What Is Involved in Business Law?

Business law covers many aspects of the business world. Laws are in place to protect business owners, individual companies, employers and consumers from the potential risks of engaging in business transactions.

Description

• Business law constitutes the legal framework in which organizations conduct business. Business law outlines the rules organizations must adhere to in managing business relationships and determines how customer relations are regulated.

Components

• The different aspects of business law are wide-reaching. Business law covers organizational structures and the regulations that govern incorporated businesses. Business law also includes consumer credit and consumer protection legislation. Other areas of business law include employment law, contracts and taxes.

Significance

• Business laws are in place to protect the rights of those who engage in business and the customers they serve. Business law is designed to regulate commerce and discourage fraudulent activities within the business world.