Role and Functions of Law
Autor: lala70 • March 27, 2016 • Research Paper • 799 Words (4 Pages) • 1,000 Views
Role and Functions of Law
Law/421
June 23, 2014
Miriam Gold
Role and Functions of Law
The United States of America, known as a proud and fair country, would not be the same if it were not for our laws. The role that our laws play in business and society is quite significant to the lives and livelihoods we have all become accustomed to.
In order to explain how a typical business in our country works in detail, there would also be a great discussion of the numerous laws that govern said business. From creating a business name and structure, and obtaining a business license all of the way to how and when tax deposits are made, businesses and their owners and managers are following laws every day.
Laws not only guide management down the right path, but they also protect businesses and their interests while conducting day-to-day operations (Vitez, 2014). Laws are in place to protect people who have entered into contracts with others. There are also numerous laws to protect owners and employees through employment laws.
When speaking about laws and society, one may not realize just how many laws they are abiding by in any given day. Simply stopping at a red light, obeying the speed limit, taking children to school, we are all following laws, and this could all be done before the morning cup of coffee. There are laws in place to protect our property, personal and intangible; laws that govern how we function financially; laws that apply to families, marriage, divorce and child custody; and finally, there are even laws for our parents to follow when we are born and for our loved ones to deal with when we die (National Business Education Association, 2007).
During class discussion and at the beginning of the first week of the course, I was having difficulties relating law to my current place of employment. That was before I realized just how much law is involved with every day transactions and actions. In order to participate in the discussion, I used my last place of employment, a collection agency, as an example. I thought that the laws governing collection agencies, especially medical collections, were fairly evident and easy to see. Now I realize that I am complying with laws every day in my current place of employment. Currently, I am working as a bookkeeper and office manager for a small commercial real estate agency. From the bookkeeper’s point of view, there are a few laws to be careful of. We are not a public company, and the books get turned over to our CPA for taxes and we are not GAAP compliant; however, there are many things that need to be paid on time to avoid penalties. Employment taxes, payroll tax deposits and property taxes are just a few of these things. We also have to file LLC documents and payments in a timely manner.
...