What Is Business Law?

Business law, also called commercial law or transactional law, is the body of legislation that applies to individuals and organization engaged in commercial activity, commerce, procurement, commerce, marketing, purchasing, selling, and production. It can also be considered a branch of criminal law and often deals with matters of both civil law and criminal law. This article will briefly discuss the main components of this complex area of expertise. The first component is what is called the commercial law principle.

The commercial law principle states that the governments can regulate commercial activities because those activities serve a beneficial purpose to society at large. The second component is what is called the government regulation principle. This principle states that laws enacted by public authorities can only burden conduct in conformity with the Constitution and are not preempted by it. This is one of the two major differences between domestic and international laws. The last component of commercial law is what is called the principle of efficiency.

Under this principle, the courts cannot interfere with the conduct of commercial entities except in cases of fraud or injury. This means that the court cannot prohibit a business entity from doing what is necessary to carry out its commercial objectives except for instances where it would clearly be detrimental to those objectives. The court cannot, for instance, interfere with a business entity’s right to run its own automobile manufacturing plant in an efficient manner nor with the right of a business entity to union with other businesses to form partnerships in order to compete against each other in the industry. In addition, the court cannot, consistent with the theory of efficiency, prevent an entity from joining the multi-national corporate community. In other words, if a business operates in more than one state, then it can join international agreements notwithstanding the fact that the majority of those states bar business entities from engaging in certain types of commercial transactions. And the courts cannot, consistent with the theory of efficiency, prevent an entity from entering into a monopolistic position in which it controls a substantial share of the business market.

Most business law revolves around four important issues: corporation, partnership, limited liability, and intellectual property. The first two concerns itself with the formation of the business and the assumption of the corporate form by various businesses. The third concern with business transactions is with respect to the protection of the owners’ rights and the enforcement of contracts. Intellectual property law is concerned with patents, copyrights, trademarks, trade secrets, and the like. And the fourth issue, the limitation of liability, addresses disputes between businesses and their customers or competitors over whether a business has acted in bad faith.

The division of power between state and federal government is another significant feature of business law. Within the states, there is often a separation of powers with regard to business transactions. That is why there are separate state and local governments in the field of commercial establishments. Federal government agencies within the Department of Justice all regulate commercial matters on the national level. But there are conflicts of interest between these bodies that must be resolved, so all laws regulating commercial activities at the state and local levels must be imposed uniformly by the states.

Immigration and labor issues are also a significant part of business law. There are differences in the level of regulation of employers of immigrants and those who hire domestic employees. Labor laws provide protection against the enforcement of contracts of slavery or serfdom, and also against child labor. Similarly, employment law governs the qualifications of employees, both temporary and permanent, and the minimum wages that must be paid.

In order to facilitate business transactions, attorneys have become specialized in these areas. They are proficient in handling the complex issues that arise in connection with commercial transactions. They deal with a wide range of different kinds of businesses, such as real estate, insurance, manufacturing, brokerage, banking, intellectual property, marketing, telecommunications, engineering, healthcare, software development, shipping, transportation and technology. It is the specialized attorneys who help businesses navigate through the business laws and regulations. These lawyers specialize not only in the area of commercial litigation, but in the various fields of civil law as well. Therefore, they assist their clients in the processing of business applications for visas, permits, certifications and other relevant licenses.

Immigration law can be a complex area, particularly where businesses may want to protect their business interests in specific areas of the world where there is frequent interaction with people from specific countries. For example, businesses may want to protect themselves from liability for injuries that occur on foreign-owned facilities, even if the owners do not reside in the United States. Similarly, firms may want to restrict the entry of employees from certain countries, even if they do not have a policy prohibiting employees from doing so. While the parties to a transaction cannot expect the courts to construe or administer international commercial law in the way they would like, there are certain exceptions to the general principles of business law applicable to all cases. Therefore, it is important for businesses to retain competent lawyers on the appropriate side of their litigation needs.