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OUR SCOPE

LECTURE 5
BUSINESS, LAW &
GOVERNMENT
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Accounting
and
Information
Systems

Marketing

The Business
Enterprise
Environment

BUS 101: Introduction to Business


M Wahidul Islam
Spring 2015

Financial
Management

Human
Resources

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WHAT IS LAW?
A standard or rule established by a society
to govern the behavior of its members

WHAT IS GOVERNMENT?
A government is the system by which a state or
community is governed.
Broad

Management
&
Organization

Characteristics

Also used more narrowly to refer to the collective group


of people that exercises executive authority in a state.
Government normally consists of legislators,
administrators, and arbitrators.
Government is the means by which state policy is
enforced, as well as the mechanism for determining the
policy of the state.

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Laws have a direct & substantial impact on how


business firms conducts various activities

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Example: The Companies Act,1994 | The Consumer-Right Protection Act, 2009

THE JUDICIARY OF
BANGLADESH

DIFFERENT SOURCES OF LAWS


Common Law

Statutory Law

The body of law created


by judges through their
court decisions

As a body, the laws


enacted by federal, state
and the local
governments,
constitutions or treaties

The Supreme Court

Appellate Division

High Court Division

Administrative Law

Laws Affecting
Businesses

Regulation affecting the


business, passed by the
government

The Subordinate
Courts and Tribunals

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Law of Torts

A noncriminal (civil) injury to other persons or


their property or reputation; results from
intentional acts or negligence

Law of
Contracts

a contract is a legally enforceable, voluntary


agreement between two or more parties

Law of Sales

Body of law involving the sale of products for


money or on credit

Law of Agency

A legal relationship between two parties who


agree that the agent will act on behalf of the
principal

Law of Property

Property is something for which a person or


business entity has unrestricted right of
possession or use

Law of
Bankruptcy

The legal procedure of non-payment of debts

Law of
Negotiable
Instruments

A written promise to pay a specified sum1-7


of
money; the can be transferred from one person
or firm to another

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Civil Courts

Criminal Courts

CONCEPTS RELATED TO BUSINESS LAW

Law of Torts
Tort: A noncriminal (civil) injury to other persons or their

property or reputation; results from intentional acts or


negligence
Product Liability: Area of Tort Law that holds business
firms responsible for negligence in design, manufacture,
sale and operation of their products.

Law of Contracts
Contract: a contract is a legally enforceable, voluntary
agreement between two or more parties

Voluntary Agreement, Consideration, Contractual Capacity


and Legality

Breach of Contract: he failure of one party of live p to


contractual agreement

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CONCEPTS RELATED TO BUSINESS LAW

CONCEPTS RELATED TO BUSINESS LAW

(CONTD.)

(CONTD.)

Law of Sales
Sales Law: Body of law involving the sale of products for

money or on credit

Express Warranty: Verbal or written assurances made


by the sellers regarding a product
Implied Warranty: Warranty legally imposed on the
seller; ensures that the sellers owns the products and that
they will service the purpose for which they are sold.

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TAXATION IN BANGLADESH
Corporate Taxation
Tax payable by organizations on the net profit after taxes

Law of Negotiable Instruments

Bankruptcy: The legal procedure of non-payment of


debts

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(CONTD.)

Trademark | Patent | Copyright

Law of Bankruptcy

CONCEPTS RELATED TO BUSINESS LAW

Real Property: Real Estate


Tangible Personal Property: Physical Items
Intangible Personal Property: Property
represented by a document or other written
statement

Law of Agency
Agency: A legal relationship between two parties who

agree that the agent will act on behalf of the principal


Power of Attorney: A legal document authorizing an
agent to act on behalf of the principal.

Law of Property

Negotiable Instruments: A written promise to pay


a specified sum of money; the can be transferred from
one person or firm to another
Endorsement: a persons signature on the back of a
negotiable instrument making it transferable.

Individual Taxation
Tax payable by individuals on their personal income
(salary, profit, rent & other earnings etc.)

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Value Added Tax


A form of consumption tax. It is a tax only on the value added
to a product, material, or service.
The purpose of VAT is to generate tax revenues to the
government similar to the corporate income tax or the personal
income tax.

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TAXATION IN BANGLADESH
REFERENCES

Chapter 5 Business, Law & Government

Corporate Tax

Skinner, J. Steven & Ivancevich John M. (1992). Business for


twenty first Century (2015-2016). Homewood, IL, R.D. Irwin
Inc

Individual Tax
Value Added Tax
varies on product types from 2.5% - 15%

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