The purpose of this article is to help small business analyse their legal environment. By so doing they will comply with the national legislature in which they are operating and be able to run their business without breaking the rule of the land. Though business legislature differs from country to country, most businessess have specific legislature they must comply with. The major legislation that affect all firms are:
Protecting Employee Right
Protecting Customers Right
Health and Safety
Sources of Legal Authority
Let us see how these legal authorities came into existance. The following are the major sources of legal authority.
Regional authority is authority that comes from the local community. When local councils or local authority issues bye laws, these bye laws become laws. Other reginal or state government can also make law to protect their environment or communities or business interest. Regional authority includes State government in USA and Nigeria, Welsh assembly in UK and local authorities or government in manay countries
This has been the main sources of business legislature. Most legislature are made directly by national authority these national authorities include National government through Act of Parliament, the High Court or Supreme Court in the USA, and House of Lords in the United Kingdom. Business legislature can also come from setting of precedents and case law.
Due to national interest in international bodies and affiliate there have been the emergence of different supra national bodies. These bodies have made different laws or legislature that protect the interest of members. The United Nations have differnt legislature that affect business and other works or life. Other supra national bodies incluse the European Parliament, European Courts, World Trade Organisation, and the BRICS (which is made up of Brazil, Russia, India and China).
A proper legal analysis of your business environment will safe you and your business from litigations, fine and closure.
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