Business & Mandatory laws Governing it

 Business comes down with doing various legalities to ensure the compliance of business and smooth running of business and therefore, most of the top business firms always hire a team of lawyers to safeguard their business from any sort of legalities and make sure that their business runs longer without any hurdles in their life.

A small default in understanding a law and not doing things which are in accordance with law can create a lot of issues for the business.

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Laws for business in India:-

In India the Government has enforced various acts for the proper functioning of businesses according to the category of business. So, it is important for every business unit to comply with the laws in accordance with the type of their business unit and these laws are as follows:-

The Indian Contract Act-1872:-

This act came into existence in the year 1872 with the purpose of regulating the contracts in India. It has been said that this law is similar to the English Contract Act. It works towards the principle of contract by defining various definitions with respect to contract such as when the contract is considered as a valid contract in India and when it is considered as a void or voidable contract in India.

Therefore, it is important for every business organization while maintaining a contract to make a valid contract which is legally enforceable by law for taking any judicial remedy in case of any dispute arises in between.

The sale of good act, 1930:-

This law is a part of mercantile law or commercial law which came into existence in our country in the year 1930. The view for bringing up this law is to check up the seller transactions or seller contracts for the goods. In this act a contract is made between the owner or seller of the goods and the buyer of the goods for selling or delivering the goods at a certain price within the specified time period as mentioned in their contract.

The Indian Partnership Act, 1930:-

It is difficult to run a business which does not have a single owner and rather has multiple owners and the profit sharing ratio and other liabilities of these people running the business for the same common interest can be different. Therefore, an act came into force in the year 1930 with the view of regulating various issues and other things when there are more than one owners or being considered as partnership firms.  

Companies Act 2013:-

Companies Act initially came up in the year 1956 which has been updated recently in 2013 with the view of regulating all the provisions, regulations, working and so on of the companies. The companies act towards all the processes regarding starting up of the company, dissolution of the company, responsibilities of the company and its directors and so on.

Therefore, it is important for the person to know the type of their business and comply with all the regulations as per various business act.