Everything that relates to our society is governed by laws and business is no exception. Business law or commercial law is simply a body of law that governs every aspect with regards to conducting a business. This covers but not limited to the commerce of the sea, transportation of goods, guarantees, marine life and natural disasters pertaining to the economic status and business relations, life of the people concerned, employment, intellectual property, insurances and conformities of partnerships. Business may differ for each state or country but there are international codes followed to ensure equal distribution of economic power among nations.
Each and every person in this world must have at least once thought about opening some sort of business to increase his or her income. No matter if you are thinking about opening a small family business or a larger company, you cannot do anything but obey the business laws! If you don’t, you and your business can get into serious trouble!