Laws that govern businesses in America are considered to be part of business law. Thus it can include a wide range of subjects from information privacy to bankruptcy. Business law id also known as Commercial Law. It governs the issues that affect businesses. Business entities must abide by these legal frameworks in running their businesses. Intellectual Property Law and Tax Law are one of the two important aspects of business law and I have discussed them in precise.
Intellectual Property Law gives protection to a company’s own creations and resources. Important areas of this law are Patent, Copyright and Trademark Law. Patent Law gives protection to inventions, Copyright Law protects arts and Trademarks protects logos etc under which a company is running business. In present times it is very important for business organizations to get Intellectual Property protection. In case intellectual property is violated business organizations must take legal recourse.(AllLaw.com, 2015)
This branch of law deals with all taxation rules, requirements and regulations which a business organization must abide by. A business organization must hold a good understanding of the tax laws or else it might end up violating them. Business organizations may also benefit from exemptions provided under the law. (Small Business - Chron.com, 2015)
In conclusion I would say that apart from the two areas discussed above a business organization must stay within the bounds of the laws governing business, in case business organizations fail to do so they would not be able to run their businesses successfully.
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