Some times such properties may be of more value than any material property of the entity. The answers to all of these situations and more are provided by business law. we might edit this sample to provide you with a plagiarism-free paper, Service In short, a better understanding of Corporate, Consumer, and Commercial Law helps in setting benchmarks in product quality, safety standards, production and operational standards, and human resources, thereby protecting the rights of the organisation, its clients, vendors, and employees. I can end my consent anytime. Working 24/7, 100% Purchase For example, if you have an employee who is not doing his or her job, you should know your options. 2020 Ashford Faculty of the Year Award Winners, Ashford Faculty of the Month: Dr. Michelle Rosser-Majors, Announcing the 2020 Ashford Alum and Student of the Year, Veterans Day Discounts: Free Offers For Veterans, Ashford University #TenacityMade Superstars: October 2020, especially if you’re planning a career in business, Forbes School of Business and Technology™, Professional Affiliations and Memberships, Ashford University Campus Security and Fire Safety Report. Business law defines different types of business for setup, such as – Partnership, Proprietorship, Corporation (Private and Public), etc. So for justified arbitration of such disputes, business law plays a vital role. Whether you are an entrepreneur starting your own business, a manager advancing your career at a Fortune 500 company, or just starting out in the business world, studying business law will better prepare you for a successful and rewarding career in business. id=ASH.102618. It’s important for business owners, managers, and other professionals to have a basic understanding of business law to help them make better decisions. Forbes School of Business & TechnologyTM is used under license. Business law also provides security for business entities against such acts. To provide means by which probable Disputes can be resolved. You may wonder why students study business law–especially if you’re planning a career in business. The importance of business law stretches beyond what people might assume, which involves the livelihood of the employees that work for the business. For industries – regulation may be those related with production, for services oriented organization – they may be about providing services, for import/export business – they may be about certain procedures for doing international transaction of goods and finances, etc. This consent includes contact through a wireless number or using automated technology. Such information is required by all stakeholders of the business organization. 8. Whatever your passion, discover the program to shape your future. Specifically, Title IX/SaVE requires the University not to discriminate on the basis of gender/sex in its education programs and activities. 5. Submitting this form is required for Ashford University to contact me, without obligation to attend the University. The knowledge of business law is the most important factor to formulate the business smoothly. Gender/sex harassment, including gender/sex violence, is a form of prohibited gender/sex discrimination. Importance of business law 1. 7. 6. To provide reliable Financial Information of entities. id=ASH.060419. No. 3. Nowadays, we can see a lot of struggle between businesses for protection of such assets. Before diving into the meaning and importance of why we study business law, let's take a look at the reasons and benefits of studying business law. Without established, predictable property laws that ensure that you are the legal owner of the land, you would be very reluctant to build the factory. A basic understanding of business law can help you spot potential legal issues as they come up, make better decisions, and know when to seek legal help. A business, as a whole, can come under heat in tough times—people can sue businesses for wrong doings, businesses can commit crimes that put them on the chopping block, and businesses can move and sell the property if they wish to relocate. To define Basic Setup of a business. The same is true for all other business activity. You’ll need to buy a piece of property and build your factory, which will be very expensive. Such property may be patents, trade secrets, symbols, copyrights, name, etc. There would always be some risk that someone else would come along and claim your property and factory as their own. 4. Business law defines different types of business for setup, such as – Partnership, Proprietorship, Corporation (Private and Public), etc. HAVEN’T FOUND ESSAY YOU WANT? Business law deals with and the commercial transactions of the organization and consist of a wide range of legal practices which involves … Business law is an important topic to understand due to how intertwined business transactions are with society. You wouldn’t ship shoes to a retailer unless you had a way to force them to pay for the goods. Ashford University is accredited by the WASC Senior College and University Commission, 985 Atlantic Avenue, #100, Alameda, CA 94501, 510-748-9001. 2. can send it to you via email. Such definitions of types of business help clarify ownership of the business entities. This practice area includes regulations and statutes related to businesses, individuals, and families in their roles as workers, citizens, and consumers. Why business law is important? If you need this or any other sample, we At Ashford, learning fits seamlessly with your on-the-go lifestyle. We need business laws to cover all of these activities so that businesses can operate with some measure of predictability. From time to time we can read and hear about business scandals involving unethical and unlawful acts and exploitation of loop holes in regulations. In fact, IP law is a vitally important tool to understand invention patents, avoid IP infringements and the rules of tough, but fair, competition. Businesses need these laws for the same reasons that people do: to define unacceptable behavior, to provide certainty and stability, to protect the public, and to provide a mechanism for businesses to resolve disputes. If you’re pursuing your undergraduate degree in business or one of the many related degrees such as marketing, human resources management, public administration, accounting, or organizational management, you’ll likely be required to take a business law course at some point in your academic career, so you ought to understand the importance of business law. Questions regarding Title IX may be referred to the Ashford University Title IX Coordinator, Leah Belsley, at [email protected], or 8620 Spectrum Center Blvd., San Diego, CA 92123, 800.798.0584 Ext.