Business Ethics and Legal Values:

BUSINESS ETHICS:

Business Ethics is a set of undefined rules on the basis of which an organization sets the difference between whether or not a decision is right or wrong.

Business ethics examines moral and ethical problem in business. It is applicable to all the individuals working within an organization.

The law alone cannot figure out what is right or wrong since a lawful act need not always be a moral act.

 Factors Influencing Business Ethics:

·        personal nature and attitude of individuals

·        employer and employee relationship

·        employees are more concerned for their  personal profit rather than the general welfare of the business

·        misuse of position by senior executives in an organization

 

LEGAL VALUES:

Legal values in business mean that the organization understands and complies with all the requirements of a regulatory body, relevant laws or any contractual obligation. 
              

An organization must follow all the rules formed by the Companies Amendment Act, 2006 and other legal statues:

·        Minimum numbers of directors must be present throughout the   board meeting


·        Appointment of any director or member and  removal of any director or member  as per the rules governed


·        Various taxes such as income tax , VAT (value added tax) on goods and services must be paid on a timely basis


·        The personal information stored of any employee is accurate , relevant , secured and not available to any third person


Reference:

http://philpapers.org/rec/SOLEAE