The Roles and Functions of Law in Business
No Name
LAW/421
September 16, 2013
Richard Simon, J.D.
The Roles and Functions of Law in Business In order for a business to run successfully, there needs to be a balance of good employees, a good moral code, and a sound foundation in rules and regulations. Some of the rules and regulations within a company will be attributable to the current laws. These laws help companies function in a way that is ethical and fair to its business partners, customers, and employees. No company can run and make a profit without following guidelines set in place. Some may not realize that laws are also in place to protect the company as well. Wrong doings can happen on both sides. Developing laws protects everyone. In society, the same rules apply. Laws are set in place to keep things orderly and to keep individuals safe. There are hundreds of laws. Some are not well-known to the public, but some are so well-known that they have just become a form of common sense. Individuals know that it is wrong to steal and most will refrain from doing so because they know that if they do not, there is a chance of being fined or incarcerated.
Business Law Business law primarily deals with businesses that are already in place and the creation of new businesses. Some issues that business law addresses are tax laws, intellectual property, employment law, bankruptcy, and real estate (Melvin, 2011). These laws provide solid ethical expectations. Those that follow these laws are being ethically responsible for not only themselves, but also the company that they work for as well. These laws promote economic growth because one of the primary components to a successful company is making a profit. Without laws set in place, the economy as it is known would collapse. It would not be possible to have a successful business because there were no rules or regulations to adhere to. There would be complete and utter chaos. Other countries would view the United States in a negative light and would refrain from doing business with this country.
Laws in Society A society without law would be like an individual driving with a blind fold. There would be no direction, guidance, or repercussions for negative acts. To have a prosperous society, the United States must be structure. Laws help to achieve this structure by enforcing rules and regulations to the citizens of the United States. Laws within society hold the citizens accountable for their actions. Also, it helps to keep the peace among citizens. If disputes arise and individuals are always left to resolve those disputes on their own, this would lead to many problems. Having laws in place helps to protect individuals by allowing these people to have advocates on their side. Settling a dispute in court is sometimes the better option. People tend to pay more attention when a higher power such as a judge, jury, or mediator gets involved.
Aon Hewitt Aon Hewitt is a consulting firm that specializes in retirement benefits. It works with many companies to help improve or create retirement benefit plans. This is a field where one will find many actuaries working. To become an actuary, there are various examinations a candidate has to pass. Depending on a person's area of expertise, an individual may be an enrolled actuary (EA), be a fellow of the Society of Actuaries (FSA), or even a member of the American Academy of Actuaries (MAAA). There are rules to having these designations, however. A consultant must keep their certifications active by participating in various classes, examinations, and town halls. If one does not adhere to these laws, the consultant’s licenses will be revoked. At Aon Hewitt, there are a number of tax laws the consultants must pay special attention to because of the nature of work being performed. For each client this company has, it is responsible for filing various government forms such as, Form 5500 and Schedule SBs. If these forms are not filed, fines are issued and legal actions could be taken against not only Aon Hewitt, but also the company that Aon Hewitt is providing services for. Because of this, Aon Hewitt makes sure that it stays on top of the newest laws that are implemented and files the necessary paperwork for each client it has. Of course there are the standard laws that Aon Hewitt deals with. It has to ensure that it is cognizant of employee laws. Each employee has to be authorized to work in the designated country where he or she works at. This is why during the hiring process, potential employees have to fill out many different applications such as identification verifications, authorization for background or credit checks, and even academic history verification. Aon Hewitt holds a number of contracts with various vendors such as office supply, the lease of the building the company occupies, insurance, and cleaning services. There are too many contracts to count when dealing with everything involved with running this company. The legal department focuses on keeping up-to-date with all of the laws currently in place, new laws created, and just being there to answer questions that the different departments within the company may have. This department helps to keep everyone performing in a legal and ethical manner.
Conclusion
To conclude, although toward the same goal, to keep order, safety, and fairness intact. Business have a number of laws that individuals in society may not have to worry about, but this is only to prevent these companies from either becoming too powerful, or cheating the public. Laws are not meant to hurt anyone. It is the complete opposite. It helps to maintain a greater sense of ethical standing among individuals and companies alike. Without laws, the world would not be what it is today. There would be so much chaos and danger, and would not be safe for anyone. The economy would not be in existence.

References
Melvin, S. P. (2011). The legal environment of business: A managerial approach: Theory to practice. New York, NY: McGraw-Hill/Irwin.
The Importance of Law. (1995-2010). Retrieved from http://wps.pearsoned.co.uk/ema_uk_he_mcbride_letters_2/142/36409/9320853.cw/content/index.html