Paper 1 :
Business Environment and Law
Business Environment and Law
About Business Environment and Law
Business environment is the study of all factors that affect the business, forms of business and organisations. The study of Business Environment enables any organisation to successfully conduct its business with a dynamic approach. Business Laws regulate the relationship of Business and profession with the society. They are essential to regulate and govern the business and its interaction with people.
It is important for CS aspirants to understand business, its needs, factors that affect business, the opportunities and threats that beckon any business organisation. This enables you to know different forms of business, its boundaries and overall functioning of organisations.Law is one of the most important subjects for a Company Secretary. Introduction to Business Laws enables a student to understand basics of Law, legal terminologies and interpretation of Acts that govern business entities; this forms a stepping stone for further studies of Law related subjects. A student is expected to have thorough knowledge about the basics and fundamentals of Law, since it forms part of core subjects in the Executive and Professional levels. Also, as Company Secretaries, your core area of practice and expertise will revolve around different Laws of the country, so, a clear understanding of concepts will ensure that the basics are stronger to gear up for the next levels.
The topics covered in Business Environment & Law at CS Foundation Level
- Introduction to Business Environment covering basics of macro and micro environment and its factors
- Important forms of Business Organisations and its features. Introduction to Scales of Business and Emerging trends in Business
- Business Functions, importance, limitations and functions of Financial Management, marketing, Human Resources and Information technology
- Introduction to Law and understanding legal terminologies
- Elements of Corporate Law such as Company Law, Law relating to Partnership and LLP
- Laws relating to Contracts, Sale of Goods and Negotiable Instruments
- Information Technology Act
- Role of CS-Duties and Responsibilities and Areas of Practice for Company Secretary
- Understanding concepts: Since this is a theory paper, understanding concepts becomes very important. Once you understand the concepts, the next time you read will be mere re-calling the concepts that you have understood
- Study Notes: Making short notes and mapping keywords in every paragraphs and graphical presentation of notes will help you recall important points to revise before exam
- Solving Mock Papers: It is very useful to solve mock papers as it familiarises you with the question paper pattern and the approach to solve analytical questions
- Updates: Law is a very dynamic subject with many amendments, updates and notifications. Keep updating yourselves with any such changes to be able to tackle tricky questions related to amendments applicable to your exam
- Revise: Always remember, it is always the power of re-calling in the exam that helps you excel. You may study once or twice, but your ability to revise and re-call what you have studied is what helps you during exams. Train you brain to re-call concepts as soon as you see the name of the topic.