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Role of Law in Business

Describe the role and functions of law in business and society.

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Business and Free enterprise

Free enterprise was born with man and shall survive as long as man survives. The spirit of enterprise lives in most of us and the desire to make it big as an entrepreneur is a common goal most of us possess. All one really requires to start an enterprise is an idea and a vision to make it click. All other matters are incidental and will follow in due course. History has given ample examples of fortune favoring the brave and the proverbial "rages to riches" story who have become business legends. In more recent times, we have seen the emergence of the infotech-entrepreneur that has started from scratch with just a bright idea and a vision to make that idea into practical reality. Bill Gates started Microsoft from a small garage which virtually no funding from financial institutions. Sabeer Bhatia started Hotmail with just an idea of offering free e-mail and was successful much beyond his expectations.

Role of Law in business
Law plays a central role in value creation by business firms and other organizations throughout the world. Business decisions require an understanding of antitrust law, contract law, corporate governance, employment law, environmental law, intellectual property, product ...

Solution Summary

A discussion on the importance and role of law in business.