The concept of commercial law originated in England with the passing of the Industrial Societies Act in 1875. The law was primarily designed to prevent abuses in the operation of trade, including unfair and deceptive practices, by setting forth the rights of both the buyer and seller, including the right to seek compensation, the right to a fair trial, and the right to a lawyer of choice.
As the twentieth century progressed and the growth of large corporations began, more emphasis was placed on incorporating into modern business law. In addition, the incorporation act provided the legal framework for establishing corporate officers, directors, and shareholders.
In the United States, the main source of information about modern day law is the Federal Register. A quick search will reveal many official government publications and law journals on the subject. Some other good sources of information include the U.S. Supreme Court, lower federal courts, and state and local bar associations.
An important feature of business law is that it incorporates aspects of civil and criminal law to provide the basis for resolving claims and resolving disputes between entities involved in commercial transactions. The goal of this type of law is to facilitate the smooth functioning of commerce and protect the rights of parties involved.
A business law specialist can advise you of all of your options when it comes to establishing a business. Many of these specialists have the expertise to conduct an in depth financial analysis of your specific circumstances. A professional will be able to help determine the appropriate course of action for your particular situation and will guide you through the entire legal process.
The legal system can be complicated and it may be helpful to enlist the services of a firm that specializes in the law. A law firm specializing in this area can assist you in every step of the process.
If you are considering starting up a new business or are thinking about expanding your existing business, you should consult with a business law professional today. You can receive valuable insight into the different types of business law and the areas where you stand in regard to these laws.
An important part of business law is that it provides the basis for your contract with your customers. For example, you can decide if you want to have a limited liability or a corporation. Each type has its own set of legal rules and regulations.
There are different levels of business law and each level is divided into different sections. Some of the sections of law include, but are not limited to, contract, intellectual property, trademark, bankruptcy, consumer protection, franchise law, and franchise law.
Contract law refers to any agreement that you make with your customers that has an obligation to your client. You may decide to enter into a contract with a customer where you are the middleman. In this case, you will need to make sure that you follow the rules and regulations of your state.
Intellectual property law deals primarily with the ownership and control of products or services. It also covers issues related to patents and trademarks.
Franchise law deals with the rights of the owner of a business, including the rights to manage and run that business. In some cases, franchise law can cover the business itself.