Law

Law in its simplest sense it can be understood as a rule. There may be various forms of rules such as individual rules, religious rules, family rules, society rules. rules of college, rules of games, and so on. But all of these rules so not necessarily constitute the law. The law is that kind of rule which is recognized and enforced by the state. In its technical sense, law is a rule made by the state (especially by the Parliament of the country) to regulated the behavior of  of its citizens. In this sense, law means a body of rules of conduct, action, or behavior of persons made and enforced by the state or country. Every state or county makes certain rules for its citizens allowing them to do something and also makes certain other rules forbidding them form doing something. These rules as such are called law.

In another sense, law is a body of principles and theories established by jurists and legal experts. As the subject of study of science becomes incomplete without studying the theories of Chrles Darwin, Albert Einstein and other so the the understanding of law is inadequate and incomplete without the knowledge of the principles and theories of law.
For any type of business whether it is small scale business or large scale law is most important. Where the law of business is managed properly there is the leadership of the law. But where the law of business has grave shortcomings the lags business. Some of the importance of law are

• Protection of economic rights.
• Regulation and systematization of business
• Commencement and development of a business
• Enforcement of business contracts.
• Delivery of justice
• Social audit or responsibility
• Achieving business goals.