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Corporate & Business Law - Essay Example

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Title: Corporate and Business Law Introduction: While a new business or a corporation is initiated, the understanding of the corporate and business laws and ethical values becomes highly essential. Company Law is most significantly guided by the Companies Act of 1985 (Milman, 2009, p.43)…
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Download file to see previous pages The company laws also set standards required to be followed by the company and maintain their ethical behavior since ethical leadership is considered to be very essential for the appropriate operations of the company and its success (Miller & Jentz, 2009, pp.63-64). The present study focuses on how the law of England and Wales is made and how a company is incorporated with study on the evaluations of the incorporation of companies. The General Legal System in England and Wales (in the United Kingdom): England and Wales are two countries that form part of the United Kingdom. The primary laws prevalent in the nation include the legislative law, the common law, the European law, and the European Convention on Human Rights. The Parliament is in the primary charge of the legislative law. The legislature that is located in London has the responsibility and power to pass different laws in all the four countries that include England and Wales as well. The common law represents a common legal system prevalent in England and Wales. The European law is more superior to the UK law since UK is a part of the European Union. The human rights convention is responsible to look after the rights of individuals as dictated by the legal system (The Legal System of the United Kingdom, n.d.). ...
Corporate and business laws have been found to be essential for any firm that tries to establish itself in the market or the industry. Moreover, when contractual issues are involved in a business, standardization proves to be essential (Mantysaari, 2009, p.11). The formation of the law in England and Wales: As it is already mentioned and learnt, the passing of laws in both the countries in the UK is the primary responsibility of the parliament that has the necessary and required power. In order to form the laws in England and Wales, at first the law needs to be proposed. The new law that is proposed is referred to as the bill that then needs to be accepted by the parliamentary houses. Once the parliament agrees to the bill and its purpose, the Queen needs to give her assent to the passing of the bill. Once that happens, the bill becomes ready to be treated as an Act by the parliament. The first reading of the law reflects a situation where the parliament learns that a new law is ready to be proposed. A second reading presents the discussion on the law by the members of the parliament. In the next step, a third reading is performed where debates and votes take place on the new proposed law. If majority of the votes are won, then the bill gets passed by the parliament and requires the assent of the Queen. If the Queen provides with her assent, then the bill becomes the Act and acts as the law for the nation, including the countries (Barrow, 2012). Considering the level of crimes and frauds occurring in businesses in the present state of globalization, laws associated with the business crimes have emerged to be significant to be formed and followed. Thus while national and international laws are ...Download file to see next pagesRead More
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