Essay on Law 421 Week 1

806 Words Dec 29th, 2012 4 Pages
Role and Functions of Law Paper

University of Phoenix/Axia

Law/421 – Contemporary Business Law

Role and Functions of Law Paper The word law is defined as a system of principles and regulations of ethics and rules in order to keep people and also things in line, a set of rules of conduct. There are many functions of law in business and in society. Without the functions of laws many companies, etc. could and would not survive. Law is very valuable within businesses. Businesses have to have law because it is used as a protective shield for the companies. Without laws, companies could have lawsuits placed on them. So laws are put into place to help avoid as many lawsuits as possible. A majority of
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Without law for society, it would be terrible. There have to be rules and regulations. People would most like go wild and crazy. If we did not have laws, people would tend to run red lights, walk across the streets when they should not, steal or kill and get away with it. We definitely have to have rules and this is why there are laws placed on society. An example of law in business would be at a place that I once worked. We had the rules and regulations but it was such a small company that sometimes things were not done under the business law. We had about 15 employees at the time and in order to make up for the lack of insurance carried at the company, they would give each employee a check for $200.00 a month without taxes being taken out. The company could not afford to pay for medical, dental and life insurance at the time. Well, at the end of the year the employee was faced with having an extra $2400.00 without taxes taken out of this money on their W2. Really this was not lawful under business laws. All monies should have had taxes taken out the same time the money was issued. Those who made top dollar really did not have to worry about the IRS but those who did not make top dollar would have to worry about this. If they would have done this the correct way, which would be to take the taxes out when writing the check, there would not have been a

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