...The Law and Ethics within a Business Noel Jones BUS 670: Legal Environment Professor Eliza Gordner January 16, 2012 The Law & Ethics within a Business In the world of business companies and their employees are bound by both ethics and the law. Ethics is defined as “the philosophical study of what is right and wrong, good and bad” (Liuzzo and Bonnie, 2010; p19). All those are companies are bound by the same code of ethics, they are not all bound by the same laws. Depending on the type of business, they will either be governed by Federal, State, Local, or a combination of the three law governing bodies. This paper will discuss an example of issue and demonstrate where the law, ethics, or both was violated by a company or its employee(s). First, is to discuss a bit about Ethics. Resisting Acts to Perform Unethically It is of the utmost importance that not only managers, but all employees, act and perform ethically while carrying out their duties. A manager or employee should try to recognize unethical acts, and also bosses. Although, an employee may not always be able to recognize unethical requests or bosses; therefore it is best to thoroughly consider what is being asked of them. It is possible that a boss may ask an employee to perform the unethical task for them in hopes that the employee does not realize or is just a “team player”. If this occurs, the employee should take action. An employee may “buy time” in order to...
Words: 2515 - Pages: 11
...Running Head: LEGAL UNDERPINNINGS OF BUSINESS LAW Legal Underpinnings of Business Law BUS 670: Legal Environment Instructor: January 2, 2014 This assignment will fall on the presumption that I own a business, and it falls into one of the five different categories and company names as follows Tinker’s Home Security Service (sole proprietorship), Tinker & Tailor’s Home Security Service (general partnership), Tinker & Tailor’s Home Security Service (LP), Tinker & Tailor’s Home Security Service, Inc. (corporation), Tinker & Tailor’s Home Security Service, LLC (LLC). Furthermore, this assignment will focus on the fact the businesses are being sued for breach of contract and from there I will list each business and compare and contrast my liability exposure as the owner of the business in the lawsuit. Next for each of the business entities I will analyze how I might limit my liability exposure as the owner. Lastly, this assignment will cover the best business organizational form in the business; I previously described, which will include my personal liability exposure, management, taxation, and the ease of formation of said business. Compare and Contrast my personal liability exposure | Liability Exposure as Owner | Limiting Factors | Tinker’s Home Security Service | Sole Proprietorship | "The sole proprietorship is not recognized as a separate entity from its owner; as a consequence, the debts of the business are deemed to be the personal...
Words: 993 - Pages: 4
...1. State the administrative agency that controls the regulation. Explain why this agency and your proposed regulation interests you (briefly). Will this proposed regulation affect you, or the business in which you are working? If so, how? The amendment in Regulation X (Real Estate Settlement Procedures Act) and Regulation Z (Truth in Lending) to establish new disclosure requirements and forms in Regulation Z for most closed-end consumer credit transactions secured by real property. This regulation is controlled by Bureau of Consumer Financial Protection and their role is to provide consumers the information related to the terms of their agreements with financial companies during their application for a mortgage, choosing among credit cards, or using any number of other consumer financial products. The mortgage market is the single largest market for consumer financial products and services in the United States, with approximately $10.3 trillion in loans outstanding. During the last decade, the market went through an unprecedented cycle of expansion and contraction that was fuelled in part by the securitization of mortgages and creation of increasingly sophisticated derivative products. This led to the collapse of financial system in 2008 and sparked the most severe recession in the United States. Four years later, home prices are down 35 percent from peak to trough on a national basis. The fall in housing prices is estimated to have resulted in about $7 trillion in household...
Words: 1427 - Pages: 6
...TASK One How Laws are made in England and Wales. In England and Wales, laws are made by the parliament whose main work is to make laws, debate topic issues and look at how taxes paid by the citizens are spent to help run the country. The House of Parliament is located in Westminster London and it consists of three parts; The House of Commons otherwise known as MP’s, The House of Lords and The Monarch otherwise known as the Queen. When the parliament makes law, they are called the acts of parliament that affect all citizens and people who reside in the country. For example, laws determine at what age people can drive cars or vote in elections. Before laws are being approved by the Queen as act of parliament, they are first of all being proposed by the parliament which is often called a bill and it consists of three types; public bills, private bills and private members bills. Before a bill is enacted into law, it passes several stages receiving the consent of both The House of Commons and The House of Lords which will be read and initiated by both houses and the delegated committees formed under the house of Parliament before it is being presented to the Queen for the Royal Assent. The Delegated Powers Scrutiny Committee (established in 1992) keeps under constant review the extent to which legislative powers are delegated by Parliament to government ministers, and examines all Bills with delegating powers which allow SIs to be made before they begin their passage through...
