Business law deals with the creation of new businesses and the issues that arise as existing businesses interact with the public, other companies, and the government.
To understand the role of business law within the legal system, it helps to view businesses as entities separate from their owners and employees. Business law starts with setting up a business. In the eyes of the law, each business is their own legal entity. Forming a new business typically starts with filing the paperwork that makes the business exist in the government’s eyes.
Just like the practice of law, which has multiple specialty areas – such as litigation, transactions, intellectual property, labor and employment among many others – marketing, sales and client service is each a separate, distinct and intense discipline within the overall business development process, each of which requires considerable knowledge, experience, skill and investments of time and money over time to generate consistent and measurable results. Business law is sometimes called mercantile law or commercial law and refers to the laws that govern the dealings between people and commercial matters. There are two distinct areas of business law: regulation of commercial entities through laws of partnership, company, bankruptcy, and agency; and regulation of commercial transactions through the laws of contract. The history of these types of laws dates back several centuries and can be seen in the peace-guilds, where members would pledge to stand by each other for protection. A lot of business law involves trying to prevent problems that can hurt the business or cause legal disputes.
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