Business Law
- [The University of Chicago]
- Overview
Business law is an intellectually challenging study involving the ever-changing legal challenges faced by businesses of all sizes and types.
Business law is a section of code that is involved in protecting liberties and rights, maintaining orders, resolving disputes, and establishing standards for the business concerns and their dealings with government agencies and individuals.
Every state defines its own set of regulations and laws for business organizations. Similarly, it is also the responsibility of the business concerns to know the existing rules and regulations applicable to them.
- The Topics of Business Law
Business law covers the following topics:
- Set up a company
- Mergers and acquisitions
- Shareholder rights
- Property issues, such as leasing office or warehouse space
Business law differs from commercial law, which focuses on the sale and distribution of goods and the financing of certain transactions.
Business law is a challenging profession that requires extensive study. Courses cover corporate law, contract law, tort law, criminal law and international law. It also includes significant writing and research and forensic expertise.
If you plan to pursue a career in business law, an undergraduate degree in business administration, economics, or a related subject may be a good place to start. Law schools also prefer applicants to major in business because it hones skills such as reading, writing, public speaking, and more.
- Importance of Business Law
Business law plays a vital role in regulating business practices in a country. Business law is important as it ensures compliance with regulatory requirements. Businesses must comply with local, state, and federal regulations, such as labor laws, health and safety regulations, and taxes. Failure to comply with these regulations may result in fines or penalties, or legal action.
[More to come ...]
