Functions And Role Of Law In Business And Society

This paper discusses the functions and the role of law in business and society. It also goes ahead to discuss the functions and role of law in the past job of this author. In order for society and business to run in an efficient manner, law should always be present to provide guidance. It is essential to understand the definition of law and what it entails in order to understand its application in various aspects of life. As defined by Vagos (2011), law is a body of rules of action or conduct prescribed by controlling authority, and having legal binding force (p. 27). This implies that for people to engage successfully in any operation be it economic, social, or political, they require knowing the rules and be ready to abide by them. Law, therefore, is a form of social governance because of the way it provides regulations that help in the maintenance of social order.

The enactment of laws happens following the desire to regulate standards in all areas of operation whether business or society. The existence of rules and expectations is significant for providing ways of resolving disputes. In some cases, people may raise arguments claiming that suitable law is a product of common sense; however, whether there is an underlying truth in this perspective or not, it all depends on each person’s level of understanding of the law (Vagos, 2011). Nonetheless, it is worth noting that law has complex nature, and it is only essential for one to achieve a significant comprehension of the various facets of law. Therefore, law has undisputable role and functions in both society and business.

Regarding the role and functions of law in society, it is significant to note that laws provide protection to the people and maintain social control. The existence of law in the society enables people to differentiate the right from the wrong. According to Melvin (2011), the societal functions of law include protection of environment and society, promotion of economic growth, regulation of government power, promotion of personal freedom and peacekeeping. Therefore, the presence of law enables society to operate and function in an efficient manner. Law plays an essential role in society by defining boundaries so that there can be a harmonious existence; without rules, there would be no means of settling social disputes. Laws are necessary for governing social conduct of people so that commerce and social structures continue remaining steady. The presence of law in the society promotes the value of security, freedom as well as confidentiality. In this manner, it becomes significant for one to appreciate that confidentiality promotes the existence of peace and trust; security guarantees individual safety; and freedom promotes limitless potential to creativity.

In regard to the role and functions of law in business, it is significant to note that laws provide governance at every stage of business. Even though most business owners have sufficient expertise within their lines of operation, it is essential that they realize the need for legal expertise in order to understand the manner in which law governs their business operations. Business law provides guidance so that a company engages in the correct line of activities. Sometimes lawsuits maybe risen by suppliers, vendors, and consumers against businesses, therefore, laws provide protection against such cases. In this case, business law plays an essential role of controlling environmental concerns, employment, intellectual property, competition, and taxation (Kolvenbach, 2013). Laws, also, are essential for providing guidance to the manner in which employers should interact with employees with respect to ensuring equal opportunities, provision of fair platforms for conducting businesses, handling workplace conflicts, and workplace safety.

In regard to the functions and role of law in the past job of this author, it is significant noting that having legal comprehension is essential in all aspects of work. Previously, this author worked as a human resource officer in Holt Manufacturing Company, California. Employment law is a complex area in which any individual working in the human resource department requires being efficient at. One of the most significant reference laws in the work of this author was Family and Medical Act of 1993 (FMLA) (Kolvenbach, 2013). Facilitation of the FMLA law for Holt Manufacturing Company was one of the main responsibilities of this author. This regulation is essential for providing maximum protection to employees while ensuring that confidentiality is observed to the required standard.

In conclusion, this paper discussed the functions and the role of law in business and society. It also went ahead to discuss the functions and role of law in the past job of this author. The enactment of laws happens following the desire to regulate standards in all areas of operation whether business or society. In regard to the role and functions of law in business, it is significant to note that laws provide governance at every stage of business. Regarding the role and functions of law in society, it is significant to note that laws provide protection to the people and maintain social control.

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