Business law, sometimes referred to as commercial law or meritorious law, is the branch of law which applies to the rights and conduct of businesses and individuals engaged in business, commerce, trading, and sales. It is generally regarded as a separate branch of civil law, which deals mainly with matters of public concern and private law. Business law is very specialized as it is concerned mostly with the day to day dealings of corporations. It also takes into consideration many other aspects of a company which are not related to its primary activities.
The concept of business can be broadly divided into two broad sections. One is commercial law, while the other is corporate law. In business, a corporation has a legal existence while a person who is not incorporated is also considered to have legal existence. Therefore, a person who is neither incorporated nor associated with any corporation is called a “natural person”. A business, in a nutshell, deals primarily with the ownership of assets and the management of those assets and the rights of the owners or shareholders of these assets.
Business law helps a businessman by providing him with rights which otherwise would not have been available. These rights include a right to choose his own managers and employees, a right to acquire and dispose of property, a right to obtain and maintain a business establishment for a reasonable period, a right to enter into and exit agreements, a right to acquire and dispose of shares, a right to sell shares in a company, a right to acquire and dispose of shares of an affiliated company, a right to manage or control the financial resources of the company, a right to receive payments from creditors, a right to receive payments from customers, a right to receive royalties, a right to purchase a property in another country, a right to buy a property from a foreign country, a right to acquire and dispose of real estate, a right to acquire and dispose of land and to sue and be sued, a right to acquire and sell securities and a right to enjoy a claim against a creditor or other party. A businessman may also acquire a property for the purpose of using it as a resort or as a source of income.
The concept of a business man can also include personal injury caused by the business man. and he may be liable to pay compensation to the person suffering the injury. The nature of the injury may range from physical damage to mental stress or mental anguish. or loss of enjoyment of life.
Business people in the business world also face legal problems like taxation, fraud, abuse of rights of other parties, labor practices, and labor laws, taxation, property rights, intellectual property rights, property ownership, and tax regulations, and the rights of suppliers of information. They may be asked to reimburse the cost of legal proceedings incurred and damages. They are also entitled to share in profits and losses.
The business world is a very complex and specialized field of law which encompasses many areas of law which have nothing to do with the actual business activities. Business laws help businessmen to navigate through such intricacies. The field of business law may also include environmental matters and public policy.