Sometimes a business law is known as commercial law or mercantile law.   The first step in business law is setting up a business. Every business needs legal advice as it grows. Business law is a type of law that deals with the formation of the new businesses. Business law also deals with the matters that arise in the existing businesses. This law gives rules and regulations that a business is required to follow during the operation.   In order to understand business law, you have first to view business as an entity that is separate from the owners.  The business law lawyers specialize in transaction work. In other words, the lawyers do not represent clients in the court i.e business law happens outside the courtroom.  Business lawyers are given the mandate to draft internal agreement of the client’s business.  The business lawyers are hired for future litigation.  Business lawyers form new entities on behalf of their clients by filing the required documents with the secretary of the state. The businesses can be formed as corporations, partnerships or limited companies. The business area draws various discipline together like intellectual property, tax law, the employment law, real estate law and bankruptcy law.  The enforcement of the law benefits the economy of a certain country.

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