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Why are business laws important?

6 Answers

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Business law is important not only for lawyers but ordinary people to comprehend. That is because for business owners or employees, it is crucial to protect yourself and/or your business from any backlashes or legal issues that might come in one’s way. Business law assures an individual of their rights in the place they are working or have established.
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Business laws are important because they help to protect businesses from potential liabilities andmagnesium defects. It is also important to ensure that companies are able to do their jobs and carry out their tasks without any risk.
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Any business without laws, rules and regulations is not a business and it is prone to making losses all time.Business laws helps in the following ways 

1. Protect rights of employees and employers 

2. Ensure no tax evasion 

3. Ensure healthy competition in the market.

4. Resolving disputes arising during business interactions.

5. Ensure that Healthy goods are produced 
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The purposes and functions of business law include maintaining order, protecting rights and liberties, establishing standards, and resolving disputes when it comes to businesses and their interactions with individuals, government agencies, and other businesses.
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Business laws are important as they help regulate commercial activities, protect businesses and consumers, ensure fair competition, and provide legal recourse in case of disputes or violations.
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functions of business law include maintaining order, protecting rights and liberties, establishing standards, and resolving disputes when it comes to businesses and their interactions with individuals, government agencies, and other businesses.
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