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Section 5.1Laws that Regulate Businesses
In this section: There are six areas of law that affect businesses. This section discusses:
• Corporate Law• Tax Law• Intellectual Property Laws• Consumer Law• Commercial Law• Licensing and Zoning Law
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GLENCOE
Section 5.1Laws that Regulate Businesses
What You’ll Learn
• The six different kinds of laws that affect business operations.• The advantages and disadvantages of setting up sole
proprietorships, partnerships, and corporations.• How the FTC protects consumers from unfair business practices.• The essential elements of contracts in business.
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GLENCOE
Section 5.1Laws that Regulate Businesses
Why It’s Important
For businesses to succeed and avoid illegal activities, managers must be familiar with the laws regulating business operations.
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GLENCOE
Section 5.1Laws that Regulate Businesses
Key Terms
• regulations • sole proprietorship
• partnership • corporation
• income tax • property tax
• patent • trademark
• copyright • contract
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GLENCOE
Section 5.1Laws that Regulate Businesses
Three Kinds of Business Ownership
• Sole Proprietorships
• Partnerships
• Corporations
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GLENCOE
Section 5.1Laws that Regulate Businesses
Tax Law
• Income Tax
• Property Tax
• Withholding Federal Taxes
Guided Practice• Consider this: Stan and Linda have a
perpetual garage sale business. They buy and sale used items, like clothing, furniture, and tires, under an awning in their front yard.
• What are you thoughts…
• What government regulations are probably being violated?
Discussion
• Do you believe the income tax that gives one third of a corporations profits to the federal government is fair?
• http://www.polleverywhere.com/multiple_choice_polls/LTIxNDA5ODMyMjg
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GLENCOE
Section 5.1Laws that Regulate Businesses
Intellectual Property Laws
• Patents
• Trademarks
• Copyrights
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GLENCOE
Section 5.1Laws that Regulate Businesses
Consumer Law
• Federal Trade Commission
• Food and Drug Administration
Consumers are protected from unfair business practices by government agencies.
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Section 5.1Laws that Regulate Businesses
Fig 2-1
Commercial Law
• Contracts
• Business Sales Contracts
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GLENCOE
Section 5.1Laws that Regulate Businesses
Licensing and Zoning Law
1. Licensing limits and controls certain types of businesses.
2. Building codes regulate physical features or structures of buildings.
3. Zoning regulates where businesses can be located in a community.
Discussion
• What do you think life would be like if government did not regulate business in any way?
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Section 5.1Laws that Regulate Businesses
Fact and Idea Review1. How can the government enforce its regulations against
businesses?2. List three types of business ownership.3. Why should businesses be concerned about taxes?4. What kind of intellectual property law protects an invention? A
soft drink’s logo? A hit movie?5. True or False: Consumer protection laws apply to both
individuals and businesses.
Groups
• In teams of 3, create a study guide using key terms, legal definitions, and other vocabulary in matching worksheets, crosswords, flash cards, Headings into questions, and etc. We will share them with the class.
Bell Activity• Write a paragraph predicting the
relationship between unions and business management.
• Union – groups of workers who collectively bargain for rights such as higher wages and better working conditions.
Why is this important for you to know?
•Must comply with laws•Employee •Manager
• Provide Benefits to Employees
Best Way for You to Learn• Two column notes• Read/takes notes• Visual – draw, poster• Headings into questions• Take notes while reading• Graphic Organizer• Outline Chapter
Discussion Questions• Do you think we need “Equal Employment
Opportunity” laws?• Predict what your current work environment would
look like if there were not any Health and Safety Laws.
• Social Security is good for all.• Welfare is a necessary/positive part of our society.• Unions are a essential part of the work force and
we couldn’t function without them?
PowerPoint 6x6 Rules
• Keep it simple & organized –
• Simple thoughts with simple text and graphics
• Do not use too much text on a slide
(6X6 Rule)
• No more that six words per line
• No more than six lines per slide
PowerPoint 6x6 Rules
• Note: Use this simple format then “explain” during your presentation instead of reading the slide to the group….boring!
PowerPoint 6x6 Rules
• Use a common color scheme throughout • PLENTY of time for audience to read• Do not have TOO MANY special effects • Watch using:• Swivel – Very Long
• Sound effects – Normally NOT appropriate to use
Activity• Form 11 teams – may have a few teams with three.• Choose one of the following Acts.• Assignment has been emailed to you.
1. Title VII of the Civil Rights Act of 19642. Age Discrimination in Employment Act3. Americans with Disabilities Act4. The Occupational Safety and Health Act5. Fair Labors Standard Act 6. Social Security Act7. Unemployment Insurance Laws8. Employee Retirement Income Security Act9. Workers Compensation Laws10.Family and Medical Leave Act11.National Labor Relations Act