Abstract
In a globalized economy, business law plays a pivotal role in shaping the interactions between companies, investors, consumers, and governments. The legal systems of the United Kingdom and the United States, though distinct, are proving to be major references in the sphere of international business law. This is due, in part, to the historical importance of common law, characteristic of these two jurisdictions, but also to their economic and financial influence around the world.
Extract
[...] In the United Kingdom, company formation is governed primarily by the Companies Act, which sets out the stages of incorporation, documentation requirements (memorandum and articles of association), and transparency obligations vis-à-vis Companies House. This process is characterized by its simplicity and speed, facilitating entrepreneurship. In the United States, company formation varies significantly from state to state, although certain basic principles are common, such as the need to file articles of incorporation with the Secretary of State in the relevant state. [...]
[...] The American approach is also marked by a higher propensity for litigiousness, partly due to the possibility of claiming punitive damages. Thus, the differences in approach to commercial contracts and dispute resolution between both countries underline the importance of an adapted legal strategy, taking into account the particularities of each system. In conclusion, although the UK and US business law share common roots in the common law tradition, divergences in the management of commercial contracts and the resolution of disputes require a nuanced and thorough understanding of the specifics of each system in order to effectively navigate the global legal landscape. [...]
[...] The particularity of the American system lies in the importance attached to the "bylaws" of each company, which define the rules of internal governance and the distribution of powers between the various corporate bodies. Finally, in both countries, company managers are subject to strict legal duties, such as the duty of care. Breach of these duties may result in civil or even criminal sanctions. B. The commercial contracts and dispute resolution Commercial contracts and dispute resolution in both jurisdictions reflect both common fundamental principles derived from common law but also marked national specificities significantly influencing commercial practice and dispute management. [...]
[...] It covers many aspects of business law, such as sales of goods, letters of credit, and secured transactions. Although adoption of the UCC is voluntary for the states, the majority have incorporated it into their legislation, thus contributing to a certain uniformity of commercial law. The resolution of commercial disputes in the United States may fall within the jurisdiction of either the federal or state courts, depending on the nature of the dispute and the parties involved. This division of jurisdiction adds a layer of complexity to the practice of business law, requiring specific expertise to determine the most appropriate forum for each case. [...]
[...] The commentaries and analyses offered by legal scholars help to enrich our understanding of the rules of law and guide the courts in the application of common law principles to individual cases. The emphasis on case law makes business law highly adaptable. Faced with the emergence of new technologies and business practices, British courts have often been at the forefront, developing innovative legal solutions to meet the challenges posed by the digital economy or the protection of personal data. B. Business law in the United States: a federalized and codified approach The legal system of the United States has a complex structure due to its federal character. [...]
