Business law consists of several different areas typically taught in law school curricula, including: Contracts, the law of Corporations and other Business Organizations, Securities Law, Intellectual Property (Patents, Trademarks, Trade Secrets, and Rights of Publicity), Antitrust, Secured Transactions, Commercial Paper, Income Tax, Pensions & Benefits, Trusts & Estates, Immigration Law, Labor Law, Employment Law and Bankruptcy. It is a branch of law that examines topics that impact the operation of a business.
Business law(sometimes known as Commercial law) is the body of law which governs business and commercial transactions. It is often considered to be a branch of civil law and deals both with issues of private law and public law.
Commercial law includes within its compass such titles as principal and agent; carriage by land and sea; merchant shipping; guarantee; marine, fire, life and accident insurance; bills of exchange and partnership. It can also be understood to regulate corporate contracts, hiring practices, and the manufacture and sales of consumer goods.
Many countries have adopted civil codes which contain comprehensive statements of their commercial law. In the United States, commercial law is the province of both the United States Congress under its power to regulate interstate commerce and the states under their police power. Efforts have been made to create a unified body of commercial law in the US; the most successful of these attempts has resulted in the general adoption of the Uniform Commercial Code.
Corporate law
Corporate law is a part of a broader companies law. Corporate law is the law of the most dominant kind of business enterprise in the modern world. Corporate law is the study of how shareholders, directors, employees, creditors, and other stakeholders such as consumers, the community and the environment interact with one another under the internal rules of the firm.
According to the American Professors Hansmann and Kraakman of Harvard University, the five defining characteristics of the modern corporation are..
Separate legal personality of the corporation
limited liability of the shareholders
Transferable shares
Delegated management,
Investor ownership
Corporate law is often divided into corporate governance and corporate finance.
History of corporate law
Some forms of companies are thought to have existed during Ancient Rome and Ancient Greece, the closest recognizable ancestors of the modern company did not appear until the second millennium. he earliest forms of joint commercial enterprise under the lex mercatoria were in fact partnerships. Early companies were purely economic ventures; it was only belatedly realized that an incidental benefit of holding joint stock was that the company's stock could not be seized for the debts of any individual member.
The beginning of modern company law came when the two pieces of legislation were codified under the Joint Stock Companies Act 1856 at the behest of the then Vice President of the Board of Trade, Mr Robert Lowe. That legislation shortly gave way to the railway boom, and from there the numbers of companies formed soared. In the later nineteenth century depression took hold, and just as company numbers had boomed, many began to implode and fall into insolvency.
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The last significant development in the history of companies was the decision of the House of Lords in Salomon v. Salomon & Co. where the House of Lords confirmed the separate legal personality of the company, and that the liabilities of the company were separate and distinct from those of its owners.Compare current mortgage rates through Kanetix.ca's fast and easy mortgage rates calculator.
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Tax law
Tax law is the codified system of laws that describes government levies on economic transactions, commonly called taxes. A Tax is a financial charge or other levy imposed on an individual or a legal entity by a state or a functional equivalent of a state. A tax may be defined as a "pecuniary burden laid upon individuals or property to support the government a payment exacted by legislative authority.
Tax education from law schools
In law schools, "tax law" is a sub-discipline and area of specialist study. Tax law specialists are often employed in consultative roles, and may also be involved in litigation. There are many fine LLM or Masters in Laws Graduate programs currently being offered in the United States, United Kingdom, Australia, Netherlands etc. Many of these programs offer the opportunity to focus on domestic and international taxation.
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