Chapter 5. Legal Aspects of Business
Chapter 5. Legal Aspects of Business. Livelihood and the profitability of the business have the right to. However, not all business By the laws of the country to be recognized and validated. In this chapter, as well as in the legal aspects of business, Trade Marks, etc. will know. 1998 academic elective subjects at the secondary level course in business ventures in the business education sector Are. Dhaka University teacher organized a business initiative of the land is made Í and he was marketing it.
Chapter 5. Legal Aspects of Business
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DISCUSSION
A business operates within a legal framework that, for the most part, works. This legal framework has a long history and many reams of laws and regulations that will make your head spin. At some point, most companies will have to deal with some sort of legal issue related to their business. Don’t be afraid of this. I won’t lie. It’s scary when someone wants to sue your company but the legal system, for all it faults and issues, does provide a reasonable framework for resolving business disputes.
What follows is meant as an overview to get you exposed to the legal aspects of running a business. As most of you know, I am not a lawyer nor do I play one on TV. So, if you have legal questions, please seek out professional advice.
LEGAL ENTITY
COMPLIANCE
Compliance with local (city and county), state and federal laws will be something that all businesses will need to deal with. Unfortunately, these laws vary enough that it makes sense to call up your local chamber of commerce or local government and have them give you a reference. In general, your biggest compliance headache will be in trying to figure out what taxes you owe, employee rules and safety laws.
CONTRACTS
Most businesses will enter into a contract with a person or another business at some point in their existence. These contacts are what define how the working relationship will be carried out and who is responsible for what deliverables or payments. Contact language can vary but in general, most contacts will have standard boilerplate provisions such as:
Definitions: All contracts will have a section that will define the terms used in the contact. The most typical terms that will be defined include the parties entering into the contract and what the project is they will be working on.
Notice: This refers to where any communications should be sent or which parties are responsible for the contract.
Governing Law: What laws govern the contract. This is usually a county, state or country.
Entire Agreement: Says that no other agreements are required to execute the contract. This is usually done so that it’s clear what the contact is and what it depends on.
Force Majeure: Extraordinary event or circomestance beyond the control of the parties such as riots, acts of nature, government collapse, etc. This term says that if these types of events happen, that the parties are not responsible for the consequences.
Term and Termination: How long the contact is good for and what causes the contract to terminate.
Payment Schedules or Deliverables: All payments related to the contract and what tangible thing (be it code, hardware or docomeents) will be delivered in order to receive payment.
Severability: This means that if a term in the contract is determined to be illegal that does not nullify the entire contact, just that section or provision.
Warranties And Indemnities: Usually deliverables are warranted against defects of craftsmanship or other things. Indemnification says that the seller says that they have the right to sell or transfer the property and will fight any lawsuit against the receiving party.
Default: What is considered breaking or breach of the contract. This usually spells out specific instances or events that trigger remedies or ways that a party can collect when the other party triggers a default event.
Counterparts: This means that the contract can be signed in parts and put together as a whole docomeent without everyone’s signature appearing on the same page.
Confidentiality: Says that certain items, terms or pricing will remain confidential. It sometimes deals with intellectual property disclosure but those types of issues are usually handled via a Non-Disclosure Agreement (NDA).
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