Broadly speaking, business law refers to the laws that apply to business entities, such as partnerships and corporations. For the moment, QuizLaw has focused on the laws relating to setting up and creating such a business. For more information, please select a QuizLaw topic below. In Business Law. Basics What type of business should I set up? What is the easiest and cheapest type of business to setup?
When are business owners personally liable for business debts? How can I protect myself from liability? What does it mean to pierce the corporate veil? What is alter ego liability? What business types have to make state filings and pay state fees? What business types have to follow strict procedural requirements? How can I finance my new business? What is a business plan? How can I finance my business with loans? How can I finance my business with equity? What records should I keep regarding my business financing?
Sole Proprietorships What is a sole proprietorship? What are the advantages of setting up a sole proprietorship? What are the disadvantages of setting up a sole proprietorship? What is the owner of a sole proprietorship called?
How do I set up a sole proprietorship? Can I set up a sole proprietorship without a lawyer? How do I set up a business name for my sole proprietorship? How do taxes apply to a sole proprietorship? What happens if a sole proprietorship is sued? Partnerships What is a partnership? What are the advantages of setting up a partnership? What are the disadvantages of setting up a partnership? What is the owner of a partnership called? What is the charter document that creates a partnership called?
What is the document that governs how a partnership operates? What are the managers of a partnership called? What types of partnerships are there?
What is a general partnership?Business law is sometimes called mercantile law or commercial law and refers to the laws that govern the dealings between people and commercial matters. There are two distinct areas of business law; regulation of commercial entities through laws of partnership, company, bankruptcy, and agency and the second is regulation of the commercial transactions through the laws of contract.
The history of these types of laws dates back several centuries and can be seen in the peace-guilds where members would pledge to stand by each other for protection. A lot of business law involves trying to prevent problems that can hurt the business or cause legal disputes. Business law may include any of the following:.
Business law starts with setting up a business. In the eyes of the law, each business is their own legal entity. Many types of business entities are similar throughout the country. However, the exact entities that a new business can choose from vary by state. The process to file the paperwork to establish the business also varies from state to state. Then, they help them file the paperwork to formally start the business. Once a business is up and running, they might need employees.
Businesses need legal advice to help them understand how to hire and fire employees. They need to know how to handle employee disputes and discipline. Businesses need to know what they need to offer employees in terms of pay and benefits.
There are also mandatory payroll taxes and deductions.
Business lawyers educate their clients on the rules and best practices for managing employees. Business law and immigration law often intersect. Businesses may want employees from other countries. They may want international employees on a full-time basis, they may need temporary workers, or they may need to bring in a worker just for a short period of time for a special event.
Knowing how to navigate federal immigration laws is an important aspect of business law that helps companies get the manpower they need to succeed.
There are regulations that govern how companies can make products and how they can sell them.
From working conditions in a factory to distribution requirements to price controls, there are all kinds of laws and rules that might regulate how a company makes and sells its products. One of the most influential documents for business operations is the Uniform Commercial Code.
It covers topics such as the statute of frauds, contracts, leases, sales, credit, bulk sales and secured transactions. A lot of business has to do with preparing and negotiating contracts. A contract can be anything from a lease agreement to a purchasing agreement to an agreement with a third-party vendor to sell a product.Business lawalso called commercial law or mercantile lawthe body of rules, whether by convention, agreement, or national or international legislation, governing the dealings between persons in commercial matters.
Business law falls into two distinctive areas: 1 the regulation of commercial entities by the laws of companypartnershipagencyand bankruptcy and 2 the regulation of commercial transactions by the laws of contract and related fields.
In civil-law countries, company law consists of statute law; in common-law countries it consists partly of the ordinary rules of common law and equity and partly statute law.
Two fundamental legal concepts underlie the whole of company law: the concept of legal personality and the theory of limited liability. Nearly all statutory rules are intended to protect either creditors or investors. There are various forms of legal business entities ranging from the sole trader, who alone bears the risk and responsibility of running a business, taking the profits, but as such not forming any association in law and thus not regulated by special rules of law, to the registered company with limited liability and to multinational corporations.
All partners are agents for each other and as such are in a fiduciary relationship with one another. An agent is a person who is employed to bring his principal into contractual relations with third parties. Various forms of agency, regulated by law, exist: universal, where an agent is appointed to handle all the affairs of his principal; general, where an agent has authority to represent his principal in all business of a certain kind; and special, where an agent is appointed for a particular purpose and given only limited powers.
