If you are running a business, it’s important that you follow the laws that pertain to your business. The laws in your city might be different from those in your county, and they can also vary at the state level versus the federal level. If you are involved in a business, you also need to know what entities are responsible for making and enforcing the laws that cover your operations. That’s why it’s important to learn more about business law in Schaumburg, IL, from an experienced attorney.
Business Law Defined
- Business law encompasses the following areas:
- Agency and employment law
- Business organizations
- Commercial paper
- Consumer and creditor protection
- Wills and estate planning
Business law also deals with issues surrounding starting, selling, or purchasing a small business. Dealing with employees will also fall under the umbrella of business law.
There are also agencies at the state and federal level that administer laws. In fact, the Uniform Commercial Code was established for that purpose and it is used in nearly every state. The laws created were designed to make sure business practices are fair, and that the rights of employees are protected.
What Makes Business Law So Important?
Business is what makes the world go around, and because business is such an integral part of our society, the laws were designed to protect rights. Whether an employer, employee, or consumer, the laws surrounding how they conduct business are important and the law is needed to ensure fair practices are followed.
The technological age in which we live is also covered by business law, as well as privacy laws regarding computers in the workplace. Contracts, employment, and regulations also have serious ramifications, and these all fall under the definition of business law.
It’s important that you know the implication of business law, particularly if you are planning to start or run a business. Make sure you have an attorney who knows business law in Schaumburg, IL.