THE IMPORTANCE OF LEGAL REGULATION OF BUSINESS

Abstract

Entrepreneurship is highly regarded by governments, the media, and those interested in entrepreneurship. While individuals see entrepreneurship as a means of meeting the need for freedom and a sense of satisfaction, politicians see it as the fuel for the country’s drive for economic growth. This topic, although not new, is widely known in the media; indeed, entrepreneurship seems to be recovering from a period when large firms dominated, especially in advanced economies. This article reveals the essence of the concept of entrepreneurship, its history, the impact of entrepreneurship on the political, social and economic system in market relations, the relevance of legal regulation of entrepreneurship, the activities of individuals and legal entities and their forms, the fundamental legal framework and the basis for the emergence of requirements for them, and also the stages of adoption by these subjects of public relations and the significance of the laws on business insolvency and bankruptcy in the resumption of entrepreneurial activity.