Rule of Law

1.       Discuss the sources of law. There are numerous sources of law, including constitutions, legislatures, executives, judiciaries, administrative agencies, and international organizations. Constitutions The United States is governed by the US Constitution, which was ratified in 1789. Each of its constituent states also has its own constitution.[1] The Constitution is the fundamental law of the country; according to Article VI, Clause 2 of the Constitution, the Constitution (and federal statutes and other federal laws made in furtherance of the Constitution) is “the supreme Law of the Land.” How is the Constitution structured? The Constitution is divided into seven articles followed by amendments. Articles I through III establish the legislative, executive, and judicial branches of the federal government, respectively. Article IV covers the relationship between the states and the federal government. Article V outlines the method by which the Constitution may be ame

1.       Explain the purpose and functions of Law.   The law serves many purposes and functions in society. Four principal purposes and functions are establishing standards, maintaining order, resolving disputes, and protecting liberties and rights. The law is a guidepost for minimally acceptable behavior in society. The law serves many purposes and functions in society. Four principal purposes and functions are establishing standards, maintaining order, resolving disputes, and protecting liberties and rights. 1     Establishing Standards The law is a guidepost for minimally acceptable behavior in society. Some activities, for instance, are crimes because society (through a legislative body) has determined that it will not tolerate certain behaviors that injure or damage persons or their property. For example, under a typical state law, it is a crime to cause physical injury to another person without justification—doing so generally constitutes the crime of assault. 2 

1.       What are the differences between Private companies and Public companies? Biggest difference; a public company has a responsibility towards it's shareholders. It has to give periodical updates on how it's performing and disclose their books for the benefit of the public. They have to hold the shareholders' interests utmost and make a profit for them. A private company on the other hand doesn't have to disclose their books to the general public, and it's basically run by the boss/bosses alone and he/she/they has/have no obligation to make profit for their shareholders per se, which gives them the freedom to steer the company as they see fit. A good example would be Tesla and SpaceX. Founded and managed by the same person, Tesla is a public company, which means it has to make considered decisions and make sure the decision will benefit the company and shareholders financially. SpaceX on the other hand is private. And there's a reason for that

1.       Why do people prefer establishing a sole proprietorship but not a partnership? Each partner is a co-owner, and each has invested in the business. A partnership, as different from a corporation is not a separate entity from the individual owners. In that sense, it's more similar to a sole proprietorship because in both the business isn't separate from the owners, for liability purposes.

1.       What is Corporate Veil? Mention 3 situations that require lifting the corporate veil. IT LIKE CURTAINS distinct personality of a business is a legal privilege and must be used for legitimate business activities. Only for purposes. In the case of fraudulent and unfair use of the legal entity, the persons concerned will not take refuge behind the personality of the company. The Tribunal will take action Company and apply the principle/doctrine of what is called "corporate veil lifting or stabbing”. The court will consider the company and pretend that it is not a separate entity from the Members insisted and demanded from the members of the control persons to pay the debts to the Companies.

1.       Define State and identify elements of State. A State comes to be a state only when it has all these elements. Out of these four elements, Sovereignty stands accepted as the most important and exclusive element of the State. No other organization or institution can claim sovereignty. An institution can have population, territory and government but not sovereignty.