Importance of Business Law
Business law is also known as mercantile law or commercial law and governs the dealings of business organizations in commercial matters. All laws that provide guidance on how a business may be set up and run legally are included in business law. There are many laws and rules that govern how a business can be set up, how to start and manage it, how to run it legally, and how to sell or close it. Business transactions and dealings include contracts, laws governing corporations, other business organizations, commercial papers, income tax, secured transactions, intellectual property, and other business-related activities.