Business law is a broad area of law. It covers many different types of laws and many different topics. This lesson explains generally what business law is and how it’s used.

Definition of Business Law
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 businessperson 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.

Business Law Encompasses:
Starting a Business
Buying a Business
Managing a Business