Meaning Of Business
All those activities which are aimed at transfer of goods & service from the production center to consumption center carried out by an entrepreneur by optimally utilizing resources at his command i.e. money , man, material & machine with a view to maximize profit.
Business law, also called commercial law or mercantile law, the body of rules, whether by convention, agreement, or national or international legislation, governing the dealings between persons in commercial matters.
But luckily for you, there are only a handful of types of business law most SMBs need to know:
- (1) Business formation and governance
- (2) Contract law
- (3) Employment law
- (4) Intellectual property law
- (5) Regulatory law
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. Regulation of contract laws for commercial transactions