Why There Is Need For Business Law And Regulation In India


Why There Is Need For Business Law And Regulation In India

Business is an entity which has various sectors and working enclosed in it. There are a lot of people in one particular business connected with each other and for its smooth working various laws related to business have been enclosed with each business unit in order to maintain a smooth business sector without any sort of interpretation in between of business working.

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Although it is a basic fact that india has often been criticized in the entire world for its complex business law but the united states of america has often appreciated its complex structure of business law as still laws related to business in india is less complex than laws in united states of america and for the purpose of handling diversified population of india who is dependent on various business sectors it is important to have this sort of laws as in india there are many people who are entirely dependent on business and in india it a fact that lot of business or been run by the family since so long and they are also considered as hindu undivided family business, some of business are in the form of partnership with other people, some of the people run big cooperative business and many more. For running these extensive different type of business it is important to have various labors, employees and other people hired in it so that there shall be smooth working of these business and also this is the way one can elaborate the business as for running a bigger unit of business more no of people is needed and for that purpose it is important for the business unit to hire employees and if on hire employe there is a need of set rules which govern there working and expectancy and therefore in order to maintain every sector of business it is important to have proper legal structure governing every segment of business profile. Therefore, for that purpose the complex legal system regulating business is perfect and important.

So, all the rules and regulations such as indian contract act, indian partnership act, companies act and other related acts are important.

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