Business law is the law that governs what happens with commercial matters, and there are two main types: regulation of commercial entities and regulation of commercial transactions. Laws have evolved over centuries, and have had to adapt to changes in technology and society. Business Law deals with the laws on the basis of which every deal between people and commercial firms are governed.
Business Law has two distinct areas of functioning which are:
Regulation of commercial entities that is done through laws of company, partnership, bankruptcy and agency.
Regulation of commercial transactions that are done through the laws of contract.
Difference Between Business Law & Corporate Law
Although many people feel that Business Law and Corporate Law are the same, however, it is worth knowing that there are significant differences between the two law specializations.
The focus of Corporate Law is majorly on how corporates/companies are formed as well as managed. Thus, Corporate Law revolves around the operation of a corporation. Corporate law deals with legal rights, obligations and privileges. On the other hand, lawyers working in the field of Business Law cover areas such as contracts, employment laws, commercial transactions and taxes.