Business law, often referred to as commercial law, governs the operations and formational structures of corporations, partnerships, and other business entities. It provides a legal framework that regulates business transactions, both between businesses and with consumers. Business law covers various aspects, including contracts, mergers, acquisitions, and consumer protection. It encompasses matters related to employment, intellectual property, and real estate as pertaining to business use.
It addresses issues related to taxation, bankruptcy, and international trade. The primary goal is to ensure businesses operate in a lawful and ethical manner, ensuring fair trade, competition, and consistent governance across the corporate world. Thus, it safeguards stakeholders – including consumers, employees, and competitors – and promotes integrity and reliability in the business environment.