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Unethical Notes Grade 10

Business owners must obey all relevant laws regarding business operations such as paying taxes and obtaining licenses. They should also operate ethically by considering the environment, ensuring the business is legitimate, and obtaining capital legally. Unethical and illegal practices can have negative effects like misleading ads, tax evasion, pollution, and money laundering. If caught, unethical or illegal businesses may face legal consequences like fines or losing the business entirely.

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447 views1 page

Unethical Notes Grade 10

Business owners must obey all relevant laws regarding business operations such as paying taxes and obtaining licenses. They should also operate ethically by considering the environment, ensuring the business is legitimate, and obtaining capital legally. Unethical and illegal practices can have negative effects like misleading ads, tax evasion, pollution, and money laundering. If caught, unethical or illegal businesses may face legal consequences like fines or losing the business entirely.

Uploaded by

Natalie Thompson
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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POB: The Nature of Business

Ethical and Legal Issues Notes:

Business owners are required to obey all legislation concerning the operations of a business.
These include, paying taxes, business registration, obtaining licenses when required etc. Business
owners should also operate their business based on integrity. This involves:

Environmental awareness – reducing pollution and harmful effluents in the rivers and
seas. Avoiding tied selling (marrying of goods).
Ensuring that the business is a bonafide firm or establishment and not using it as a front
for money laundering and other illicit activities.
Ensuring that capital is legally obtained and not tainted with illegal operations as the
source of funding.
In the operations of a business, payment of national insurance contributions and taxes.

The ethical and legal principles that must be adopted in the establishment and operation of
a business. These includes:

The adoption of an organization code of ethics.


Policies on environmental issues.
Handling of personal information.

The negative effects of unethical and illegal practices on the business includes the
following:

Misleading advertisements – unfair and fraudulent practice on the population;


Withholding of tax – cheating the government of revenue;
Unethical disposal of waste – pollution; and,
Money laundering – distortions in the national economy.
Untrue sale price – For example, writing the word sale on items for which the price
remains the same.

Consequences of Unethical and Illegal Practices

Illegal business practices will result in legal consequence for business. This may include
large fines the loss of the business. Legislation also protects consumers, competitors and
society from unethical practices of a business.

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