Free Essa: The Law of Business

Business law entails all the forms of laws that govern the ways in which businesses are formed and run. It includes the laws that dictate ways of starting, buying, managing, and closing or selling different types of businesses (Dugger, and Scalia). Therefore, business laws give guidance to the rules that any business is supposed to adhere to. Savvy businesspersons are usually familiar with the laws governing businesses such that they understand the best times to seek advice from licensed attorneys. Business laws consist of state as well as federal laws, in addition to administrative regulations (Dugger, and Scalia). In this case, business laws are applied in different fields, which are discussed in this paper.

Is your time best spent reading someone else’s essay? Get a 100% original essay FROM A CERTIFIED WRITER!

Order now

Starting a Business

Business law is formulated to address and control many types of organizations (business). In this case, therefore, laws do exist that give guidance to the formation and running of the different types of businesses. For instance, laws governing entities, including limited liability companies, partnerships, and corporations ("Business Law"). Such cases can be when one person intends to start a business, he or she is supposed to decide which type of business they want to be if they will need partnership, or sole proprietorship, and find out the papers they need in filing during the start of the business. All the necessities mentioned above fall under laws governing business entities; these are essentially state laws. Therefore, federal income taxes come into play and are paid depending on the type of business entity that one would select, thus forming the federal laws (Dugger, and Scalia).

The next step has to do with the naming of the business that one intends to start (Dugger, and Scalia). For instance, if one picked a name for their business, he or she should find out if that name already exists or is owned by another entity or not. This is where trademarks come into play, including patents as well as copyrights, all of which are part of intellectual property law governed significantly by federal law ("Law In Business | Encyclopedia.Com"). On the same note, one has to find out if a special type of license is needed for their business, if the employees in the same business will need a license if animals are allowed into it, and if they special permits are required. In such a case, one will have to consult both the local and state laws to figure out what is indeed required of them and their business. Moreover, the ways in which they will advertise their business and how best to approach the same to attract many customers fall under consumer protection law. Consumer protection law can either be state or federal law. Therefore, all these are some of the requirements that one should put into consideration before starting a businesses (Dugger, and Scalia).

Buying a Business

Many business laws exist that govern the ways in which businesses should be bought (Dugger, and Scalia). For instance, if one decides to buy a business, there are guidelines that they are required to follow towards achieving their goal. If one decides to buy it, the question of whether they are to own the actual store comes into play, which in this case, is a real estate law question. The question of whether they now own the equipment in the store is a property law question. The two questions are under state law. Finally, whether one is now the owner or boss of the employees of the bought business, is an employment law question (Dugger, and Scalia).

The next question is whether one can now start hiring their own employees & order supplies involves contract law (Dugger, and Scalia). This is based on the fact that; one is now able to make new or fresh agreements with individuals with regard to their business and also decide on what previously existing agreements that were put in place with the former owner can be upheld. Contracts used in this case are the legal-bound agreements between two or more parties that take legal procedures in their formation ("Law In Business | Encyclopedia.Com"). Businesses usually engage in many forms of contracts, and therefore there are consequences involved therein, such as the breach of contract. It involves a case in which one of the parties does not hold up to the end of a bargain initially made. It is usually a common thing when parties have a dispute on agreements made in the business as well as the disagreements based on the nature of the contract they are entering into. It is, therefore, of essence that a business considers making good contracts so as to avoid future frustrations and consequences that are caused by bad contracts (Dugger, and Scalia).

Managing a Business

In all business management, many laws exist that govern the procedures and organization of the business ("Business Law"). It is due to the fact that many aspects are involved in managing businesses. Business management involves lots of contract and employment laws ("Law In Business | Encyclopedia.Com"). Therefore, one should understand the terms involved in hiring employees, making good contracts, the benefits involved therein, payment of employees’ insurances as well as taxes, and also what it takes to fire any employees with proper and honest procedures. Most of such benefits & employment laws fall under federal laws with their regulation done through government agencies. For instance, employment discrimination laws are enforced by the Equal Employment Opportunity Commission, which is a federal agency (Dugger, and Scalia).

The laws also apply in equal proportion when selling any business since there exist terms of sales and so the laws of sales. For example, the business involved in making sales, it is vital that it understands the rules and regulations involved, which is the Uniform Commercial Code (UCC) (Dugger, and Scalia). The code deals and gives guidance on the terms of sales & commercial papers, which is now adopted in almost all states.

There are different types of business law that the information discussed above falls under including the employment law, immigration law, consumer goods sales, contract drafting or negotiations or litigation, antitrust, among others (Pahwa). Under the employment law, any organization with an employee(s), regardless of their number, should stay up-to-date with the trends and changes in employment laws. They include the offering of health insurance where necessary as well as employees' comp insurances where needed (Pahwa). It goes ahead to investigate any forms of discrimination against workers and the measures that should be taken thereafter. Severe consequences against unfair employee treatments exist that might end up to the organization or company involved inquiring significant financial losses (Pahwa).

Conclusion

All of the laws governing businesses are important; therefore, it is vital that all organizations, regardless of their sizes, consider putting in place the proper and rightful measures and, most importantly, adhere to the set guidelines for their success. This will not only prevent them from incurring financial losses but also wellbeing, cooperation, motivation, and job satisfaction for their respective employees. It is true that there are cases where businesses get into undesirable situations due to circumstances beyond their control. However, that is never the end of the world as there exist other options that the businesses can take, which might turn out as real solutions depending on the kind of situation they are involved in, where these options have different filings as well as requirements. Therefore, any business should put into consideration such options that can best fit their problems. This will involve engaging business lawyers in finding the best solutions to issues of complexity by evaluating the merits as well as demerits of the different options involved.

Work Cited

"Business Law". Encyclopedia Britannica, 2020, https://www.britannica.com/topic/business-law. Accessed 20 July 2020.

Dugger, Ashley, and Steven Scalia. Study.Com, 2020, https://study.com/academy/lesson/what-is-business-law-definition-overview.html. Accessed 20 July 2020.

"Law In Business | Encyclopedia.Com". Encyclopedia.Com, 2020, https://www.encyclopedia.com/finance/finance-and-accounting-magazines/law-business. Accessed 20 July 2020.

Pahwa, Yash. "What Is Business Law & The Different Types (With Examples)". Cronus Law, PLLC, 2020, https://www.cronuslaw.com/what-is-business-law-the-different-types-with-examples/. Accessed 20 July 2020.