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Business Regulations


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Business Laws

Commercial law, also called commercial law or mercantile law, is the body of legislation that applies to the privileges, rights, duties, rights and transactions of certain persons and organization engaged in commercial activity, merchandizing, commerce, and selling. It is frequently thought of as a division of civil law and also deals with matters of public and private law. The United States Code consists of the federal laws and the state laws. The powers conferred on the states by the federal government over commercial activities include licensing of interstate commerce and regulation of prices, taxation of trade, right of contract, and right of action. Civil Law, on the other hand, deals with disputes between individuals, organizations, and government agencies over matters such as property, divorce, child custody, right of inheritance, property damages, personal injury, professional negligence, and other civil wrongs.

 

There are numerous federal and state regulations applicable to various aspects of commercial activities. All these regulations were imposed to help promote economic welfare of the nation. The business laws were strengthened by the United States Department of Commerce when it was created under the federal government in commerce with the formulation of the department's Division of Commerce. The commerce department is one of the many regulatory bodies of the state responsible for the administration of various federal and state laws that directly affect businesses. Among its many functions, it enacts all federal laws that directly affect business activities. These laws regulate the volume and price of goods and services, establish the conditions for international commerce, protect the environment, and provide for the registration of trademarks, copyrights, and patents.

 

The business laws were further developed and formulated by the United States Congress to deal with issues like the definition of the terms of corporations, trusts, partnership, estates, and proprietary rights, the maintenance of records of taxes, the formulation of rules concerning taxation, the registration and qualifications of commercial brokers, the filing of annual returns and statements, and the establishment of rules regarding the licensing of professionals. Other matters included in these laws are regarding insurance, banking, labor, intellectual property, telecommunications, personal services, transportation, and many others. All of these have a significant effect on businesses and commercial activities. They either regulate or limit the various business practices such as mergers, acquisitions, consolidation, reorganization, allocating resources, partnership, dissolution, selling of businesses and many others.

 

One of the important components of business law is labor. Labor laws are designed to ensure that the working conditions of workers are safe and secure. Among them are the Minimum Wage Act, the Davis-Bacon Act, the Fair Labor Standards Act, the Americans with Disabilities Act, the Age Discrimination Act, the Employment Practices Act, the Mine Safety and Health Act, the National Minimum Wage Act, the Fair Credit Reporting Act, the Fair Pay Act, and the Family Services Act. The Wage and Overtime Act also affects the employment practices of employees. These laws specify the amount of overtime pay that an employee is entitled to and the procedures for payment of overtime pay.

 

Business Regulations govern every business activity within the country and impose various restrictions and penalties on business owners and entrepreneurs. The main objectives of the regulations are to protect the public from discrimination by businesses and to promote quality enterprise activity. The main categories of business laws are Federal, State and Common Law Regulations. Within the federal system, there are 12 basic business regulations which cover interstate commerce, management of interstate commerce, registration of corporations, taxation, banking, labor, natural resources, immigration, occupational hazards, recordkeeping, and child labor. Every State has its own laws regulating business, including the state tax codes, regulatory codes, statutes, ordinances, rules, and official rules.

 

Most business laws address issues related to worker's rights, the environment, securities laws, food processing and handling, telecommunications, information technology, marketing, alcoholic beverages, consumer protection, and accounting. These laws also cover aspects of trade, licensing, litigation, intellectual property, government procurement, advertising, employment law, and taxation. Some specific industries that are governed by these laws include commercial trucking, airlines, mining, aerospace, postal, telephone, air transport, postal services, railroads, utility companies, computer industries, financial services, entertainment, and entertainment. Some specific types of business law include Franchises, Corporations, Partnerships, Consulting, Advertising, Consumer Protection, Procurement, Franchising, Insurance, Real Estate, Public Places, Self Employment, Employee Franchise Laws, Employment Discrimination, Religious Laws, and Insurance Rate Lawsuits. The Laws affect almost every business entity and provide businesses with necessary guidance, safeguards, and support.

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