Business Law Essay Sample

Business laws are very essential to start and run a business successfully. Students who are taking business-related courses are very randomly written essays and other assignments on the related topic during their course of study. Here, to help such students we are showcasing business law essay samples.

What is Business Law?

Business law is also named commercial law or mercantile law. It is the body of rules formed either by national or international legislation, agreement, or convention. It is defined as the governance of dealings between persons who are involved in commercial matters.

The two different areas where business laws fall are categorized as:

• the regulation of commercial transactions by the laws of contract and related fields.
• the regulation of commercial entities by the laws of company, partnership, agency, and bankruptcy

For the countries having civil laws, company law comprises of statute law. Whereas for the countries having common laws, company law comprises of the usual rules of common law and equity and partly statute law.

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Fundamental Concepts of Company Law

Two legal fundamental concepts involve the entire company law, and that is:

• The theory of limited liability
• The concept of legal personality

Normally all the statutory rules aim to take care of either investors or creditors.

Forms Of Legal Business Entities

There are different types of legal business entities, that involves:

Sole Trader, who is alone responsible for taking the responsibility and risk of the business, gain the profits. Any Special law does not regulate this.

In partnership, the members involved collectively responsible for management and profit-sharing. All the members of the partnership serve as agents for each other.

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Areas Come Under The Umbrella Of Business Law

Business law consists of all the laws that describe the process of forming and running a business. It contains all the laws that explain the process of starting, buying, managing, and closing or selling any sort of business. Business laws aim at establishing the business rules that it needs to follow. It is a must for the savvy businessperson that he or she should be familiar with business laws and understand they should for the advice of a licensed attorney. Business law consists of the following:

• Administrative regulations
• Federal laws
• State laws

Here are the areas that come under the umbrella of business law:

Starting a business

Almost all of the business laws take care of different forms of business organizations. To adequately form and run any sort of business, there exist some laws. It consists of the laws related to entities such as indebtedness companies, partnerships, and corporations. As an example, I am planning to own a digital marketing firm. And I need to make decisions regarding what type of business I would like to enter. Will it be a sole proprietorship or a partnership? What are the papers I will need to begin with a business? Those are the questions that define the laws governing business entities. The entity that I choose will decide the mode of paying my federal income taxes. These, of course, are federal laws.

Buying a business

Here comes when I am deciding to buy a business. I have decided to buy a business which is owned by one of my friends. While buying a business, there is some sort of laws that explains the process. In case I buy my friend’s business, do I now own the real store? This question defines the real state law. Are m I going to own the equipment in the store? This question defines the property law.

Managing a business

There consists of several laws that are associated with managing a business. There are several aspects associated with managing a business. To run or manage a business, one should follow many contract law and employment law. To manage a successful business, one should understand the process of hiring, how the contracts should be like, what benefits should I provide, the process of paying taxes and employee insurance, and also the process of firing an employee. Most of the benefit and employment laws are federal laws that are regulated by government agencies.

Several Undertakings Of Business Laws

Business formation: The beginning of business laws associated with the set up of a business. According to the law, each business is named as its legal entity. The first step to start a business is to file the papers that make your business recognized by the government.

Employment Considerations: After successfully setting up and running the business, there comes the requirement of employees. This process requires legal advisory to recognize the process of hiring and firing the employees. Also, they should understand the process of handling disputes and disciplines among employees. Also, they need to understand what they should offer to their employees regarding benefits and pay. There are also some deductions and payroll taxes that are necessary.

Immigration law: Business and immigration laws slightly intersect with each other. They require employees from other countries in their businesses. Either they need full-time employees, temporary workers, they might need a worker for a short period, for any specific event.

Sales of consumer goods: It is not easy to buy or sell goods. It requires some laws by the companies for the making and selling of products. Some laws begin from working conditions to distribution requirements and price control.

Contract drafting and negotiations: Businesses also deal with the preparation and negotiation of contracts. The contract may be either a lease agreement, purchasing agreement, or third party vendor agreement. Most of the contract law arrives from common law.

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