Business law is also known as commercial law. Generally, it encompasses all of the laws regarding how to run and form a business including state and federal laws, as well as administrative regulations. It applies to the rights, relations, and conduct of persons and businesses engaged in commerce, merchandising, trade, and sales. Some specific examples of this kind of law are: titles as principal and agent; carriage by land and sea; merchant shipping; guarantee; marine, life, fire and accident insurance; bills of exchange and partnership. It also includes the regulation of corporate contracts, hiring practices, and the manufacture and sales of consumer goods. Thus, business law is considered to be a branch of civil law and deals with issues of both private law and public law.
If you are just starting your business, you may want to seek advice of a licensed attorney. You have to be familiar with several business laws that you should follow. Business laws are addressing different ones depending on the type of business organizations. There are certain laws regarding how to properly form and run each type, which includes laws about entities such as corporations, partnerships, and limited liability companies. You have to be familiar with different types of law in order to start your business:
- Business entities: This is the law where the type of ownership will fall; either you choose your business to be a partnership or a sole proprietorship. You will also need to know what documents should be filed in order to start the business. These are state laws.
- Federal income taxes: It will depend on the entity that you will pick and this is part of the federal laws.
- Intellectual property law: It involves the patents, copyrights, and trademarks of a business like the name and the logo. Mostly it is governed by the federal law.
- Consumer protection law: This involves the license or special permits that you will need for your business, and how you will advertise. This is under federal or state law.