Appointment may be express or implied and may be terminated by acts of the parties; the death, bankruptcy, or insanity of either the principal or agent; frustration; or intervening illegality. See also agency theory, financial. It is inevitable that in certain circumstances business entities might be unable to perform their financial obligations. With the development of the laws surrounding commercial enterprises, a body of rules developed relating to bankruptcy: when a person or company is insolvent i.
Three principles emerge: to secure fair and equal distribution of available property among the creditors, to free the debtor from his debts, and to enquire into the reasons for his insolvency.
Business law touches everyday lives through every contractual dealing undertaken. A contract, usually in the form of a commercial bargain involving some form of exchange of goods or services for a price, is a legally binding agreement made by two or more persons, enforceable by the courts.
As such they may be written or oral, and to be binding the following must exist: an offer and unqualified acceptance thereof, intention to create legal relations, valuable consideration, and genuine consent i.
The terms must be legal, certain, and possible of performance. Contractual relations, as the cornerstone of all commercial transactions, have resulted in the development of specific bodies of law within the scope of business law regulating 1 sale of goods—i. Business law, on national and international levels, is continually evolving with new areas of law developing in relation to consumer protectioncompetition, and computers and the Internet.Episode 1.1: What is Torts? And what Torts is not.
Business law. Info Print Cite. Submit Feedback. Thank you for your feedback. See Article History. Alternative Titles: commercial law, company law, mercantile law. Get exclusive access to content from our First Edition with your subscription. Subscribe today. Learn More in these related Britannica articles:. Commercial law—with the Bills of Exchange ActSale of Goods Act andthe Unfair Contract Terms Actand consumer protection statutes in and —has become primarily the domain of legislation.Business law is the collection of legal requirements around forming, operating, dissolving, and engaging with a business.
A business can occupy the labor, attention, and time of a person, for the purpose of earning a profit or livelihood. Engaging in a single act that relates to a specific business isn't considered to be carrying on or engaging in the business, but a series of acts would be considered as engaging in the business.
Work, business, and labor aren't synonyms of one another. Although labor can be business, engaging in business isn't always labor. For example, if you made an agreement to purchase a good on a Sunday, but this is prohibited in the vendor's business laws, you would be breaking the law.
A law is a recognized and enforced principle or causal link that, if violated, results in a penalty, such as injury, pain, failure, or loss. Laws are binding rules that relate to the conduct of individuals and businesses and are designed to prescribe obligation or duty and enforce justice.
A law is largely derived from formal or custom enactment by someone in power within the area, such as a legislature or a ruler. Laws carry authority and power of the enactor, and anyone who violates them is subject to penalties. Laws get their legitimacy from being based on principles that are universally accepted, such as the sovereign power of whoever is enacting them or the justness of each law. Laws describe direct links between the cause and effect of phenomena, often deduced from observations or experiments.
Business lawwhich is also referred to as mercantile or commercial law, is the group of rules that governs the dealings between individuals or companies involved in commercial matters.
These laws can be enacted by:. This branch of law relates to the liabilities, duties, and legal rights of individuals or businesses involved in transactions that relate to merchandising, sales, commerce, and trade. Business law includes private and public laws as part of civil laws.
This branch of law also encompasses laws concerning employment and agency, contracts, property, sales, business organizations, commercial paper, and bailments. You might encounter business laws when dealing with creditor and consumer protection, insurance, or will and estate planning.
Other examples include managing, starting, buying, or selling a business, managing contractors, and working with employees. In countries with civil laws, the company laws include statute laws.
In countries with common laws, company laws combine statute and equity laws. Legal business entities come in all shapes and forms. A sole proprietor singlehandedly bears the responsibilities and risks of operating a business, but they can also take all of the business profits.
This type of business owner wouldn't be held to the same laws that apply to a multi-national corporation or LLC. Partners in this type of business formation are also liable for all business debts and legal action in relation to any contracts or other agreements. The owners of a business might choose to appoint an agent, who is an individual who brings their expertise to contractual relationships between businesses and any third parties with which the company interacts.
UpCounsel accepts only the top 5 percent of lawyers to its site. Lawyers on UpCounsel come from law schools such as Harvard Law and Yale Law and average 14 years of legal experience, including work with or on behalf of companies like Google, Menlo Ventures, and Airbnb.
