The Importance Of Business Laws
Just about every part of our society is directly involved with business. The school we attend, for example, is a business that is governed by regulations of academic standards, how they must report their taxes, the food …show more content…
Sometimes business laws can create numerous processes for business that can seem unreasonable and not always the most efficient way of doing things. Waiting on a certain patent or approval can put a serious roadblock in production time and profit. However, there are usually reason that these laws exist whether because of a past issue or to prevent certain negative situations. Some laws simply become outdated over time and it is the duty of legislature to update these laws, but that process can also take far more time than desired. Sometimes regulations simply seem to limit the freedom of ideas and goals of a company, but the purpose of laws that get in the way are usually there to protect consumers or other companies, for example trademarks and patents. In the case of laws and regulations the drawbacks seem to be greatly outweighed by the benefits. The drawbacks are primarily an inconvenience while the drawbacks of not having these laws could potentially be