Business law is a field of study that relates to businesses. It covers the mechanics of one business relating to another business, a business relating to the public, and a consumer transitioning to business owner. A person who is in business would need this kind of specialist for a wide variety of situations. Business law is a broad field that consists processes such as:
Incorporation
A person may wish to incorporate his or her business. People who wonder what is business law can best understand this concept by thinking of a corporation. Business law is any concept that has to do with a corporation, and it includes creating a corporation.
Business Acquisition
Business acquisition occurs when one business wants to take over another business to save both entities. A great deal of paperwork is involved with a business acquisition. Additionally, both companies must abide by strict rules to have the acquisition go smoothly. A business lawyer can help with this process by working as a negotiator for both parties and making sure they both conduct themselves in an ethical fashion.
Franchise Laws
This branch of the law covers people who want to start their own franchises. A franchise may be a video store or a fast food location that is not a corporate entity. One person runs the store, and the laws cover that person and the way that he or she conducts business.
Employment Law
Employment law is an area of business law that governs the way employers relate to their employees. This law covers such areas as discrimination, hours and wage violations, harassment, unfair termination and more. Quite often, employees are not aware of their rights, and employers are not aware of their obligations. Ignorance is no excuse for mistreatment, however. Therefore, anyone who feels improperly treated may seek assistance from a business rule specialist. A business may seek assistance from the same kind of specialist to protect itself during a case.
Contracts
Sometimes, businesses prefer to hire contractors instead of regular employees. Contractors work for a length of time that both parties agree to in a contract. At the end of the contract, the two parties can decide whether they would like to continue their business relationship. Business law governs business contracts.
Bankruptcy
Bankruptcy is a sector of law that covers businesses that are having difficulty staying afloat. Bankruptcy attorneys can help a business owner to file paperwork properly to request bankruptcy status. A business must file a certain chapter of bankruptcy for it to be legitimate.
Any area of the law that touches on running a business, acquiring a business, or protecting a business will be classified under this sector. Each business may want to have an attorney on staff for when tough times arise.