snhu BUS 206 Transcript for What Is Business Law [00:00:02.40] Business law encompasses all of the laws that dictate how to form and run a business. This includes all of the laws that govern how to start, buy, manage, and close or sell any type of business. Business laws establish the rules that all businesses should follow. A savvy business person will be generally familiar with business laws and know when to seek the advice of a licensed attorney. Business law includes state and federal laws, as well as administrative regulations. Let's take a look at some of the areas included under the umbrella of business law. [00:00:45.18] Much of business law addresses the different types of business organizations. There are laws regarding how to properly form and run each type. This includes laws about entities, such as corporations, partnerships, and limited liability companies. For example, let's say I decide to start my own pet grooming business. I need to decide what type of business I want to be. Will this be a partnership? Will it be a sole proprietorship? What papers do I need to file in order to start this business? These questions fall under the laws that govern business entities which are state laws. The type of entity I pick will also affect how I pay my federal income taxes. These, of course, are federal laws. [00:01:37.73] Next, what will my business be called? Let's say I decide on Barks & Bubbles as a name for my dog grooming company. Now, I need to know if anyone else already has that name. This is a trademark question. Patents, copyrights, and trademarks are part of intellectual property law. The federal law governs most intellectual property law. [00:02:01.79] Then I need to know if I'll require any special type of license for this business. Do groomers need a license? Am I allowed to have animals on my property, or do I need some sort of special permit? I'll need to check my local and state laws to find out. How will I advertise my business? Am I allowed to say that I'm the best in town? This question falls under consumer protection law, which can be federal or state law. [00:02:30.80] Wow, that's a lot of business law, and I'm not even open for business yet. Now, let's say I decide to buy a business instead. I'm going to buy Patty's Pampered Pooches from my Aunt Patty. There are many business laws that govern how to buy a business. If I buy Patty's business, do I now own the actual store? This is a real estate law question. Do I own the pet grooming equipment in the store? This is a property law question. Both of these fall under state law. Am I now the boss of Patty's employees? This is an employment law question. Can I start hiring my own employees and ordering supplies? This will involve contract law since I'll be making new agreements with people regarding