WHAT IS BUSINESS LAW?
Business law consists of the principles or governing rules of running business elements like partnership, large corporations, proprietorship, etc, For example setting up of a business requires following several rules and regulations for producing and selling the required kind of material suitable for society. Also there are particular guidelines regarding type of business established like partnership or sole proprietorship. A set of rules which guides the organisation including filling up of documents required to set up business. Also when it is the scenario of purchasing a running business then we need to know the laws which are applicable for buying a business.
In other words business law or commercial law is the governing body of business operations which regulates the manufacture and sale of consumer goods, hiring practices and certain corporate contracts. Overall business law is concerned with dealing with regulations for starting a business, buying a business and managing a business.
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