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Business Law is a combination of all the laws that further help a business owner to run the whole business with an ease. This may include the laws that can help to start a new business, buy or manage the processing machinery, and even close or sell any type of business. Business law includes federal and state laws which help in administering a business organization. What all depends on is the knowledge of such laws that can provide a path for successful business. Most of the business laws are connected with particular business organizations. Further, these laws help to properly run the different types of business organizations. For example, if you want to start a business of fish aquarium. Many questions will come in mind like how to start the business? Will this be in partnership or proprietorship? What paper work will be required to do in order to start the business? These questions are governed under the law managing business entities. Let’s have a look on the terms that come in front before starting a business or that should be known to run a business:
- Business entity: This is administered as per corporate law that further allows performing the various business activities or can a charitable work. There are many business entities that are detailed in the legal systems but it varies from one jurisdiction to another. While constructing or reconstructing a business; the legal responsibilities that businesses reflect depend on the chosen business entity. For instance business entity in New Zealand is Ltd. It states that the names of companies that were registered under Companies Act 1993 must end with the term ‘limiter’ or Ltd. There are many business entities that are governed in different country or state which includes Limited Liability Company, partnerships, cooperatives, corporations etc.
- Federal Income tax: The type of business entity choose not while creating or recreating a business further affect how an owner pays federal Income tax which is further governed under federal law. Federal Income tax is a tax that is charged by the United States Internal Revenue Service (IRS) on the annual earning of an individual, trust or any kind of legal entity. Federal Income tax is applied on all the individuals whose income come under the criteria of taxable income and thus make that person a taxpayer. The government collects the tax as per the income criteria and when that amount of tax is collected in the account of government; the government uses that amount for the advancement of the country. In other words, federal tax can be used a rent to be charged by the people living in the country and most of the federal tax comes to government of country from its own residents.
- Intellectual Property Law: let’s continue with the earlier example of starting a business; to start a business you will, of course, be in need of naming the business organization and that name will be imposed in the paper work. Suppose you want to have the name of your business as Bob’s fish aquarium. First you will have to find out whether this name is already registered or not. The intellectual law gives a trademark of patent or copyright. Intellectual property law secures the legal rights related with inventions, designs or some kind of art work. This law has a goal which provides an amount of incentives to the creative workers to continue their creativity for the benefit of society.There are different categories of intellectual law which includes:
- Patent: It allows a right to an investor to use the invented or unique product in market place.
- Trademark: It protects slogans, names, symbols that are connected or resembles particular good or service.
- Copyright: It is used to protect unique writing, music, films, or any kind of artistic expression.
- Consumer Protection Law: consumer protection laws are the laws that protect the rights of consumer from any kind of fraudulent. A consumer is a person who gain or acquire the ownership of any good or service by paying a considerable amount for that good or service. Consumer Protection is necessary to ensure pure (free from any kind of fraudulent) goods are provided to the consumer. This further prevents the businesses to get engage in fraud. Thus to start a business, it is necessary to show‘the best’ of your business because the quality of the product will further protect consumers and will help a business man to maintain the competitive position in the market place.
There are many more laws like contract law, employment law, property law etc. that are used at different steps which all combines to form a business law.
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