What Is Business Law

Business Laws and the Regulations of businesses, also known as the Corporate or Commercial Law, is a broad concept that explains all the laws that are followed to outline and run a business. This law elaborates on how to commence business, carry on with the business transactions, sale and distribution of products as well as regulation of issues that arise from existing business. Commercial law includes all aspects of business except the maritime transportation of goods (which is regulated by Admiralty and Maritime Law). Various regulatory schemes control business transactions and commerce.

A unified body of business law commonly termed as Uniform Commercial Code (UCC), which has been adopted throughout the United States (with some modifications by the state legislature) is the principal say-so that regulates business transactions. The UCC is further divided into nine articles that manage all the issues which arise in business transactions. The category of business one does also affect his federal income taxes. Such taxes come under the Federal Laws. Flexible laws in the States allow opening and running a small business on their own. One doesn’t need the help of lawyers to handle the business. Just by getting acquainted with the everyday laws and regulations that could affect the business, one can easily carry on with the business start-ups.

Industry Laws and Regulations

Industry laws govern how to conduct business in particular Industries. These laws further include:

Finance Law: The Finance Laws ensure fair competition and help in the protection of the financial interests of the business. The competitive bidding process ensures commercials get the best goods and services at effective prices. The Sherman Act and other antitrust Laws prohibit any anti-competitive activity. The Antitrust Laws are being enforced by The Federal Trade Commission (FTC) and the Department of Justice of the US. Further, the Bankruptcy Law determine the amount creditors can collect depending on one’s business structure.

Environmental Regulations: The US Environmental Protection Agencies (EPA) governs the environmental impact of the business being carried out. The EPA helps small businesses by publishing plain-language guides which are a bundle of resources that guides business persons to the various state laws and assist them to realize their duty towards the environmental causes. Some business requires an environmental permit before the emission of pollutants into the air or the discharge of hazardous waste into land or rivers. Some of the commonly required permits include The Clean Air Act permit, The Endangered Species Permit, The Wetlands Permit and The RCRA (Resource Conservation and Recovery Act) permit.

Online Business Law: Rules and regulations for the conduction of e-commerce apply mainly to online retailers that use online business strategies by a collection of customer data. The Online Business Laws apply even if one doesn’t sell anything online as the laws covering digital rights may still apply. The e-commerce trade is synchronized by the Federal Trade Commission (FTC) that regulates the customer privacy, use of commercial emails and online advertising.

Advertisement laws: Powerful marketing abilities provide a finishing touch to the success of A proper marketing plan includes Pricing, Advertising, Distribution of goods and services, Packaging and its labeling and Customer care. However one must refrain from false promotional campaigns and bogus claims of marketing as it can result in costly penalties.

Employment and Labour Laws: Hiring of employees for a particular business needs to follow a specific set of laws and regulations. It includes equal employment opportunities, minimum wage determination, immigration and discrimination.

The First Step Employment Law Advisor: Helps provide essential information about the major Federal employment laws administered by the US Department of Labour (DOL) which apply to one’s business or organization. The Advisor can also help non-profit business organizations, private sectors, and government sectors.Further, each state in The US has its State Labour Laws which varies for different business and professional sectors.

The Hiring of Foreign Workers and Immigration: The Immigration and Nationality Act (INA) governs immigration legislation in the country. The Employee Eligibility Verification needs to be completed by an employee within three days of his hiring. Further, the US Immigration agency also conducts regular workplace audits to ensure that the employers are adequately retaining the I-9 forms.

Management of Financial Contracts: Conduction of business transactions outside the state such as selling goods, borrowing money, signing contracts need to act by the UCC.

  • Borrowing of Money: While the establishment of secure loans; banks need to file a UCC-1 form with the state during the execution of the loan agreement. This filling makes the loan security a part of the public record.
  • Securing Liens: Article 9 of the UCC provides means for secure payment from the debtor. There are equivalent laws for the different business lien.

Handling of Legal Issues: Successful business runs with the handling of legal business issues efficiently.

  • American Bar Association (ABA): It’s the consumer’s guide for legal help.
  • The Lawyer Referral Service: The list of lawyers available for legal help.
  • The State Bar Association: Consumer’s guide for finding legal help in the state
  • Fees and Expenses of Legal Issues related lawyers are also explained.
  • Negotiation: Involves an inexpensive method of settling disputes.

Fair Practices of Business: Antitrust Laws prohibit the practice of illegal trade, regardless of the size of business. The following details explain the prohibitions in business:

  • Discrimination in prices: A fixed Maximum Retail Price is to be decided regardless of any dominance in the industry.
  • Boycott conspiracy: Boycott of another competitor against the antitrust laws is a strict ‘NO’.
  • Monopolization: Acquiring a Monopoly position through any illegal means may lead to the violation of Antitrust Law.

Workplace Safety & Health Related Laws: Employers need to provide a working environment free from recognized hazards that are likely to cause harm or death to the employees. The above laws are necessary under the Occupational Safety and Health Act (OSHA). OSHA also seeks to prevent workplace violence. Further, presently according to the new Beryllium rule workplace measures are being implemented to prevent deaths due to Beryllium.

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