Question

What is the definition of the business law?

Answer 1

Business Law is the combination of all the laws which regulate the formation and establishment of a business and govern the it's working. Business laws includes all the laws that a firm must abide by in order to carry out the business smoothly for a long period of time. It includes all the state and federal laws that need to be implemented.

A business has various phases from the time of setting up of business till the time of liquidation of business which need to be carried out in accordance with the business laws. Like while setting up a manufacturing concern, the company need to be registered and follow all the legal formalities for the incorporation of the business which includes taking various permissions from the state government to carry out the manufacturing process.

All the procedures related to the safety of the workers at the workplace is also a part of business law. In this way we can say that Business Laws are basically the guidelines and procedures which all the business entities have to follow irrespective of the nature of business being carried out by them.