Business Law Definition: Everything You Need to Know Business law is the collection of legal requirements around forming, operating, dissolving, and engaging with a business. What Is a Business? What Is a Law? Vacationers and visitors to other countries should understand and respect local laws. Although John wasn't a lawyer, he knew that the tenant was violating a law and called the police. Business Law and Legal Definition Business lawwhich is also referred to as mercantile or commercial law, is the group of rules that governs the dealings between individuals or companies involved in commercial matters.
These laws can be enacted by: International or national legislation Agreement Convention This branch of law relates to the liabilities, duties, and legal rights of individuals or businesses involved in transactions that relate to merchandising, sales, commerce, and trade.
Business law may govern legal aspects such as: Insurance accident, life, marine, or fire Relationship between principal and agent Banking Indemnity and guarantee Carriage by land or sea Partnership This branch of law also encompasses laws concerning employment and agency, contracts, property, sales, business organizations, commercial paper, and bailments. The two main areas of business law are: Regulation of bankruptcy, partnership, agency, and company laws for commercial entities Regulation of contract laws for commercial transactions In countries with civil laws, the company laws include statute laws.
Was this document helpful? Share it with your network!It is a branch of law that examines topics that impact the operation of a business. The following pages are in this category, out of total. This list may not reflect recent changes learn more. From Wikipedia, the free encyclopedia. Wikimedia Commons has media related to Business law. Subcategories This category has the following 24 subcategories, out of 24 total. Pages in category "Business law" The following pages are in this category, out of total.
Commercial law Lex mercatoria Outline of commercial law.
What is Business Law?
A Administration law Apparent authority Arbitration award Arbitration clause Articles of partnership Asset protection. B Banker's lien Board of directors Bulk sale List of legal entity types by country Business license Business method patent Business valuation. C Certificate of incorporation Chattel mortgage Closed shop Consignment agreement Contract failure Copyright transfer agreement Corporate law Corporation Country of origin Course of dealing Course of performance Court auction.
H Holder law Hospitality law. I Independent contractor Industrial relations Interest of the company. L Law and management Law of agency Lease Leave of absence Legal aspects of workplace bullying Legal governance, risk management, and compliance Legal tender Lessor leasing License Lien Limited liability Limited partnership List of financial regulatory authorities by country Loan-Out Corporation.
M Mandatory labelling. N Negative option billing Negotiable instrument Novation. P Participation ownership Partnership Pension regulation Perfection law Power harassment Practicing without a license Principal commercial law Process agent Product defect. W Waybill Whitewash waiver. Hidden categories: Commons category link is on Wikidata.
Students who pursue this program are encouraged to take a wide variety of courses in various areas of substantive business law as well as courses that emphasize analytical skills and methodology. Generally, business attorneys tend to be focused on either litigation or transactions. Since many law school courses prepare students for litigation practice, the Program of Study in Business Law places a special although not exclusive emphasis on transactional practice: that is, helping clients achieve their desired business goals in a way that is both legally efficient and minimizes the risks of litigation.
The program has three major areas of focus: corporate law, dealing with private ordering and the organization and management of business and nonprofit organizations; tax law, dealing with government taxation of business and transactions; and commercial law, dealing with the world of commerce among businesses and financing of business.
However, there are many other substantive areas of law that are also covered by the curriculum. For planning purposes, it is noted after the name of a course if that course is usually offered in a specific term or at least once per academic year, but please note that the timing of course offerings is always subject to change. Those courses without a notation are offered less frequently, although usually at least once every two years. Descriptions of the courses can be found in the Course Catalog.
A few courses that teach analytical skills and methodologies could be taken concurrently with, or even before, the foundational courses. The basic first-year curriculum including contracts and torts also helps prepare students for the business law program.
For many students, it is the first introduction to business matters, and it is taught from this perspective. The course introduces students to the various forms of business organization as well as some of the most basic business concepts. The course introduces students to basic tax concepts that are important for both business and personal tax planning.
Once a student has taken the foundational courses, he or she is ready for any other advanced course. It is therefore recommended that students take these two foundational courses as early into their law school careers as possible. Securities regulation is often considered the federal corporate law, and deals with transaction planning and litigation for the many businesses subject to federal securities law.
