Business Law

Business law is a section of code that is involved in protecting liberties and rights, maintaining orders, resolving disputes, and establishing standards for the business concerns and their dealings with government agencies and individuals. Every state defines its own set of regulations and laws for business organizations. Similarly, it is also the responsibility of the business concerns to know the existing rules and regulations applicable to them.

Importance of Business Law.

Business law plays a vital role in regulating business practices in a country. Here are some points that prove why business law is so relevant:

• Compensation Issues – Business law is essential to handle various compensation issues in an organization. A professional  business attorney can help companies in settling issues related to compensation and salary management. It is the responsibility of the attorney to ensure that his or her client does not violate compensation and benefits laws at any cost. The consequences can be fatal in case of any discrepancies.
• Safeguard the Rights of Shareholders – Business law plays a vital role when it comes to safeguarding the rights of a company’s shareholders. An experienced business law attorney can successfully handle such issues along with conflicts related to minority shareholders, constitutional documents, and resolution by arbitration, and more.
• Business Formation – Business law plays the role of a foundation stone for any business concern. Establishing business includes a lot of legal processes, leasing, and permits. A business law attorney is well-versed with all the relevant regulations, and can help the concern establish its operations successfully.

What are the Functions of Business Law?

Every business concern, either large-scale or small-scale, is bound to comply with their respective legal regulations. Here are some functions that can help you in understanding it better.

• Includes laws related to business ethics, substantive law, procedural law, court system structure, and so on.
• Business law entails the taxation system for different types of businesses.
• The level of competition and antitrust are also involved.
• Business law also includes regulations about employee rights and privileges, workplace safety, overtime rules, and minimum wages law.
• It strives to alleviate the impact businesses have on the environment and nature. It aims to regulate pesticides, limit air and water pollution, chemical usage, and so on.
• Business law determines the formal process of establishment of a business organization and regulations related to the selling of corporate entities.
• It also includes rights assignment, drafting, and work delegations, breach of contract, transactions, contracts, and penalties for violation of the agreement.
• Business law defines laws related to business partnerships, entities, sole proprietorships, liability companies, and corporations.
• It describes laws related to business and real property.
• Business law analyses the overall impact of computer technology on other business domains.
• Includes laws related to bankruptcy and governance of the securities.

Types of Business Law.

Formation Law.

Formation law refers to the laws that a business must follow in order to be incorporated and recognized as an official business by law. Without proper legal recognition by the law a business cannot legally conduct activities.

Many of the elements of formation/incorporation law is filling out the right paperwork and meeting the requirements to ensure a proper business classification. Businesses must choose a specific classification and decide how they will want to operate.

Employment Law.

Employment law refers to the responsibilities and rights between employers and their employees. Within the field of employment law the topics that are discussed include sexual harassment, workplace conduct, wages, discrimination, workplace safety, and wrongful discrimination.

Intellectual Property Law.

In our growing digital world, there are many new creative and unique ideas arising. Due to the large nature of new ideas emerging, businesses want to make sure that their idea is not copied or thought of by someone else.

Intellectual property is defined as inventions, literary and artistic works, designs, symbols, names and images used in commerce. Intellectual property law allows businesses to protect their unique ideas. Within intellectual property law, there are subsets such as copyright and trademark.

• Copyright: protects original works and is automatically generated by an original works conception. Includes items such as computer software, research, and architecture.
• Trademark: covers words, phrases, symbols, or designs that distinguish a particular brand (or source of goods) in comparison to others. Includes items such as logos, slogans, business and brand names.