What Is
Business Law
Business
law is the law that governs what happens with commercial matters, and there are
two main types: regulation of commercial entities and regulation of commercial
transactions. Laws have evolved over centuries, and have had to adapt to
changes in technology and society.
what are the sources of business law?
1. English Mercantile law
2. The statute law
3.judicial decisions
4. custom and usage
5. natural law
Types of business law:
consumer goods sale
The uniform commercial code contains the laws
governing financial transactions in the United States. The Code deals with
everything from contracts to fraud to leases to secure transactions. Ambitious
in its aim to consolidate the laws in one place, the Code is actually quite
complex. Lawyers spend a lot of time learning about how to apply the UCC to
actual business practice and can give businesses advice on how to stay
compliant with the laws while staying productive.
Contract Drafting/Negotiations/Litigation
Whether
for a property lease or for a product sale, contracts help make sure that the
parties who are making a deal are on the same page. Attorneys can help make
sure your best interests are represented when your business enters into a
contract.
Antitrust
Antitrust
laws help make sure the different businesses in a marketplace are operating on
a level playing field. Some companies use unfair or deceptive practices in
order to get a larger share of the market, and it may be difficult to identify
unfair behavior in your own company. Lawyer can help you make sure that your
business is operating ethically while helping protect you from unfair actions by
other companies.
Intellectual Property
Businesses
may need to patent unique products in order to protect that work in the
marketplace. Otherwise, anyone could sell a product your company worked hard to
make. Copyright laws will protect creative work, and you will need to file for
protection if your business is identified by a unique logo.
Immigration Law
There
are more and more occasions where immigration law becomes an issue in modern
businesses. Temporary employees, full-time employees, and special event workers
may be from other countries. You need to know if you are following the law when
dealing with foreign labor.
Taxes
Businesses
may have to pay and/or figure:
Income
taxes for the profits of the company, which may be paid as personal income
taxes for sole proprietorships or single-person LLCs or through a
partnership business tax return. Partners earning profit from a business
must report that income personally, too.
Sales
tax on services and/or products. Every state has different rules and there
may be further complications when sales across state lines. If your
business has a state income tax, you will probably be required to set up a
system to collect, report, and pay the taxes you collect on a regular
basis.