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Business laws

The businesses interact in various varied ways. Some examples of business type include mergers, contracts, leasing, acquisitions etc. The carrying of these transactions is overseen by the business law. The formation of businesses also forms a large part of business law. Though the area of business law is very wide ranging, they deal primarily with the defining of rights and responsibilities of a business. With the scope and reach of business fast increasing, it now has additional legal practice areas like banking, sales and secure transactions, real estate transactions, mortgages, bankruptcy, negotiable instruments and contacts. Business law is also known as commercial law and is the body of law which governs the business and commercial transactions. It is a branch of civil law which deals with issues form both public as well as private laws. Some examples of titles covered under business laws are carriage by land or sea, marine, merchant shopping, bills of exchange and partnership, life fire and accidental insurance etc. It also helps in regulation of corporate contracts, manufacture and sales of consumer goods, hiring practices etc. Almost all countries have adopted civil codes which contains comprehensive statements for their country specific commercial laws.

Arbitration- it can be said to be a form of alternative dispute resolution and is a legal technique for resolving the disputes outside the courts where the parties of a dispute refer it one or one or more persons, by the decision of whom they agree to be bound. It can be said to be a settlement technique where a third party reviews the case and then imposes the decision which is legally binding on both sides. Arbitration can be either mandatory or voluntary and is a proceeding where a dispute is resolved by an impartial adjudicator whose decision is agreeable to both the parties.

Corporate law- corporate law can be termed as the study of internal rules of the firm within which the shareholders, employees, directors, creditors, employees and the stakeholders such as community, consumers, and the environment interact with each other. The broader area of company’s law contains the corporate law. Corporate law concerns itself with big businesses that have a separate legal entity and personality.

Financial regulation- is said to be form of regulation or supervision that subjects the financial regulations to certain requirements, guidelines and restrictions and aims to maintain the integrity of financial system. The financial regulation process is handled by both a government as well as non government organization. The financial regulation focuses to enforce applicable laws, ensures competence of providers which provide financial services, protects client and investigates complaints, reduces law violations and ensures competence.

Intellectual property- is a term which refers to a number of distinct types of mind creations for which a set of exclusive rights are recognized. In intellectual property law, the owners are granted exclusive rights for a variety of intangible assets like musical, artistic works, literary, inventions and discoveries, designs, words and phrases etc.

Letter of credit- a document issued by a financial institution for being used primarily in trade finance that provides an irrevocable payment undertaking is called letter of credit. Letter of credit can also be a payment of transaction. These letters are used primarily in international trade transactions which involve a significant value.

Property law- the area of law which governs the various ownership forms of real property and personal property within a common legal system.

Tax law- tax laws are the codified systems of laws which describe various government levies on economic transactions that are commonly called taxes.

Sales tax- can also is termed as the consumption tax, which is usually paid by a consumer at a given point of purchase. These are itemized separately or the base price for a certain group of services and goods. The tax amount is obtained as a percentage which is levied on total sales prices.

Some types of business laws are:-

1. Business formation law-this law helps in defining the type of business entity formed which can be a sole proprietorship, limited liability company, partnership etc.

2. Zoning laws- these laws define the type of businesses which are allowed in a certain given zone or area.

3. License law-certain businesses operate on license. These laws help you obtain the right license for your business.

4. Tax laws- these laws help you file the relevant returns and pay the taxes.

5. Employee’s laws-this law deals with the employees of a firm.

6. Health and pollution laws- some business like opening of restaurant deal with health issues and some other businesses also deal with fire, water safety and pollution aspects. These laws provide the basis for laying of guidelines of rules and regulations for these businesses.

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