Words: 3974 - Pages: 16
...FICA stands for Federal Insurance Contributions Act, which is a taxation on income earned where the funds are used for federal programs that provide benefits for U.S. citizens and permanent residents when they retire, are disabled, or are the children of deceased workers. The FICA tax includes two separate taxes. Funds withheld for FICA are reflected on paycheck stubs and on the W-2. One is social security tax and the other is the Medicare tax which different rates apply for each tax. The current tax rate for social security is 6.2% for the employer and 6.2% for the employee, matched at 12.4% total (IRS). The current rate for Medicare is 1.45% for the employer and 1.45% for the employee, or 2.9% total. The Employee Retirement Income Security Act of 1974 (ERISA) establishes minimum standards for retirement, health, and other welfare benefit plans including life insurance, disability insurance, and apprenticeship plans. It protects the assets of millions of Americans so that funds placed in retirement plans during their working lives will be there when they retire. ERISA regulates and sets standards and requirements for conduct, disclosures, reporting and accountability, procedural safeguards, and financial and best interest protection (DOL). I have heard a lot of people make the statement that “Social Security is not going to be around in the future.” My personal opinion is that Social Security is going to be around forever. That is not something that the government will...
Words: 421 - Pages: 2
...Assignment: Basic Case analysis Course Name: Legal Environment of Business Course Code: COB202 Class: DC7, DC10, DE1, DE2, DE3 Page of document: 2 ------------------------------------------------------------------------------------------------------------------------------- CASE ------------------------------------------------------------------------------------------------------- [Paragraph 1] The Federal nanny is meddling again. This Time she has swooped down on Minden, Neb., and is demanding the right to dictate the scheduling of athletic events. [Paragraph 2] A disagreement had been brewing in Minden over the fact that boy teams often play other schools on Friday or Saturday evenings, leaving weeknights or late afternoon slots for girl teams. Someone complained to the U.S. Education Department’s civil rights office. The school signed an agreement in 1993. Critics said the agreement didn’t go far enough. Now the school district faces a $200,000 federal fine if it doesn’t accept even more direction from the federal nanny. [Paragraph 3] Federal officials want the Minden district to alternate boys and girls events on “prime” days and during “prime” times. A prime day is one with no school the next day. Prime time is anytime after 6 p.m. The 1993 agreement required Minden to rotate girls and boy basketball games to provide an equivalent amount time of prime-time games. Now the government wants to add the prime-days requirement, as well as extending its rules...
Words: 426 - Pages: 2
...person’s work as your own, without properly citing the source of the work, is considered plagiarism. This will result in an unsatisfactory grade for the work submitted or for the entire course. It may also result in academic dismissal from the University. | | | |SKS7000-8 |Dr. Milton Kabia | | | | |Doctorial Comprehensive Strategic |Assignment 5- Legal Environment of Business | |Knowledge |...
Words: 1895 - Pages: 8
...create an opportunity to let many of company run into the concepts of Green Business. This factor it will create an opportunity to a company that given them to make profit in the business, but it also will destroy the existing business. For example, Toyota was that successful that the first manufacturer to developed hybrid petrol that use kinetic energy to charge a battery which is used as a supplement to the normal engine, thus significant improving petrol consumption and reducing emissions, to protect the environment of earth. Figure 1: According to Hybridcars.com (2008) research, as we can see the Figure 1, they have significant increase of sales for Toyota Prius from 2000 to 2008. Nowadays, people are willing to buy the hybrid vehicle because some of the reasons, the first is the customer want to protect the environment, second is the fuel price is increasing year by year, hybrid car can help customer to save more money from the fuel. This means that, the environment factor affect the Toyota to create a hybrid vehicle, and hybrid vehicle help Toyota to make profit. Other example is ‘Sandy’ hurricane affect the many airlines industry in New York loss much profit in year 2012. According to Thompson (2012), more than 20,000 flights around the world have been canceled, from the northeast United States as a massive storm slammed into the coast of New Jersey and New York from Monday to Wednesday. This natural disaster will affect...
