What is business law and its importance?
Also known as commercial law or mercantile law, business law can be defined as a set of laws and regulations that govern the dealings of transactions related to commercial matters, such as business organizations.
Business law encompasses all laws that provide guidance on how a business can be set up and how it can be run in a legit way. Business law includes all the laws as well as the rules that govern how a business can be set up, how to start and manage it, how to run it legitimately, and how to sell or close it.
In addition, business law includes laws of corporations, contracts, commercial papers, intellectual properties, secure transactions, income tax, and other dealings as well as transactions that are business-related.
Importance of Business Law
Business law is mainly aimed at maintaining order, establishing a set of generally accepted standards, resolving disputes, and protecting liberties as well as rights when it comes to business as well as its relation to its customers, government authorities, and other businesses.
- A comprehensive set of standards established universally: In prior times, no proper law to safeguard customers, their money invested, or their interests was established, resulting in customers suffering a lot. Because of the fact that there was an absence of laws to maintain orders, liabilities, and safeguard rights, the majority of business owners had set self-made standards to make as much money as possible due to which customers would suffer immensely. With the establishment of business law, businesses around the world now have to follow universal standards that safeguard both customers and businesses.
- Reduced possibilities of fraud: The business owners are benefitted by business law by making them well aware of the various rules and regulations against individuals and other businesses. In addition, it helps customers by making them well-aware of their rights against business owners so that they do not fall prey to the misery and frauds of the business.
- Business laws help maintain an equilibrium: The existence of business law creates a sense of satisfaction and security among customers. In the absence of business law, there were different laws in each business concerning business transactions because of which it was difficult for sellers and customers to establish a deal. But, now, the same standards are followed by every country, and it is a lot easier to establish a deal between seller and buyer. This has made business transactions across the world easier and smoother.
- Ethical conduct: Business owners are able to make better decisions with the enactment of business law. They now also know when to seek legal help. Every business is required to maintain ethical conduct. However, many businesses disobey such conduct in the greed to make more profits. Business law mandates every business to make sure it maintains ethical conduct, thereby keeping the buyers satisfied and resulting in a good business image.
Hence, business law is very important to both consumers and businesses in safeguarding their respective rights.
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