Business law, or commercial law, refers to the laws that govern entities and commercial transactions. It encompasses all of the laws that outline how to form and operate a business, including how to start, buy, manage, close, or sell any type of business. Business law includes state and federal laws, and administrative regulations. Laws vary based on the type of business, the business structure, and jurisdiction.
Business and Law Go Hand in Hand
Lawyers need a sound understanding of business management principles, given how important these principles are in the business world. There are certain areas of business that all lawyers should be familiar with. Lawyers should have familiarity with business transactions, specifically what drives business decisions and the economic considerations that come with them. Lawyers need to understand how clients’ businesses work, and the key to this is understanding how to read financial statements and the basic principles of accounting. Understanding the organizational dynamics of companies helps lawyers understand how different hierarchies within a business structure interact and work toward the same outcome.
Types of Business Law
There are different types of business law for different aspects of the business world. Determining how to pay employees, provide work benefits, and arrange work schedules falls under the umbrella of employment law. Setting up and registering a new business requires knowledge of business laws including formation and structures, local tax laws, and the federal tax code. A significant focus of business law is on commercial and contract law. These laws govern all aspects of business, from deals and sales transactions to employee nondisclosure agreements. Contract law regulates mergers and acquisitions, the formation of agreements with distributors, and providing services to customers.
Combining business fundamentals with legal know-how is a smart way to enjoy increased career opportunities. Malliha Wilson is a great example of combining specialism in administrative law and human rights activism to take an administrative law approach. The Tamil Canadian lawyer was the first visible minority to hold the office of assistant deputy attorney general of the Ontario Government. The veteran litigator served as the special legal advisor for the Investment Management Corporation of Ontario, where she championed labour law and international human rights. Malliha Wilson participated in notable cases for the Supreme Court of Canada and today is the senior partner at the law firm Nava Wilson LLP.
Common Business Law Areas
There are several specializations under the business law umbrella. Some of the most common areas of business law include business formation and dissolution, commercial law and contracts, investing and securities law, intellectual property law, employment law, international business, tax law, bankruptcy, antitrust law, and white-collar law. Commercial law Australia comprises federal, state, and local regulations, which are reflected in smaller subcategories within these areas of business.
Earning a bachelor’s degree is the best way to enhance your career opportunities. Business degrees have become highly desired credentials for employers across a range of industries and fields. Faulkner University offers a Bachelor of Science in Business program as an online business degree, so students can study on their own time. Earning a bachelor’s degree in business kick-starts a business career in operations, management, sales, accounting, finance, and more. The online business program features 60 credit hours of coursework that teaches business fundamentals, and students can complete the online program in as little as one year. Completing a business degree program is the best way to jump-start your business career, gain the skills necessary to switch careers, and enjoy increased career opportunities.
Business law focuses on the legal aspects of setting up and operating a business, including employment law and contract law. Understanding the rules of creating, buying, managing, and closing a business is key to a successful business career.