Business Law: The Basics
Business law, also commonly referred to as commercial or corporate law, is the section of law that regulates how businesses are formed, run, and dissolved. In addition to this, it regulates commercial transitions. The laws that makeup business law apply not only to businesses as entities themselves, such as corporations, but also to individuals acting within and on behalf of businesses.
Business law helps to serve as guardrails that businesses operate in. They protect their rights and ensure things such as disputes and regular, ongoing operations are conducted in an orderly manner. Business lawyers are instrumental in making this a reality by guiding businesses through the maze that business law can be if navigating it on your own. Some examples of facets of business law include the following:
This encompasses the creation, interpretation, and enforcement of contracts. Contracts are legally binding agreements two or more parties willingly enter into.
This aspect of business law governs how corporations are formed and managed thereafter. Common matters therein include corporate governance, shareholder rights, and mergers and acquisitions. Limited Liability Companies and partnerships also generally fall under corporate law.
Intellectual Property Law
With the research triangle nearby, this facet of business law is very much a concern for many in North Carolina. Trademarks, copyrights, patents, and trade secrets are all instruments used to protect the rights of individuals and businesses over their own intellectual property, precisely the aim of this facet of business law.
Employment law covers employment contracts, instances of discrimination in the workplace, regulations pertaining to labor, and other related matters for employers and employees. This is a vital section of the law wherever there are people working.
Business law also regulates the sale of goods and services, as well as warranties and matters of consumer protection. These commercial transactions serve as the foundation of our economy.