EN 109
MODULE
1
Business Law and
Taxation
JUDY MAE G. ALCAYDE
BS Entrepreneurship 2-B
Republic of the Philippines
Laguna State Polytechnic University
Province of Laguna
LSPU Self-paced Learning Module (SLM)
ISO 9001:2015 Certified
Learning Outcomes
Level I Institutionally Accredited
Student Learning Strategies
Performance Tasks
LSPU SELF-PACED LEARNING MODULE: BUSINESS LAW AND TAXATION
Prepared by: APP ARTEMIS Q. BADANDO
Republic of the Philippines
Laguna State Polytechnic University
Province of Laguna
PT 1
Directions: ISO 9001:2015 Certified
Level I Institutionally Accredited
Essay. Explain your answer in a least five (5) sentences. (5 points each)
a) Do you think a business can be successful without complying with various business related laws?
In its business sense, “compliance” refers to a company meeting its legal obligations, often to
protect the health, safety and welfare of others.
Many people aspire to start their own business, but succeeding in the commercial marketplace is
easier said than done. Companies led by inexperienced people unfamiliar with the legal requirements
they need to fulfill are particularly susceptible to failure. Failure to comply with the requirements can
have serious consequences – for both organizations and individuals. Sanctions include fines,
imprisonment and disqualification. Nevertheless, many business owners jump into the competitive
marketplace without doing enough research when it comes to covering their legal bases. Noncompliance
with the various business law will just technically result to hinder the growth of the business and not
achieving its success.
b) If you’ll have a business someday, will you or will you not comply with the business related laws
discussed in this lesson?
Studying entrepreneurship leads to putting up a business. For the business to be successful in
the industry, it must also comply the rules and regulations from various business laws. As an
entrepreneur starting up a business someday, I should know this since ignorance of the law excuses no
one and I make sure my business complies with all its legal responsibilities so I can get back to focusing
on growing it. Thus, business law protect the rights of the company, and of the people who work there,
as well as help to establish a certain standard for how things should be run.
c) Do business owners get anything in return in complying with the law?
Business compliance is a catch-all term for how well a company's follows the laws and
regulations governing its business. As a business owner, enforcing compliance helps the business
prevent and detect violations of rules, which protects the organization from fines and lawsuits. Laws
gives positive direction to the business and guide them to take ethical steps in every activity involved in
the business. It prevents business firms from doing illegal activities and making sure every action is
accountable. For those business owners, understanding the reasons for the various rules, laws and
regulations that govern your business will help you take advantage of any benefits they offer while
ensuring you stay in compliance at all times.
Understanding Directed Assessment
LSPU SELF-PACED LEARNING MODULE: BUSINESS LAW AND TAXATION
Prepared by: APP ARTEMIS Q. BADANDO
Republic of the Philippines
Laguna State Polytechnic University
Province of Laguna
Rubric for Assessing Essay in PT1
ISO 9001:2015 Certified
Level I Institutionally Accredited
Adopted from: [Link]
Learning Resources
a) 8 Reasons Why the Compliance Function Is Essential for Smaller Organizations by Ted Bilich,
September 29, 2015 from [Link]
essential-for-organizations/
b) Importance of Compliance in Business by Steve Milano, October 15, 2018 from
[Link]
c) What is Compliance and Why Is It Important? ([Link]
v=5vbzqyxW6G8)
LSPU SELF-PACED LEARNING MODULE: BUSINESS LAW AND TAXATION
Prepared by: APP ARTEMIS Q. BADANDO