In the name of Allah, Most Gracious, Most Merciful

THE BUSINESS LAW

Presented by;RAFIQUE AHMED Advocate High CourtLL.M,LL.B (Hon’s)In-House Legal Counsel Pak Telecom Mobile Limited (PTML)email: rafiqueah@gmail.com

COURSE OVERVIEW

Provides an understanding of the legal framework of business in Pakistan

Offers experiential analysis to understand the challenges of Market in managing legal risks

The course provides an excellent understanding of the Business Law to help management in business decision-making

It covers various laws relevant to business practices, i.e.• Company Law and Regulatory Law• Law of Contract

COURSE OVERVIEW (Cont:)

• Law of Partnership• Law of Negotiable Instruments• Law relating to transfer of property• Law relating to sales of goods and carriage of goods• Law of Trust• Law of Insurance Labour laws i.e Industrial Relations Act & Ordinance,

Factories Act, Workmen’s Compensation Act, Payment of Wages Act, Minimum Wages Ordinance, Employees’ Old-Age Benefits Act, Social Security Law

Literary Meaning Definitions Structure Characteristics Nature of Business Component of Business

o Industry o Commerce

CONCEPT OF BUSINESS

CONCEPT OF LAW

Literary Meaning Definitions History of Law Natural Law and Positive Law Classification of Law Sources of Law History of Business Law Understanding of Law and Litigation Corporate Law An Overview of Regulatory Law

BUSINESS ORGANIZATION

Scope Of Business Organization Types of Business

• Sole Proprietorship • Partnership • Company • Cooperative Societies• Combination

FORMATION OF BUSINESS

Sole Proprietorship Incorporated & Unincorporated Proprietorship Concept of Small and Medium Enterprise (SME)

Partnership (Under the Partnership Act 1932) Nature of Partnership Registration of Firm Profit and Loss Distribution Limited & Unlimited Liability Number & Relation of Partners Dissolution

COMPANY (Under Companies Ordinance 1984) Concept of Natural and Legal Person Corporate Law Authority (Statutory Body) Incorporation of Companies Statutory Requirements

o Name of Companyo Types of Companieso Memorandum of Association o Article of Association

FORMATION OF BUSINESS (Cont:)

FORMATION OF BUSINESS (Cont:)

• Prospectus, Allotment, Issue and Transfer of Shares• Share Capital & Debentures• Management and Administration of Company

o Registration of officeo Register of Members and Debenture Holderso Meetings and Proceedingso Directorso Chief Executive o Non-Banking Finance Companieso Modaraba Companyo Winding Up

COMBINATION

STATUTORY AND REGULATORY BODIES Introduction Difference Between Statuary and Regulatory Bodies Types of Regulatory Bodies

• License of Business• License issuing Authorities• General Terms and Conditions of License• Difference between License and Contract• Regulatory Aspects of Business

o Financial Aspects (Under Companies Law/Tax Law)o Manpower Aspects (Under Labour Law)o Infrastructural Aspects (Under Regulatory Law)

AN OVERVIEW OF APPLICABLE LAWS

Laws Relevant to Financial Functions Companies Ordinance 1984 Income Tax Ordinance 2001 (with Amendments) Sales Tax Act 1990 The Federal Excise Act, 2005

Laws Relevant to Manpower Functions West Pakistan Shops and Establishments Ordinance,1969 West Pakistan Industrial & Commercial Employment (Standing

Orders) Ordinance, 1968 Industrial Relations Act, 2008-2012 The Factories Act, 1934

AN OVERVIEW OF APPLICABLE LAWS (Cont:)

The Minimum Wages Ordinance, 1961 The Payment of Wages Act, 1936 The Employees’ Old-Age Benefits Act, 1976 The Workmen’s Compensation Act, 1923 the Provincial Employees Social Security Ordinance,

1965

LAW RELATED TO THE EXCHANGE OF BUSINESS INTEREST

Contract Act, 1872 o Scope & Significance of the Contracto Offer, Acceptance and Considerationo Essentials of Contracto Kinds of Contracto Legal Capacity of Parties to a Contracto Basic Elements for Creation a Draft of Contracto The Legal Requirements of a Contract

Negotiable Instruments Act, 1881 Sales of Goods Act, 1930

o The Role of the International Chamber of Commerce (ICC)o Incoterms

Questions & Answers