Business Law – What Is Business?
A business is simply defined as any entity or organization that engages in commercial, technical, or organizational activities for profit. In addition, businesses may be either for-profit or non-profit entities that function to further a social cause or an educational mission. There are many types of business activities and organizations, and each has its own unique set of goals and characteristics. In order to succeed in business, however, it is important to follow a set of rules and guidelines. These include:
Human Resources: One of the most important aspects of any business, and especially a commercial law firm, is the human resources department. Human resources (HR) encompasses a number of departments, including recruiting, hiring, training, and developing, and employee compensation and benefits administration. Human resources managers are responsible for the recruitment of qualified staff, for the management of employment practices, training, and development, and for compensating employees. They play an integral role in recruiting, hiring, and training new employees, supervising the effective utilization of their skills by employees, developing appropriate training programs for employees to bring about organizational productivity, evaluating performance, and maintaining employee relations. As part of the organization, HR maintains and implements quality systems, maintains and tracks employee records, develops policies and procedures to ensure compliance with employment laws and regulations, and manages employee benefits and retirement plans.
Corporate Law: The corporate law system governs many transactions between businesses and the government, and among private entities and foreign governments. Corporations are not individuals and are not protected by certain rights guaranteed to individuals under common law. However, corporations have the same rights to protect their assets as individuals do. This includes protection from foreign lawsuits, protection against actions of third parties, and indemnification of employees, directors, and shareholders. In order for businesses to be successful in international trade, having an experienced attorney on the case is essential.
Commercial Law: The Commercial Law system governs various transactions that involve one or more corporations. The main article is corporations. A corporation is a separate legal entity from its owners, and has its own set of laws and responsibilities. These laws can cover the shareholders, officers, and employees of the corporation, as well as any subcontractors who are directly related to the corporation. All of these are covered by the various laws that deal primarily with commercial activities.
Commercial Law also covers various other types of business entities that are not corporations. Limited Liability Corporation is a good example. It allows limited liability to third-party creditors. This ensures that the company itself cannot go bankrupt, but also protects the assets and profits of the business entities. Private equity firms, partnerships, and limited liability partnerships also fall into the commercial category.
The Business Law also deals with various aspects of partnership. Partnerships are business entities that have one entity. A partnership can either be a general partnership, a limited partnership, or a simple unincorporated sharing of assets. Business entities can also form corporations, but they are rare. However, in corporate law, the company is always considered to be one entity, regardless of how many partners actually exist within it.