The Importance Of Business Laws

The world of business is full of men and women offering products and services to both the companies they work for and the individual consumers. Every aspect of this fast moving world is both aided and held accountable by the laws that govern it. Laws not only protect the consumers and employees from being wronged, but can also protect companies from being wronged by competitors, employees, and customers. Practically every area of business is somehow impacted by laws and regulations. These laws impact how a business hires people all the way to how they must discard their waste products. These laws are not designed to simply restrict business, but instead to protect society, customers, business, and even the environment.
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 Some laws simply become outdated over time and it is the duty of legislature to update these laws, but that process can also take far more time than desired.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