IMPORTANCE OF BUSINESS LAW

448 WD

1. To define Basic Setup of a business. Business law defines different types of business for setup, such as - Partnership, Proprietorship, Corporation (Private and Public), etc. Such definitions of types of business help clarify ownership of the business entities.

2. To define Regulations for Business Operations. There needs to be certain rules and regulations to carry on various timely operations in any business regardless of the type of 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