1. Business Law
LAW 201
LECTURE # 2

2. Previous Lecture - Business Law
Introduction to Law
Sources of Law
Different Types of Laws
Constitution
History of Constitution of Pakistan
Commonwealth
Introduction to Business Law
Types of Business

3. Ten myths about business ethics
Ethics in the workplace is about prioritizing moral value and ensuring that behaviors are aligned with those values

4. Ten Myths…….
1. Business ethics is more a matter of religion than management
2. Our employees are ethical so we don’t need to pay attention to business ethics
3. Business ethics is a discipline best led by philosophers, academics and theologians

5. Ten Myths …….
4. Business ethics is superfluous. It only asserts the obvious: ‘Do Good’
5. Business ethics is a matter of the good guys preaching to the bad guys
6. Business ethics is the new policeperson on the block
7. Ethics can’t be managed

6. Ten Myths …….
8. Business ethics and social responsibility is the same thing
9. Our organization in not in trouble with the law, so we’re ethical
10. Managing ethics in the workplace has little practical relevance

7. Sole Proprietor Partnership Company
Types of Business
Sole Proprietor
Partnership
Company

8. Sole Proprietor
The sole proprietorship is the simplest business form under which one can operate a business. The sole proprietorship is not a legal entity. It simply refers to a person who owns the business and is personally responsible for its debts

9. Sole Proprietorship The advantages of a sole proprietorship include:
1. Owners can establish a sole proprietorship instantly, easily and inexpensively.
2. Sole proprietorships carry little, if any, ongoing formalities.
3. A sole proprietor need not pay some taxes on himself or herself
4. Owners may freely mix business or personal assets.

10. Sole Proprietorship
The disadvantages of a sole proprietorship include:
1. Owners are subject to unlimited personal liability for the debts, losses and liabilities of the business.
2. Owners cannot raise capital by selling an interest in the business.
3. Sole proprietorships rarely survive the death or incapacity of their owners and so do not retain value

11. Partnership
A partnership is an arrangement where parties, known as partners, agree to cooperate to advance their mutual interests. The partners in a partnership may be individuals, businesses, interest-based organizations thereof

12. Full Liability Taxation Reporting Ownership and Responsibility
The Similarities and Difference Between Sole Proprietorship and Partnership
Full Liability
Taxation
Reporting
Ownership and Responsibility

13. Company
Companies utilize organization structure to create their business hierarchies. Each company determines the staffing levels that it needs to operate efficiently, and organization structures play an important role in this determination

14. Major Differences Between a Corporation and a Partnership
Structure
Startup Costs
Liability
Taxation
Management

15. Some other type of Structure
Trust
Joint Venture
Tenants in Common
NGO
Association

16. Next Topic - Business Law
Law of Contract
Law of Partnership
Sale of Goods
Principal & Agent
Arbitration
Negotiable Instruments
Company Law
Role of IPO