Words: 873 - Pages: 4
...Final Project Mark Ali Kaplan University Ethics and the Legal Environment April 3, 2012 The Clean Power Company and The Energy Cooperative both face some challenging ethical and legal issues. Every company makes decisions that can effect beyond the managers and employees (Zeigler, Grace 2010). The wrong choices in both these cases can affect the company’s profits, their stockholders, and the shareholders. The two companies also could face potential fines and penalties from the decisions they make. When a business judges the effect of its decision on their stakeholders, that company is practicing Corporate Social Responsibility (CSR) (Zeigler, Grace 2010). After reviewing both cases here are my final recommendations. The Energy Cooperative A non-profit organization dedicated to providing education to the public about energy information, new technologies, monitoring new start-up companies, and providing a public forum for complaints. It also provides new alternative energy companies a central hub to discuss new technology. The company is headquartered in Chicago with locations throughout the U.S. and in three cities abroad, Copenhagen, Milan and New Delhi. There are currently 400,000 members worldwide who are made up of professionals in the energy field and non-professionals who have interests in the field. They are all united through the web, here members vote on initiatives, policy changes, and any purchases over $100. There is a board of directors that...
Words: 777 - Pages: 4
...Legal Environment of Business Unit 2 Discussion Board American Intercontinental University Online November 14, 2012 Legal Environment of Business There are three types of bankruptcy – Chapter 7, Chapter 11 and Chapter 13. This discussion board post will discuss who can file Chapter 7 bankruptcy. Also discussed will be reasons why people file bankruptcy and how interest rates on loans and credit cards are affected by bankruptcy. The Chapter 7 bankruptcy is also referred to as liquidation, Chapter 11 bankruptcy is the reorganization of debt and Chapter 13 bankruptcy is the adjustment of debts of an individual with regular income (Types of Bankruptcy, 2011). An individual may file bankruptcy if they reside in the United States, within the last 6 years must not have been approved for a Chapter 7 release, and must not have been dismissed for bankruptcy filing within the last 180 days (Chapter 7, 2012). Within 6 months of filing for Chapter 7 bankruptcy, a person must also complete debt counseling classes and must pass a means test. A means test is a financial test given to see if a person qualifies for bankruptcy (Chapter 7, 2012). Although there are many reasons why a person would file for bankruptcy, only a few reasons will be mentioned in this discussion. The number one reason for filing for bankruptcy is medical expenses. Forty-two percent of those who filed for bankruptcy in 2010 were due to medical expenses. Twenty-two percent of bankruptcies were due to job loss...
Words: 415 - Pages: 2
...INTERNATIONAL LEGAL AND ETHICAL ISSUES IN BUSINESS Legal Environment of Business Instructor: Leslie Dunn By: Janet Hutchins American Intercontinental University Abstract This paper is concerning ethical issues faced by an employee who while working for her first corporate job right out of college has started to lose her idealism after being employed for only 4 months. She has assisted company executives here in the U.S. and in many European countries. While she has a primary boss in the U.S. offices, she has had many secondary bosses in Europe. During this short period of time, in both her departments in the U.S.A and in Europe, she has witnessed employees that come to work while under the influence of alcohol and even drinking while at work. She has seen employees on a regular basis arriving late and leaving early for work and also using company computers for personal reasons. Her department manager is so easy going and seems to be more concerned with being everyone’s friend than their boss and if he is aware of these issues, he turns a blind eye. Although she has tried to bring the subject of these issues to him, he seems unwilling to even discuss them with her. She is a hard worker and follows rules and always thought the majority of other employees would also. This paper will take a look at her options and research the differences between business and cultural ethics in the U.S and in Europe. The challenges she will face if she decides to file a complaint...
