According to black’s law dictionary, those claw is defined as a rule or method according to which a

phenomena or action co-exist or follow each other. They are system of principle and rules of human
conduct, being the aggregate commandment and principles which are either prescribed or organised by
governing power in an organised jural society as its will in relation to the conduct of the members of the
society, and which undertakes to maintain and sanction and to use as the criteria of the actions of such
members. However in general sense, law is a civil conduct prescribed by the supreme power in a state.

There are different definitions of law as per different philosophers. In ore everyday life one can define
law as a set of rules that govern a particular or given society. Without them, society would have been
full of crimes but these set laws have helped man to leave in harmony and this has enabled him to have
a friendly environment and associate freely in the world over. However law has played a great role to
business people some of which include;

Importance of law to a business person

The rule of law helps a business man in that it safe guards his property interest so that in case of
dispute, the established laws will help in in the resolving it but if we lived without laws, business would
have been chaotic and in this way they would have been too difficult to transact with different persons
but due to the existence of law, the business man has been able to have ownership of property.

The rule of law has also helped a business person in such a way that it provides guidance and directions
in every area of business for example it provides a means to bring a complaint against another party to a
neutral decision maker so that decisions can be made regarding the disputes. Therefore due to law we
know that we are permitted to file complaint in the proper court to commence litigation.

Thirdly, law provides a sophisticated system of federalism where states and federal law co-exist. This
allows the business s to determine which system of government pertain to them and which jurisdiction
they belong to. A case in time is if you sell firearms, you are required or subjected to both state and
federal law hence you would be required to carry a federal permit from the federal administrative
agency known as bureau of firearms, tobacco, and alcohol among others respectively.

Next is that law restrains government and others from infringing on property rights. This is when
someone claims for something that he has no authority about, but due to existence of law it has help
man to have a right to property. Therefore incase e of any disputes the rule of law provides a peaceful
and predictable means by which those disputes can be solved.
Next is that law is important to a business person in that it helps him to follow the rules to avoid being
penalized. This does not only allow people to understand the is expected of them in their personal
business so that they too can know what is expected of them in their dealings and transactions.

The rule of law also helps the employers to known the rules regarding their retionship to employees and
employees know the rules with respect to their obligations to employers likewise to business partners,
members of boards of corporations, and members of Limited Liability Companies all know what is
expected of them in their roles vis-à-vis the business and other people within their organisatio. When
one does something not permitted there is always a legal resource.