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What are the major components of the legal system?

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1. Explain the major components of the legal system.

2. Differentiate between the legal forms of business.

3. Differentiate among non-judicial methods of alternative dispute resolution.

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1. Explain the major components of the legal system.

The major components of law include common law, statutory law and administrative law. Common law refers to the body of principles that evolve and expand from judicial decisions that arise during a trial court case. English common law is the major original source of common law. Statutory law is a actual written law which came from a legislative body and can abolish any rule of common law through expressed words. An example of this would be The Constitution of the United States. Administrative law is an extensive body of public law issued by either state or federal agencies in order to direct already in acted laws.

The major branches of government include
Legislative Branch: Congress House of Representatives

The Cabinet
Constitution: Executive Branch: President Other Agencies

Circuit Court of Appeals
Judicial Branch: Supreme Court District Courts

2. Differentiate between the legal forms of business.

Sole Proprietorship
One owner
Complexity/Cost of Startup. No state registration, only business license. No attorney needed.
Company legal record keeping/reporting complexity. No company records needed (annual report, minutes of meetings, etc.). No reporting to state regulatory agency for business annual report or other general business requirements.
Income tax. Schedule C, individual rate
Continuity - Dissolves on death, withdrawal of owner
Distribution of profits/losses - Owners gets all profits, absorbs all losses
Transfer of interest - owner can sell at any time
Tax position of individual - self-employed; pay self-employment tax on profits
Ability to raise capital/get a business loan. Low; banks want a formal structure. To get investors, need a formal structure.
Separation of shareholders and managers. No separation.


Solution Summary

The major components of the legal system is examined. The expert differentiates among non-judicial methods of alternative dispute resolution.

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