Words: 2607 - Pages: 11
...PHASE 1 INDIVIDUAL PROJECT Luis Martinez Colorado Technical University Online HRMT330-1401B-01: HRM Legal Environment\ February 24, 2014 Professor Michael McRath The Americans with Disabilities Act was enacted in 1990, oddly enough as a measure preventing or adding to the list of items a person can be discriminated for. In this case, any American (or an employee, not to say that a resident alien, which exists under separate provisions) cannot be refused, terminated, or relieved from his or her regular duty, so far as they are able to perform said job duties. In the event that an employee becomes disabled, it is the responsibility of the entity he or she is employed by to find or accommodate, reasonably his or her position. Many positions require that an employee perform his or her duties while sitting. If an employee is succumbed to a wheelchair, then the employee should have no problem carrying out his normal duty. In the case that an employee’s job requires him to stand and carry, twist, etcetera for long periods of time, then the employer is not able to accommodate said employee in a wheelchair, as the employee is no longer capable of carrying out his duties, but if the employer has an opportunity where the employee will be operating machinery with use of his hands, then in this case it can be accommodated. If neither, then the employee has to be accommodated to a position where he or she can perform a new job duty that the employee qualifies for. Thus...
Words: 508 - Pages: 3
...The Clean Power Company, based in Cincinnati, Ohio, has been in operation for 5 years. The company produces an energy regulating device that automatically regulates the use of power sources in homes and businesses. Recently, they have realized that in order to stay in business, they will have to move their operations out of the country. They have purchased approximately 500 acres next to the Chavon River in the southeastern part the Dominican Republic. The land is totally undeveloped. However, it is located across the river from the Altos de Chavon complex that has shops, restaurants, and other commercial attractions. This land looks like a tropical paradise with palm trees and access to the sea via the Chavon River. As part of the sales agreement, the seller, Teltac Corporation, has agreed to put in roads, septic systems, and water lines. However, electrical power and sewer lines will be up to Clean Power. Clean Power Company plans to be self sustaining by using solar power. Teltec has informed them that there should be no problems running sewer lines directly into the river as the Chavon River is clean and large and can nvthe waste. You are the Director of Corporate Development in charge of spearheading the development of this new site. In addition, you are responsible for transitioning US employees to the new location and hiring local employees. You will need to decide which Cincinnati employees will go to the new Dominican Republic location or if the company...
Words: 555 - Pages: 3
...Legal Environment of Business 1 Chapter 1, question 4 The difference between statutory law and common law is that statutory law is a written law where common laws are based on any prior court decisions and are legal binding. For statutory laws the government, state, and local agencies issue written statutes and regulations which eventually become part of statutory law, as for common law it is prior case decisions and rulings that are followed unless a judge finds a big difference in the between the previous case and current case. Chapter 2, question 5 The real estate development that Carolyn, Elwood, and Isabella are involved in is a failure. They need to find someone who is familiar with the problems of real estate development in order to reach a proper result. Arbitration, an alternative dispute resolution, is an applicable rule that applies to the facts of this case. In arbitration, the parties involved present the facts and evidence before trained experts that are familiar with the industry practices and determine a resolution. It would be best for Carolyn, Isabella, and Elwood to all agree and submit their case to an arbitrator. By selecting an individual to be an arbitrator, who is very familiar to the real estate market and/or developments and the laws that follow real estate, it would help in eliminating the potential dangers of an unfair trail due to a judge not being familiar with such cases. Chapter 2, question 12 The legal issue posed is how can the prosecuting...
Words: 1200 - Pages: 5
...Starting off in any business, a person wants to give their best impressions. Working hard, following the rules and providing the best of them to prove they were what the job description described. Most businesses like to see this kind of enthusiasm. But on the inside, it could be different just as Mary has found out. Laws and customs in the United States and Europe are different in many ways. Privacy is one of the differences. It is just that, private. In other words, anything that a person does cannot be used for any kind of gain. When a person checks out at a store, the clerk cannot ask for the customer’s phone number (Sullivan, 2006). Europe believes that it is a person’s right to have privacy. In the workplace, employers cannot read any of their employee’s personal e-mail. Companies in Europe that process any data have to register with the government. In Europe, people fear the corporations invading their privacy while in the United States citizens fear the government invading the privacy (Sullivan, 2006). Working for a company that stems overseas can be an exciting venture. But when a person works overseas, the company itself has to follow many of the customs and laws in that country. Some countries have to have contracts written before a person is hired. The contracts lay out the provisions of pay and working conditions (‘Employment considerations,” 2010). So to file a complaint against a company that is overseas can be frustrating. Anything in that contract...
Words: 418 - Pages: 2
