Every activity in this world needs to be done by proper rules and regulations. If we break those laws, then we have to pay the cost in return.
You must have heard, ” When people accept breaking the law as normal, something happens to the whole society.”
If you do not follow the law, then there will definitely be a change in the community. In fact, talking about law there are several laws that monitor several activities in a nation. But in this blog, an overview of business law will be provided. You will know everything about it. So keep reading!
Business Law consists of two independent words: business and law. Let’s know them separately.
What is business?
Business refers to the economic activity of producing and selling goods and services. A business utilizes man, money, material, and machinery to create goods or services and then uses various ways to sell them.
What is law?
The arrangement of rules which a particular nation or society perceives as monitoring the actions of its individuals and which it may implement by the imposture of damages.
What is business law?
Business law is a body of rules. It governs the transactions between persons in merchandising matters, whether by protocols, compliance, or national or international constitution. Corporate law is also known as commercial law or mercantile law.
Now you know what business law is. But you might be wondering what it states.
Actually, this law consists of various laws. Those laws integratively make business law. Further, we are going to discuss different types.
8 TYPES OF BUSINESS LAW
This law tells how an employee and an employer will work together. It monitors the working relationship between workers, managers, and owners. Employment law helps to make sure that every person in an organization is treated fairly and respectfully.
In modern businesses, there are many times when immigration law becomes a big hurdle. There are many part-time, full-time, or occasional that can be from foreign countries. This particular law helps you to deal with foreign laborers.
Sales Of Goods Law
Although a buyer and a seller can come into any contract as per their will and interest. But there could be some transactions of selling goods that are liable by some statutory limitations. The sales of goods law was made to protect consumers from violating transactions.
Contract drafting Law
Contract drafting refers to writing all the terms and conditions before making any contract. It is basically a legal written proof of any contract. The drafting process can be very advantageous for contractual agreements.
Antitrust law was made to protect consumers from exploitation. The main aim of these laws is to provide equal opportunity for similar businesses to promote fair practices. These laws help to stop dirty games played by cunning businessmen.
Intellectual Property Law
Intellectual property refers to the creations of someone’s mind. It could be any formula, any method, or any invention. Intellectual property laws are made to save and emphasize the rights of the creator. These laws help to secure the originality of the invention.
Tax laws are made to apply the legal rules and regulations. These laws help in governing how authoritative bodies calculate the amount of tax payable. The taxes laws cover income, corporate, excise, luxury, estate, and property taxes.
Bankruptcy is a legal process initiated by an individual or a corporation who cannot repay their borrowings. These individuals or corporations seek to have the borrowings discharged or reorganized by legal institutions. Then several bankruptcy proceedings are done to help sort these problems.
Above discussed were some business laws which help in regulating different types of business activities. Now, we know various corporate laws but do we know their importance in general? No?
Then let’s know about its importance!!
Importance of Business Law
These laws are beneficial to conduct daily business activities ethically. They are crucial for every economy to flourish. Let’s dig into the importance of mercantile laws.
Set up of business
The starting stage of any activity is very crucial. If you did the very first step wrong, the project would be a fail. But if there are some guidelines for that step, then it will help in a good beginning. Business laws are those guidelines. These laws help businesses to set up in a legal way. Mercantile law defines different types of businesses such as – proprietorship, partnership, company, etc. These types help in the clarification of business ownership.
Regulation of business activities
A lot of activities happen in a business. To regulate those day-to-day activities, there is a need for a set of rules and regulations. Business laws are those sets of rules which guide every activity of the corporation. Different kinds of businesses require different regulations to operate.
Different people with different opinions, thoughts, and ideas might bring some disputation. Different stakeholders like – shareholders, managers, workers, government, etc., have different interests. To make the work done, some rules are required to align different interests. Business law here helps to resolve probable disputes by aligning varying thoughts.
The introduction of corporate law has provided an equal field for competitors to thrive. The consumer is the most important stakeholder of any company. Corporate law provides the right to be treated fairly to the customers. Businesses are bound to provide quality products and valuable services to customers.
Safety of intellectual property
Intellectual p[roperty is the intangible property of the company. Many companies use unique formulas, ingredients, or methods to produce their product. They do not want to disclose this uniqueness to anyone. So they protect that particular unique method through patents. Like patents, many other business laws help to protect various intellectual properties. These intellectual properties are mostly costlier than many materialistic properties that’s why it is necessary to protect them.
Reliable financial information
Providing reliable financial statements is necessary for each business entity now. Business law has regulated guidelines to publish companies’ true financial statements. Such information is essential for every stakeholder. Reliable financial information helps different stakeholders to make different decisions. For example, the government is interested in taxation-related information; shareholders are interested in profits, etc.
Protects employee & employer rights
There are many situations where an employee and an employer get exploited. To save both from that situation, company law has created various regulations. Employees’ rights for various factors such as suitable remuneration, safe working environment, etc., are all protected. On the other hand, there are regulations to save employers from unlawful demands and claims.
Provides business security
From time to time, we hear about various business scandals. These scandals involve unethical and void activities. Business law is required to protect the business from unethical & unlawful activities and exploit loopholes in regulations.
Now, you must have understood the importance of business law. It is an intellectually challenging study of constantly changing legal scenarios regarding every kind of business.
It is a confusing subject if not understood properly. Many people connect it with business while many with law. However, it is a combination of both. But in my opinion, it’s more on the law side as it involves legislation. Who loves to go in-depth will love this subject.
Students generally face difficulty in research topic selection. Let’s find out what possible topics could be there for research in this subject.
