What is Business/Commercial Law?

Business or commercial law consist of all the laws that work on how to start and operate a business. This consist of the laws that look after the formation, buying, managing, closing or selling any particular type of business. An intelligent businessman will always be well aware of the business laws of the country in which he is doing the business, and will know when to get an advice from the commercial lawyer. Business/Commercial law also consist of state laws, federal laws and administrative regulations.

Types of Business Legal Structures in Business Law

After deciding to start a business, an entrepreneur must choose the legal structure that suits his business the best. If we see the common practice, businesses usually start with either sole proprietorship or partnership, but this also variate with the type of business an individual is going for. While studying business law, students are taught about the details and legal requirements of each of the different structures. Students are given several, business law assignments and case studies to learn more about the application of these laws. Lawwriters.co.uk provides several business law assignment writing services, few of them are given below

  1. Business Law Assignments Regarding Sole Proprietorship
  • Least regulated form of organization with minimal legal start-up costs.
  • One person owns and operates the business.
  • The profits and business income are taxed as personal income.
  1. Business Law Assignments Regarding Partnership
  • Each partner is an “agent” for the partnership
  • Can individually hire employees, borrow money and operate the business.
  • Profits are still taxed as personal income and the partners are still personally liable for all partnership debts and taxes.
  1. Business Law Assignments Regarding Limited Partnership
  • Limited Partnership allows the involved partners to avoid personal asset liability.
  • Limited Partnerships consist of special income tax rules
  • When getting into any partnership, a written contract is very important.
  1. Business Law Assignments Regarding Limited Liability Company (LLC)
  • Composed of one or more “members”
  • Percentage ownership interest is the reason why individuals make investment in a Limited Liability Company
  • There is an Operating Agreement that explains the internal arrangements of a particular business
  1. Business Law Assignments Regarding Corporation
  • The most complex type of business organizations
  • a legal entity which exists separately from its owners
  • Capital to be raised through the sale of stocks and bonds

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