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The rules and regulations created by the government of any country majorly affect the citizens and the organizations of that country. Some laws are required to follow for any organization as a contract, companies, and employment law. When any company or organization conducts the working according to the law it protects them from any kind of dispute or penalty. If any business or company does not comply with the provisions and laws then they may have to pay a heavy penalty and it can lead to the closure of business. Company law is considered an important law that provides some rules and regulations that helps to create the company. Some provisions are specifically provided for directors and MOA, AOA is the forms that are necessary to create the company (Aldahmash, 2021).
Under the company law, some manners of raising the funds for the company are also described that are to be followed by any company and if it is not complied by any company then it may lead to the closure of the company. There is a case is presented that describes the business was conducted for the last twenty years and the name of the business is Price is Right. It is a more successful business, also supplies and made the business transactions into the other countries in the UK. But this business got stuck and disputed with the other business named Right Price.
Contract law is also an important law that states the main elements of business law. For conducting the routine working of the business some contracts need to be made by the employer. So, it is also considered one of the most important laws for running a business. In the provided case business confronts a dispute that was arising with another business and many dispute resolution methods are provided in the law. With the help of these, the matter can be resolved (Chouaibi, et. Al., 2021).
Differentiate between the legislation, regulations, and standards to analyze the potential impact on the business.
The administration is considered an important law that is established by the management of the country. It is identified as the chief element that assists in examining and changing the working conditions in the country. It also identifies some duties and rights that are to be implemented in the business or the citizens of the country. On the other hand, the regulations are considered as the part of the legislation that elaborates the brief about the law and helps to understand the law and its provisions that are contained in the legislation. It is the major thing that people or organizations can implement the law if any dispute is arising and resolve the matter. With the help of this impeachment of law can be reduced by the government. Some standards are also provided by the government that can be implemented while solving any issue in court and time and cost can also be saved.
In the world, the legal system of the UK is considered one of the best and finest legal systems. Many other countries follow the same legal system. With the help of this legal system, the violence and disputes between the people can be decreased. There are mainly three legal provinces as English law, Ireland law, and Scots law. This law assists the people to follow the provided regulations and legislation (Helleringer, 2018).
All businesses need to identify their business nature so, they can implement the most suitable laws that are provided in the UK law. Some forms of the organizations are described that can be legally created are mentioned below as:
Sole proprietorship: it is the form of the business that is formed by the sole person who is also the owner of the business or organization. All the operations and working of the business are conducted by that sole person. Some prescribed forms and registers are to be deposited by the person to the registrar of the business. It is also considered an unincorporated business (Kovalenko, 2018).
Partnership: this type of business can be conducted by two or more persons who are having an agreement to do the business. In this, all persons are called partners and run the business jointly with their varied skills. Under this partnership, the deed is signed and submitted to the registrar. These business partners contain unlimited liability.
Corporations: under this large scale businesses are conducted. The turnover of the organization is considered so high and they are always ready for the expansion of business. Some legal documents are mandatorily formed by the members that are called MOA and AOA for the company. These legal documents contain the rights and objectives of the members. These documents are submitted to the registrar and after the approval, they can initiate the business, and a company identification number is also provided to them (Landøy, 2020).
The legislation of the UK is provided some appropriate legal solutions to the citizens and organizations. There is various kind of solutions are provided by the law. In this report solution is suggested to the citizens, an illustrative scenario is considered in that two parties are involved named Mr. A and ABC limited. Mr. B is the employee of the employee, he decided to leave the job to join another company. The notice period for leaving the job is decided for three months and he leaves the office or job without any prior notice. It was considered that in this case, Mr. B infringed the rules so, he is treated as a defendant while the company is considered a plaintiff.
Many methods are provided in the law to resolve disputes or any issue which are as follows:
Under this method, parties have an option to solve their issue or matter outside the court. It saves their time and cost comparatively in the court proceedings. There is no government interference and parties mutually appoint one or more persons as an arbitrator who is responsible to decide the case the final decision is made by that person and is called an arbitral award that is binding upon both the disputed parties (Tachmatzidi, 2019).
In this method, a third person is appointed as an arbitrator who is considered the third person to the issue. The selected conciliator analyses the position of both parties and then decides about the disputed matter.
Under this method the third party is selected by the disputed parties who is the neutral person for the case, the appointed person only provides some suggestions to the parties that can help them to resolve the case.
The arbitrator is appointed in this method who considers all the rules and regulations, conditions made for the issue, and parties are bound to adopt the decision of the arbitrator. They cannot rescind it.
There are various methods of resolving the matters, issues, or disputes that arise between the parties and organizations. The alternate dispute resolution system is the best manner to solve the cases. This procedure is cost and time effective as it does not require so much cost and time of the parties. General courts are already overloaded with unsolved matters so, this method also helps this condition the people's fast resolution of their disputes. Here the dispute is arising between the parties this arbitration procedure is the best suitable method for resolving the issue for the company (Xhomara, et. Al., 2020).
From the abovementioned report that is based on business law, it is considered that UK legal system is based on three provinces where the law is implemented differently. Business law is the law that assists in defining the rules and provisions that are regarding business law and business operations. Some important factors of business law involve contract law, company law, employment law, and many other laws. All these laws and legislations are helps to perform their obligations so, anyone can define the structure of the organization. There are distinct types of organizations sole proprietorship, partnership, company, and corporations. This report also has a case in a company having disputes with another organization and the most appropriate suggestion and method of resolving the matter is provided to that company. Some manners of resolving the legal issues are also described in the report. This report also states about the elements of business law and its regulations, rules are detailed out that are necessary to be followed by all businesses.
The effectiveness of the UK legal system and its legislations, rules are also described in the report. Presentation is also prepared in this report and a memo is presented, after this, some appropriate suggestions are also provided in this report.
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