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If you’re planning to go into business, there are a lot of things you’ll need to learn and understand. First, you might hear the term “business law.” This is the law that determines the outcome of commercial matters. This includes both regulation of transactions and regulation of the commercial entities themselves. Because technology, society and processes are constantly changing, business law is also constantly changing.

Some Common Types of Business Law

There are a lot of laws regarding business, but there are some more common than others. This includes the following.

• Consumer Goods Sales – This refers to everything considered a financial transaction in the U.S. From leases to contracts and fraud to secure transactions, it contains a code aimed at consolidating these complex laws.
• Employment – Even if you had only one employee, you’d need to be on top of employment laws. Do you know your state’s laws regarding workers’ compensation? What about discrimination in the workplace? Is there a law regarding how much you are obligated to pay your employees? These are all things included in employment law, and you should become quite familiar with them if you have anyone working for you.
• Intellectual Property – Your creative work shouldn’t go unnoticed or get stolen by a competitor. This is where intellectual property law comes in handy. Patenting your products and understanding copyright laws is also a great way to ensure your logo and company name cannot be used by others.
• Immigration – You have to abide by the law with all of your employees, even when they are temporary, seasonal or special-event workers. Immigration law covers all the issues you’ll need to understand when you have foreign workers.
• Contracts – There seems to be a lot of contracts involved when you enter into a business. You’ve got contracts with business partners and clients, for real estate deals, and for all sorts of other purchases and business deals. Contract law helps you deal with drafting the papers, negotiations and litigations.
• Bankruptcy – You hope it doesn’t get to bankruptcy, and you’ll do everything you can to protect your business from it, but sometimes the economy turns bad and you are forced into bankruptcy. Understanding this side of business law will help you understand the different options you have and how each of them will turn out.

Learning More

Starting a business, buying a business or joining a business all come with legalities you must meet. Contact a business lawyer, such as from Brown Kiely, LLP, to learn all about business law and the issues you should understand to be most successful.