Business law is simply all of the laws that are applicable when forming and running a business. The set of laws will include startup, purchasing, managing, closing, or selling a business. Business laws have been made so as to provide a set of rules that a business can follow. Anyone who wants to be a good business person will be someone who understands and is familiar with the various business laws.
Business laws will include any federal or state laws as well as administrative type regulations. The laws will regulate and address the different types of business organizations. For example, there will be laws in regards to partnerships, corporations, and limited companies. For anyone who is starting up a business the first step will be to determine what type of business they want it to be.
Let’s say for example that you want to start a hair salon. Will your hair salon be a sole proprietorship or a partnership? What type of papers will be required before the business can be open? These type of questions will fall under all laws that governs business entities. Business entity laws are state laws. Whichever entity you choose for your business will also determine the way the business owner pays federal income tax which fall under federal laws.
The next step for your hair salon business will be to give it a name. Let’s say that you choose the name “Hair Today and Blonde Tomorrow”. The first thing that you will need to do is to make sure that the name has not already been taken by someone else. This is a type of trademark question. Copyrights, patents, and trademarks are all covered under intellectual property law. Intellectual property laws will be overseen by the federal government.
Your next step will be to secure a business license. In fact, you will need to discover whether or not you need a special license to operate your hair salon. You will do this by checking with your local and state law agencies. After you have secured your license you will want to advertise your business. Advertising a business such will fall under consumer protection of either state or federal law departments.
At this point of time you have gone through a lot of different types of business law without even having your first customer. You therefore decide to purchase an existing hair salon called “Hair Today Brunette Tomorrow.” This will take you into additional business law areas including both real estate law and property law. If the company you buy has employees then you can add employment law to your repertoire.
As you can see, there is a lot involved in the simple term “business law.”