Law

Law refers to the formalised rules and regulations that are enforced to govern behaviour and society. Laws define the rights and obligations of the citizens that live within that society.

Whilst all societies are different, laws are generally created by the government of a country. Violation of those laws are punished through the regulatory system, which usually includes a system of policing and the courts.

Law is a vast and complex subject. The elements that are most relevant to professional accountancy studies include:

• the legal system
• the law of obligations
• employment law
• business organisation
• capital and financing
• company management and administration
• insolvency, and
• governance and ethics.

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Tags:	Insolvency Act 1986;Enterprise Act 2002