What are the Functions of Business Law?
Business law is a set of rules, regulations, and principles that governs the activities of a business. Business laws depict the backbone of an organization about the business process. Every nation has its own kind of business law for operating its business. Some examples of business law include employment law, consumer law, and real estate law etc. Today we will talk about some of the functions of business law in this blog.
Functions of Business law:
Establishing a business is not that easy if you don’t follow up on some legal boundaries. No matter how big or small your industry is it must be under legal regulations for its operations. Here are some of the most important functions of business law:
Business law covers laws regarding business ethics, procedural law, the court system and so on.
It covers countries’ taxation systems as per types of businesses.
Business law covers antitrust and level of competition.
Regulations regarding rights of employees, workplace safety, overtime rules and wages law are also covered by business law.
Nature and environment have direct or indirect impact by business. To protect these impacts business law regulates chemicals, fertilizers use, air and water pollution and so on.
Another most important functions of business law is it regulates the pre process of establishing a business industry and their regulations related to the selling of company entities.
Business organization laws outline major business entities that may be partnership, limited lability companies, sole trading companies and corporation.
Business laws covers bankruptcy related laws and governance of the securities.
Intellectual property law (IP), which includes trademarks and patents, protects your ideas and inventions against exploitation by others.
It illustrates laws related to business and personal property.
Business law analyse and governs the impact of computer technology in various areas of business law.
FAQs
What is the difference between corporate law and business law?
Corporate law focuses on the activities, operations, and legitimacy of an organization whereas business law is focus with the laws that are important for establishment of a company.
What are the purposes of business laws in society?
The purposes of business laws in society are:
Maintaining order
Establishing standards
Resolving disputes and
Protecting individual rights and liberties
What do you mean by business law?
Business law, often known as commercial law or corporate law, refers to the body of law that regulates the rights, relationships, and behaviour of individuals and businesses engaged in commercial, marketing, trading, and sales activities.
What are the types of Business Law?
The different types of business law are formation law, employment law, intellectual property law, contract law and negotiations, taxes, lawsuits, bankruptcy law, and anti-trust law
What is the first law of business?
The first law of business is The Law of Purpose. The purpose of the business is to create and keep customers.