There are currently five seminars offered in the area of corporate law. The Clinic is a federally funded clinic that represents clients in Internal Revenue Service controversies. While corporate law generally deals with the internal affairs of a corporation, commercial law deals with transactions among businesses, with a special emphasis on finance and debtor-creditor relations. Three courses deal with specific areas of the Uniform Commercial Code.
The law of bankruptcy deals with debtors-creditor relationships in times of distress. The following is a list of additional courses which do not fall into the above categories but which are important parts of the business law curriculum.
The following is a list of related courses which are highly relevant to students interested in the program of study in business law. For students who want to explore a particular business-related topic in more depth, business law faculty leaders supervise directed readings in their various areas of expertise.
While each faculty member determines the specific requirements for directed readings conducted under their supervision, in general such directed readings involve reading more in-depth materials than are covered in the regularly offered courses.
Students typically write a legal research paper on a topic chosen in cooperation with that faculty member. At graduation each year, the business law core faculty select a student who has taken at least six business law courses to receive the Award for Outstanding Achievement in the Program of Study in Business Law based on their business law-related achievements.
A number of Notre Dame Law School faculty teach, research, and write in the areas of corporate, tax, and commercial law. In addition, faculty throughout the University teach and research in areas that connect well with the program and whose courses are available to law students.A broad concept that describes the Substantive Law that governs transactions between business entities, with the exception of maritime transportation of goods regulated by Admiralty and Maritime Law.
Commercial law includes all aspects of business, including advertising and marketing, collections and Bankruptcybanking, contracts, negotiable instrumentsSecured Transactionsand trade in general. It covers both domestic and foreign trade; it also regulates trade between states.
The term commercial law describes a wide body of laws that govern business transactions. The Uniform Commercial Code UCCwhich has been adopted in part by every state in the United States, is the primary authority that governs commercial transactions.
The UCC is divided into nine articles, covering a broad spectrum of issues that arise in commercial transactions. These articles govern the following: sales of goods, leases of goods, negotiable instruments, bank deposits, fund transfers, letters of credit, bulk sales, warehouse receipts, bills of lading, investment Securitiesand secured transactions.
A number of other laws also govern business transactions. For instance, although Article 4 of the UCC governs bank deposits, federal law in the form of statutes and regulations prescribe requirements for Banks and Banking in general.
Likewise, federal law governs such issues related to commercial law as bankruptcy and debt collection. Many of the federal laws related to commercial transactions are codified in title 15 of the U.
Although the UCC controls most aspects of domestic commercial law, the Common Law of contracts, as well as other state laws, still applies to some types of transactions that arise in business, such as contracts for services.
International Law is likewise an important component of this area. For instance, the United Nations Convention on Contracts for the International Sale of Goods has been ratified by approximately 62 nations, representing two-thirds of the world's trade.
Though the business world undergoes constant change, commercial laws generally have remained static. However, the revision process of the UCC is typically slow and deliberate. Recent revisions to Article 2 governing the sale of goods and Article 9 governing secured transactions took several years to complete. Thus, not only is commercial law substantially uniform throughout the United States, but also those who conduct business can proceed with commercial transactions with some degree of certainty as to the law that governs those transactions.
In recent years this body of law has been codified in the Uniform Commercial Code, which has been almost universally adopted by the states. See: Uniform Commercial Code. Commercial Law A broad concept that describes the Substantive Law that governs transactions between business entities, with the exception of maritime transportation of goods regulated by Admiralty and Maritime Law.
Mentioned in? References in periodicals archive? He added that more than a master's level degree, this joint programme in International Business Law contributes to the strategic goals of knowledge economy the UAE steadily continues to earn and the University is particularly proud to be part of these joint endeavours and of the continued initiatives aiming to strengthen the robust ties between France and the UAE. The revisions to Florida's laws governing proceedings supplementary were the culmination of three years of effort by a multidisciplinary task force within the Business Law Section.
Business law. Studies of business law; recent developments and perspectives; proceedings. When considering how to provide the benefits of formal business law to informal-sector entrepreneurs, we will ask in Part II below whether the experience of formal tax law is a good template. Bringing formal business laws to Cameroon's informal sector: lessons and cautions from the tax law example.
On the new business lawAl-Saeed said it allows for the first time the establishment of civil non-profit companies and cuts the red tape sharply. New business law aims to speed up economic development - official. The more I read business law cases, the more obvious it became that U. The myth of governing for shareholder value. Rachel is the third consultant solicitor to be recently appointed by the Legal firm as it builds upon its specialities of employment and business law.