The types of laws of legal environment refers the framework of different laws, rules, regulations, and so on. It designs shapes of individuals, businesses, and companies as the certain conditions. It monitors and controls the behaviors of entrepreneurs and general public.
Koontz and Fulmer “Legal environment are the various laws, court decisions, and government regulations that influence our lives and business operations.”
Types of Laws of Legal Environment
Here we can describe different kinds of legal environment.
General Business Laws
There are different kinds of business laws, that help to perform business activities. It can be described as follows.
Private Firm Registration Act, 1958 (2014)
The Private Firm Registration Act, of 1958 (2014) is a piece of legislation that deals with the provisions of registration and regulation of private firms. All types of sole trading concerns are registered under this act. Once registered the private firm gains a distinct entity causing the firm to enter into the contract and own property.
Partnership Act, 1964 (2020)
The Partnership Act, of 1964 (2020) deals with provisions of formation, operation, and dissolution of partnership firms. All the partnership firms are registered under this act with the concerned agency of the government. This act provides the rights and duties of partners within the partnership.
Company Act, 2006 (2063)
All the companies are governed by the Company Act, of 2006. Companies are generated and regulated by this act. It defines the rules and regulations of the company and also sets the liability limits of the shareholders.
Cooperative Act, 1960
The Cooperative Act, of 1960 deals with the cooperatives in Nepal. It provides provisions for the formation and operation of cooperatives.
Industrial Enterprise Act, 1992 (2049)
This act is a piece of legislation that deals with the establishment of industrial units. It variously categorizes industries like manufacturing industries, service industries, tourism industries, mineral industries, forest-based industries, and so on. This act provides provisions related to registration, operation, promotion, facilitation, concessions, etc. concerned with industry.
Contract Act, 2000
The Contract Act, of 2000 deals with matters concerned with the contract. It set up the guidelines on how to make a contract.
Arbitration Act, 1999
This act is used for the settlement of disputes related to the business. Based on rules and regulations, it provides a bridge between the disputed parties.
Labor Laws
Labor related laws are piece of legal environment, it can be described as follows.
Labor Act, 1992 (2048)
This act is concerned with the labor or employees. It provides the rights, duties, facilities, safety, etc. to the workers who work in different sectors. This act is prominent for the welfare of the laborers.
Trade Union Act, 1992 (2049)
The Trade Union Act, of 1992 provides provisions to deal with the trade union. It manages the professional and occupational rights of the employees and supports the increment of their status.
Industrial Training Act, 1982 (2039)
This act deals with the requirement of workers’ training for industrial work. The development of workers’ skills helps to increase the industrial progress and professional proficiency of the workers.
Bonus Act, 1974 (2030)
The Bonus Act, of 1974 deals with the payment of bonuses for the workers. Certain criteria, requirements, profit of the company, etc. define the bonus of the workers. The company must provide a bonus if they earn a certain profit in the required manner.
Child Labor Act, 2000 (2057)
This act regulates and prohibits child labor in the industrial or factory sector. It is the focus on child labor that should not be used as the worker.
Finance and Investment Laws
In Nepal finance and investment related laws are expressed at this manner.
Foreign Investment and Technology Transfer Act, 1992 (2049)
This act deals with the provisions of foreign investment and technology transfer in Nepal. It is a procedure where investors or entrepreneurs use this act for the business progress. This act helps for the mobilization of limited resources like human and non-human. Human consists human capital and non-human consists capital, technology, minerals, raw materials, etc. It promotes the foreigners to invest in Nepal with providing the facilities for investors.
Foreign Exchange Regulation Act, 1961 (2019)
The Foreign Exchange Regulation Act, of 1961 deals for the exchange of foreign currencies. It regulates, controls, and monitors the transaction of foreign currency dealers. Authorized dealers are certified by the Nepal Rastra Bank or authorized banks. Currencies rates are changeable day by day, and it provides guidelines for the smooth run of such transaction.
Taxation Acts
Monitoring and controlling the tax accounting, taxation acts are presents as follows.
Income Tax Act, 2002 (2058)
The Income Tax Act, of 2002 provides the provisions of income, exemptions and concessions, tax accounting, penalties, offences, and so on. This act regulates the income of both individuals and companies. Based on this act all individuals and companies pay their incomes certain portion for the government as a tax. It supports for the increase of nation economy.
Value Added Tax Act, 1996 (2052)
This act is a form of indirect taxation. Value Added Tax (VAT) provides the provisions of levied, VAT exempted goods and services, its penalty, and so on.
Customs Act, 1963
The Customs Act, of 1963 governs the provisions of customs duties on import and exports. It categorizes the products which has been use customs duties. Based on this guidelines of import and exports of Nepal should be professional.
Consumer and Environment Protection Laws
Consumer safety and protection, here we represents such acts.
Consumer Protection Act, 1999 (2054)
This act is concerned with the protection of consumers’ rights. It deals with the malpractices, propaganda, and unrelated practices on products. It regulates the quality of products, that increase the consumer satisfaction.
Black Market and Some other Social Crime and Punishment Act, 1977 (2032)
This act regulates the unauthorized products and market price of goods and services. It helps to reduce black market, where entrepreneurs purchase goods in low cost and store the goods and in the scarcity time sell the products in high price. In this act it is punishable offence.
Nepal Standard Act, 1980 (2037)
The Nepal Standard Act, of 1980 established for the determine and examine of various products standards. For this Nepal Council of Standards was established. It takes necessary actions for the improvement of products quality.
Food Act, 1966
This act is enabled for the protection of general public health. In the market, different kinds of products are available, where some are consumable and some are unconsumable. It monitors and controls such kinds of activities to improve the quality of products.
Environment Protection Act, 1996
The Environment Protection Act, of 1996 has governed the provisions of environmental impact and challenges. It assesses the environment, examine, control, and improve the environment condition. It controls the pollution and promotes for tree planting.
Intellectual Property Rights Laws
Intellectual property is the human creation. For it safety such laws are prominent.
Patent, Design and Trade Mark Act, 1965 (2022)
This act enabled for the provisions of patent, design, and trademark rights and duties. It enforces and monitors intellectual property. It classifies the goods and services as the patent, design, and trademark. It regulates the such intellectual property and control as registration and non-registration of them.
Copyright Act, 2002
The Copyright Act, of 2002 deals for the protection of copyright of artistic, scientific, and so on. It main functions of controlling intimate. It also provides the place of licensing of copyright.