Legal Pitfalls for International Business

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Legal Pitfalls for International Business Name: Institution: Introduction Business law involves all the rules required in forming and running business activities. This law covers the rules which govern how one can start a business, buy it as well as manage it. Business laws, encompasses administrative regulations, federal as well as state laws. International trade serves as a bridge between people of different countries. To analyze the benefits and necessities of business law, several economists came up with classical theories of trade. Nevertheless, some risks accompany international trade which requires proper management (Dunning, 1992). The primary function of the government is to preserve, the health of the people as well as their prosperity. Therefore, the government has the responsibility of passing laws that protect the land through disposing products appropriately. Strict regulations on air pollution have been put in place to limit production of acid rain. Moreover, there is excess pollution as well as overfishing in the seas. Therefore, there are regulations which govern oil drilling and the size of fish caught in the sea. Unethical companies which are fettered by laws will maximize their returns in the short run, at the expense of the people living in the environment and the environment at large. Companies are therefore forced to pay for the real cost of waste product disposal and obtaining inputs which are valuable. These costs are therefore included in the total operation cost of the company. The Act on clean air passed in 1990 by Congress, was an action in safeguarding the environment. The US environmental agency, limits the amount of pollution in

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