What is Business Law: Definition and Overview

[@j9studios384]

im glad i pay thousands of dollars for an education to watch youtube videos

[@roseponce299]

I just realized Business Law is not for me thanks to this video. God bless anyone who finds this fun to do everyday. Aside from this, I appreciate this availability of assistance, to anyone wanting to open up their own business.

[@cierracassero2997]

lol

[@taniacastro851]

Lol I just realized how this is definitely for me

[@jessemerchant988]

I asked my cousin who's a retired defense attorney what should I be prepared for in this class he said Prayer 😂😂😂

[@eleeyahhh]

😂😂😂im just here saying the same thing

[@apolinariakaluhapasantoapo1666]

😂😂

[@rachelsmith6820]

I think everyone can benefit from learning the laws. It's not just business laws that are important. If I want to buy a home instead of a business it's a good idea to understand property and environmental law. Intro to law is a nice thing to know even if it's just for personal information.

[@nhivanvutran4476]

Transcript: 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 by manage and close or sell any type of business. Business laws established 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. 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, 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 entities I pick will also affect how I pay my federal income taxes. These, of course, are federal laws. Next, what will my business be called? Let’s say I decide on Barks and 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. 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? Only 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. 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 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 my business and determining which of patty’s agreements I need to uphold. Contracts are legally binding agreements made by two or more persons, enforceable by the courts. Businesses are involved in many different types of contracts and as a result there are many interesting cases involving breach of contract. A breach of contract is when one party doesn’t hold up his or her end of the bargain. It’s common for parties to dispute the terms of a business agreement or disagree on how the agreement should be performed. For instance, consider the famous case of Locke v. Warner Bros., Inc.. Sondra Locke was a longtime girlfriend of Clint Eastwood. When the two broke up, Locke sued Eastwood for support as a part of their settlement Eastwood negotiated a contract for Locke with Warner Brothers. Locke was given a director’s contract where Warner Bros would pay Locke for any projects she directed or produced. Locke proposed more than 30 projects but Warner Bros never hired her. She sued Warner Bros for breach of contract, saying Warner Bros never intended to hire her in the first place. After a court ruled that Locke had enough evidence to proceed with her case, the parties settled. This case demonstrates the importance of making good contracts. A wise business person will be sure to enter contracts with a good understanding of content and a good faith interest in upholding the contract. There are many laws that concern managing a business because there are many aspects involved in managing. As you can already see, running a business will involve a lot of employment law and contract law. For my new business, I’ll need to know how to hire, what my contracts should look like, what kind of benefits I have to provide, how to pay employee insurance and taxes, how to properly fire an employee. Many of these employment and benefit laws are federal laws and regulated by government agencies. For example, the Equal Employment Opportunity Commission is a federal agency that enforces employment discrimination.

[@MayasSmith]

m

[@hasanhridoy516]

Thanks 😊

[@Shehasskills]

My online class said we needed to watch this video lol. Great job!

[@barberism24]

I really did find myself somewhat interested in the video. After taking a business law intro class I think I may have found my field of study 😁

[@Jfbmu]

Update?

[@jeannette2176]

update please

[@barberism24]

Guess you can say business law generated my interest elsewhere in law. Although it’s not to say I won’t ever pursue it specifically, rather it’d be something picked up over experience. Little over a year ago I got a job for the state as an office tech making just sufficient money. Currently I am going to have an interview soon for a “double” promotion but I’m cool with a single at the moment as I know that the completion of school will help significantly. By new years of 2020 I’m starting my undergrad in business focused in Operations Management, with the end result a (masters) LLM in Patent Law at a Golden Gate University in SF. I will be booked everyday from work and school but I’m okay with it. A couple brutal enduring years of my life will be worth it, since it’s nearly guaranteed great upward mobility . As its coupled with the state experience.

[@barberism24]

@@jeannette2176 📯

[@barberism24]

@@Jfbmu 📮

[@aotolife]

Is there a part 2 to this video? It just cuts off at the end...

[@Nirsterkur]

I'm starting my LL.M in International Business tomorrow and thank you for this basic yet informative introduction.

[@zayn9277]

Bro I need some guidance from you regarding my assignment. How can I contact you?

[@Nirsterkur]

@@zayn9277 Are you on LinkedIn?

[@zayn9277]

@@Nirsterkur I'm sorry, I'm Not LinkedIn.

[@Nirsterkur]

@@zayn9277 Type your email address here. I will send you a reply.

[@zayn9277]

@@NirsterkurThank you. [e-mail]

[@blazedterrance2553]

Good video, I liked the part where you finished the video.

[@Taronenko1]

This makes me not want to ever open my own business

[@dorsanassiry]

I wanna be a business lawyer when I grow up!

[@zounio]

Trust me, you don't

[@usmansotomi8505]

Zounio please why?

[@catherinemaria3367]

Dorsa Nassiry you should if you have a passion in it :)

[@rasheemthebestfirstone3274]

@@zounio why

[@BrownDusky]

did you grow up yet?

[@ctafiler]

Great video describing business law!

[@janakipediredla5570]

can I get the complete video on Business law topic

[@elizabethnyanful4548]

VERY NICE VIDEO PLEASE DO MORE

[@brandonallen1167]

sad ending much cliffhanger

[@zachariachilambe6707]

great explanation

[@LaRanaDeazul144]

14:09 #Other apps #Wauseon #Ohio state university 🎓 DMS

[@martinreamy6014]

Pretty good details

[@Only_Anjly]

This vedio proves very helpful to me...I have the book in which already given the same stanzas which the speaker of vedio is saying...so it becomes easier to learn...I'm lucky that I pick this vedio...💓😊

[@karenreyes2020]

Great video!!!

[@adelitatrujillo7367]

Ironic, I was a personal assistant to the owner of a “Barks & Bubbles” pet grooming business !! 🤨

[@apg7639]

Thank you!

[@TheBullOfLewisham]

Thank You ... x

[@aliciatrujillo1435]

why did the video cut off?

[@lisatoth7261]

I suggest listening on double speed. And yes, it's a cliffhanger...

[@fergaldownes]

Hey there buddy, nice flick that you have here. Keep in touch.

[@theswampguuy]

IM RELLY PROUD OF MY FUCKING BABY WTFTFTFTFTFTFTFTFTFTF

[@shamafia_6921]

Mntp jo

[@JordanLuke]

Mantap jo

[@donaldjomonol5573]

Mntp jo