BY RICHARD LONG – Business law covers a very wide range of aspects and other laws. Just because some claims to not know a law does not excuse them. Society has laws in place to attempt to keep order in society. People need to follow those laws for obvious reasons. Not all governments in all countries practice the same laws, they are going to vary. So, for a person to say they did not know the law is inexcusable to say the least. One thing is sure and this is that the law is the law, no matter what country the person resides.
A good example of case in point is the arena of business law. When businesses are called on the carpet for questionable ethical practices it is the business law/commercial law that courts will look to. The main thing that business law does is to protect the business owner, shareholders, enterprises, employees, the business directors and the consumers.
This law covers corporation law or specific laws of the company on land and sea. Company laws, denotes the power of each individual and gives definitions of necessary rules. It will cover all aspects of fire, life and accident. It will define partnerships. Business laws will cover all rules all contracts, legal and or corporate. When businesses hire individuals to work interim or long-term employees business laws will sit aside guidelines. Business law will regulate laws in regards to consumer products and the selling of those products.
When students enter law school they are taught how to be an effective business lawyer and some of the course studies include, but are not limited to contracts, corporation laws, laws regarding securities, property laws, laws regarding taxes, pensions and employee benefits. It will cover estates and trust accounts. Labor laws are specifically important and are covered, along with employment laws. Laws regarding the filing of bankruptcy, antitrust laws, and immigration laws are of necessity for the business lawyer and employer to know.
If the words business law confuses one, just think of this law in another light, which would be any and all things that impact the running of a business. A business or corporation is not going to thrive without a business law to support it. If businesses did not have good business laws to support the running of companies then there would most likely be fraud, unfair business acts, dishonesty and deception towards employees and clients alike. But, because there are business laws set in place for employees, employers, and business clients, there are stiff laws and regulations that protect all aspects of the business or corporation.
As with anything there are always going to be amendments and changes and business law is not different. Recently in the news of business law such as in the State of Michigan for LLC’s (Limited Liability Corporation) was amended to extend right of creditors. Creditors cannot sell membership interest, and liquidate assets of the LLC to satisfy debt. It also states that membership interest cannot be sold as personal property and the property cannot be foreclosed upon. This new law also makes it easier for companies to convert to an LLC and for the company to covert out of an LLC.
Richard Long Jr. is a partner at Perry, Bundy, Plyler, Long & Cox LLP, a general civil practice attorney, serving the citizens of Union County North Carolina for over 30 years. Mr. Long is a Monroe, NC lawyer whose practice includes residential real estate and corporate law, although his primary practice is in family law.