A business is defined in the Merriam Webster’s Collegiate Dictionary Tenth Addition as: a corporation organized for the conduct of commercial, banking, manufacturing, administrative or other transactions with the public. A company is also defined as a legally separate entity established for the purpose of conducting the trade or business. A business may be privately owned, but at times is also controlled by an unincorporated board of directors. In a Corporation there are meetings of the members of the board of directors at regular intervals and at such meetings, the officers of the company meet to manage and direct the business. A corporation may be operated by a sole proprietor, a partnership, a board of representatives, a corporation in the form of a limited liability company, or by a combination of any of these.
Different types of businesses exist such as: Manufacturers, suppliers, retail stores, franchises, partnerships, and insurance companies. A business can also be formed as a sole proprietorship, a partnership, a corporation, a member of an entity management, or a corporation in its own right. ALL of these types of businesses are separate legal entities.
Commercial law encompasses many aspects of business activity. There is a main article in commercial law that deals with the issue of liability. Liability is a term that describes the actions that a person is held responsible for when he or she causes damage to another party’s property. The main article in this area of commercial law is known as negligence. This area of commercial law deals primarily with intellectual property. This article explains what intellectual property is.
The second main article in commercial law deals with the issue of strategic management. Strategic management is an area that involves the development of a comprehensive plan that will aid businesses in meeting their goals and objectives. This main article on commercial law also discusses how the development of strategic management should take place.
The third main article in this area of commercial law covers corporations and limited liability partnerships. A corporation or a limited liability partnership (LLP) is a type of entity that has special characteristics that set it apart from other entities. The main article in this area of commercial law discusses how the creation of a corporation is different from the formation of an LLC. Additionally, the article explains how an individual can form an LLC on his or her own.
The fourth and last main article in this series discusses the effects of intellectual property laws on small business. This main article discusses the effects of trade unions on the development of business. Specifically, the article discusses how trade unions affect the development of small businesses because of the need for skilled workers. Finally, the article explains how the formation of a trade union can help small businesses because of the ability to pool resources and negotiate terms with potential clients. By reading this article, you have learned four main articles related to the topic of business law.