Business Law Topics
There could be plenty of topics in business law for your research. Research is a complicated task, especially if your subject is corporate law. Let’s see what various options of topics we have.
- Effect of the law of property on business organizations.
- Business laws related to cheques, promissory notes, and bills of exchange.
- Intellectual property rights.
- Industrial designs laws.
- The law of tort in business.
- Evolution in business laws
- Impacts of legal positivism on business laws.
- Effects of legal realism on the practice of business laws.
- Legal interpretivism and business laws.
- Impact of uniformity in business laws at a global level.
- Relationship between business and law professionally.
- Nature of business law as compared to other sectors.
- Need of business law in organizations and institutions.
- Classification of business law.
- Relation of business law with morality.
- Importance of constitution in making business laws.
- Legislation process of business laws in parliament.
- Business law concept of equity.
- Business laws and peaceful workplace
- Amendment of different business laws.
You can cover your research around the above-given topics. These topics are very exciting and require proper research. You should definitely dig more and more to select your business law topics for assignment.
Now, you already know the topic of your business law research paper. But many of you might be confused about how to write it.
How to write a business law research paper?
Writing a question paper is tricky. What to write first, what steps to follow could be overwhelming. Proper planning and procedure are needed to write a business law research paper. If you want to make your research project stand out, follow the following steps.
The very first step is to outline your research paper. In this, you create a body structure of your research project, which includes sequences of information.
Select a brilliant topic
After creating a body structure then comes the selection of an exciting topic. To select a unique topic, you must conduct proper research. Make sure detailed information is available about the particular topic you are choosing.
Write a paper
Now comes the main activity, writing the research paper. Keep your vocabulary updated. Make sure you use proper punctuation. Also, try to put in current examples.
If you follow the procedure step by step, you can write a fantastic research paper.
Many students find business law fascinating. But they are baffled about the career options after pursuing business law. Let’s take a look at various career options in the corporate law field.
Business Law Careers
The practice of business lawyers is divided into two groups: Trial lawyers and transactional lawyers. Trial lawyers work with the companies that end up in court against other companies. At the same time, transactional lawyers work as in-house attorneys. They work with businesses outside the court.
Human Resource Manager
Human resource managers are responsible for managing the personnel of the company. They are responsible for selecting and recruiting the employees. They help in maintaining interpersonal relationships within the organization.
As the name itself says, a financial analyst is responsible for analyzing all financial transactions. A financial analyst helps a business in making various financial decisions. Those financial decisions include borrowing debt, investment, etc.
Compliance officers help businesses in working within legal limits. They examine and evaluate the companies to make sure they are following all the rules and regulations properly.
Administrative Law Judges
Administrative law judges are the type of judges that officiate court trials related to labor and employment issues.
Business Law Careers and Salary Outlook
|Job Type||Education||License or Certification||Average Salary (2019)*||Job Outlook (2019-2029)*|
|Business Lawyers||Juris Doctorate||State license to practice||$122,960 (for all lawyers)||4% (for all lawyers)|
|Human Resources Managers||Bachelor’s degree||Optional certification||$116,720||6%|
|Financial Analysts||Bachelor’s degree||FINRA license required to sell, CFA optional||$81,590||5%|
|Compliance Officers||Bachelor’s degree||Certification in the specified field||$71,550 (for accountants and auditors)||4% (for accountants and auditors)|
|Administrative Law Judges||Juris Doctorate||State law license||$120,090 (for judges and hearing officers)||2% (for judges and hearing officers)|
This was all about careers in the mercantile law field. If you are a person who is interested in judicial activities as well as in corporate activities, then you should opt for this.
I hope you understood an outlined concept about corporate law. Business law, aka corporate law, is a set of multiple regulated laws to monitor business-related activities. This blog gives an overview of business law. I have discussed many points like business law topics for research, careers in this field, its importance, etc.
Many students face challenges while studying or doing homework on this particular subject. So, if you are also struggling with this, you can get business law homework help from our experts. They will provide you excellent guidance with your business law homework.
Frequently Asked Questions
What are the best business law books?
As a business law student, studying thoroughly will help you to understand this subject. Business law books will guide you even when you become an entrepreneur. Some of the best business law books are as follows:
- Business Law by Robert W. Emerson J.D.
- Cengage Advantage Books: Business Law Today, The Essentials: Text and Summarized Cases by Roger LeRoy Miller.
- Business Law: Text and Cases 14th Edition by Clarkson, Miller, and Cross.
- International Business Law and Its Environment, 10th Edition by Schaffer, Agusti, and Dhooge.
- Business Law, 10th Edition by Henry R. Cheeseman.
- Law Basics: A Legal Handbook for Online Entrepreneurs and Startup Businesses by James Hart.
- Cengage Advantage Books: Law for Business, 19th Edition by Ashcroft, Ashcroft, and Patterson.
- Business Law, 16th Edition by Mallor, Barnes, Langvardt, Prenkert, and McCrory.
- Law and Ethics in the Business Environment, 9th Edition by Terry Halbert and Elaine Ingulli.
Which one is better: criminal law or corporate law?
Criminal is more interesting and exciting as compared to corporate law. However, criminal law is more dangerous as a profession. On the other hand, corporate law is calmer comparatively. Some who like to manage monetary affairs or money-related frauds will love it. In the end, what matters is your interest area. If you want to fight crime in the courtroom then choose criminal law. But if you want a luxurious life and be peaceful then choose corporate law. A very straightforward answer is criminal law will give you a thrilling experience but corporate law will fill your pockets with money.