308 Legal Factors Flashcards
What is company law?
Law surrounding what structure a business is eg sole trader or plc and its rules around limited/unlimited liability. Incorporated businesses(Ltd/plc) must file accounts with companies house and qualified accountant must check their accounts.
What is employment law?
Business must comply with employment rights (holidays, pay, conditions etc)
Must not discriminate on any protected characteristics such as age, sex, race or beliefs.
What is a consumer protection law?
A business cannot give untrue or misleading descriptions and goods must be of merchantable quality, fit for purpose.
What is competition policy?
Laws promoting healthy competition between businesses. Bans agreements for fixed prices. Illegal to abuse dominant market position as prices increase, lack of choice or incentive to provide good service.
What is health and safety legislation?
Sets standards for healthy and safety by managing risks and providing necessary training.
What is data protection?
Consent must be given to use data and person can request what info is being held at any time and must be deleted after use or when a person asks.
Must be used fairly, lawfully and transparently.
What is interellectual property theft?
Anything that has been created eg designs, innovations, brand names etc.
Protected by law eg copyrights, patents, trademarks. If someone’s IP is used without permission it is IP theft.
What is minimum wage legislation?
Minimum wage must be paid to every employee by business and normally increased every April.
How might company law impact SMEs?
Won’t have accounts to companies house anyway
May be complicated if they don’t understand and s could face legal issues.
How might IP laws affect a business?
Protects their ideas from being used.
May face legal issues if they copy someone.
How may employment law impact stakeholders?
Employees treated well so more satisfied and less turnover costs
Business faces increased costs so less dividends.
How may employment law impact employees?
Getting paid a fair wage
May be more likely to be made redundant if business can’t afford to keep them.
