The commercial nature is that which determines the legal jurisdiction it will have. This jurisdiction can be continually influenced by government, business needs, consumers, community, and business requirements. To show how the legal business environment is affected, an example from Arthur Andersen-Enron is examined. The company accidentally had a scandal in 2002 that put the accounting firm in the spotlight. The scandal was discovered after an accounting firm on the industry`s regulatory committee conducted an audit. Pressure from the Congress Party has increased, prompting the SEC to set up a new watchdog to ensure it oversees the review process in the country. Some of the sanctions imposed by ASEC on the company were that it should not participate in a verification process for five years. Legal regulations ensure that this behavior is verified. If the company is forced to pay the true cost of obtaining valuable inputs and ensure that it disposes of its waste properly, people are protected at the expense of their business practices. This legislation ensures that health problems that arise due to improper waste disposal and resource depletion are regulated (Alexander, et al. 2011). These costs are part of the operating costs of the business that must be taken into account because they comply with the law.
This ensures that the company that complies with these rules appreciates the management of resources that allow it to have long-term goals that cause less pollution and ensure the protection of people`s health. The original reason for the introduction of this law was to review the issue of monopoly, which had long affected the corporate sector. The law began after the Civil War with an increase in oil, cotton and other agricultural products. The Sherman Act of 1890 declared illegal trade restrictions or other related acts of monopolies (Earl, 1978). There are laws that have been put in place to ensure that they benefit the public through compliance by economic sectors. The public interest is established as a standard set by judicial authorities or courts to ensure that certain commercial activities are assessed and monitored for relevance (McGraw-Hill, 2002). The field of private services is measured by the impact on the general public caused by a particular approach to the company. If the court or judges consider certain actions to be detrimental to the common good, it does not matter how private companies will benefit. These acts are classified as illegal. The doctrine of error refers to the legal term used to avoid a contract because the parties to the contract in question have misunderstood each other. BTT could have circumvented that contract by arguing that there had been a misunderstanding in it. The other defence to avoid the treaty is the use of the fraud act.
Sole proprietorships, partnerships and corporations are the forms of corporations in which one can choose to operate. However, the legal requirements and the measures to be taken in one of the three types of companies are different. Sole proprietorship refers to a business owned by an individual (Skripak, 2016). The person bears all the costs of the business, owns all the assets and does not share the profits generated by his commercial activity. The legal requirement for a sole proprietorship is simple as owners only need the necessary licenses, a business certificate in their name, and tax offset numbers. In fact, a sole proprietorship is the easiest form of business to operate. The law deals with the relationship of persons to material objects. By nature, the extent of legal power a person has over a property depends on the type of legal claim that person has. The law, if properly integrated into the business, will ensure that its assets remain recoverable even after contracting with other organizations. The company acquires an independent legal status, which is controlled by subscribers or shareholders through the use of their shares; However, they benefit from any capital gain from the liquidation of the company. This is reinforced by independence and the power to act in accordance with the consent of the shareholder.
Partnership refers to a business owned by at least two people who have an agreement to share the profits of the operation. In addition to the required tax identification number, certification and licenses, the company requires a legally valid contract or partnership deed. The law requires that a partnership agreement have a company and the names and addresses of all partners, the nature of their business and the decision-making process (Skripak, 2016). In addition, it should show each partner`s capital contribution, how profits and losses are allocated and how new partners are admitted, dispute resolution strategies, and steps to dissolve the partnership if necessary. The law should be introduced to ensure that there is regulation, as some of the companies have started unethical behaviors to maximize their returns at the expense of the environment and people. The aim was to ensure that natural resources were made available to future generations. It would also ensure the protection of people`s future economic status. This is done by ensuring that companies are regulated to ensure that they are not exploiting the environment and therefore do not affect the future generation. In summary, DWI`s Environment, Petroleum and Energy, Communications, Recreation or Recreation and Real Estate departments are stable and realize all property gains if business laws are followed and used.
“Although Brazil`s business environment is friendlier than in most other high-growth markets, there is sometimes a lack of transparency and there are significant bureaucratic rules for some companies and industries.” According to the Doing Business website: “In a study of the business regulations of 183 countries, Brazil ranks 130th, leaving only India among the BRIC countries. Brazil`s results in individual rankings show that many changes can be made to improve the business climate for local and foreign companies in Brazil. In addition, it is common for certain procedures and regulations to change without notice. In addition, the rules differ from state to state and, as a result, complexity increases for transactions in which more than one state is involved. Despite Brazil`s best efforts to attract foreign direct investment and reduce its lengthy procedures, much remains to be done on Brazil`s tax system and other legal aspects, as it is far too complex. Nevertheless, in my opinion, the key to success in Brazil is to invest for the long term. It is difficult to establish strong business relationships in the Brazilian market if long-term intentions are not clear. “You don`t just do business with others just because they offer you the best deal, you do business with others because they have become your friends and they offer you a good price” (Flávia Witmer, Brazil specialist). In terms of the legal environment, we could say that there are several laws and isolations that determine how organizations and employees interact. According to Reed (2004), the Public Interest Act provides the public with a provision to assess the corporation`s behaviour towards shareholders to ensure that the corporation ensures their well-being. Strict laws govern how the company must present its financial statements so that shareholders understand how the company has behaved.
Among the laws governing these requirements is the law that the company must publish the salaries paid to its officers.