In the United States some business laws (such as the Federal Trade Commission Act of 1914) are designed to ensure that all companies comply with business practices that foster and promote competition. The first state to enact the UCC was Pennsylvania, in 1954; by the early 1970s the UCC had become law in all 50 states.

New York was the first state to enact a corporate statute in 1811. The Act Relative to Incorporations for Manufacturing Purposes of 1811, allowed for free incorporation with limited liability, but only for manufacturing businesses. New Jersey followed New York’s lead in 1816, when it enacted its first corporate law.

The First Corporations However, most historians note that the first important industrial corporation was the Boston Manufacturing Co. in 1813. Its business model was imported from Great Britain, where textile corporations helped spark the first Industrial Revolution some three decades earlier.

Here are some of the most common types of business law:

• Employment Law.
• Immigration Law.
• Consumer Goods Sales.
• Contract Drafting/Negotiations/Litigation.
• Antitrust.
• Intellectual Property.
• Taxes.
• Bankruptcy.

The Importance of Business Law: The Basics Business law serves as a way to maintain order among businesses, brands, and companies alike. They protect the rights of the company, and of the people who work there, as well as help to establish a certain standard for how things should be run.

Business law determines the formal process of establishment of a business organization and regulations related to the selling of corporate entities. It also includes rights assignment, drafting, and work delegations, breach of contract, transactions, contracts, and penalties for violation of the agreement.

Importance of Business Law 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.

The Most Important Branches of Commercial Law

• Contract Law.
• Property Law.
• Business Law.
• Company Law.
• Intellectual Property Law.
• Tax Law.

Commercial law – body of law that governs business and commercial transactions. It is often considered to be a branch of civil law and deals with issues of both private law and public law. It is also called business law.

There are three main types of business organizations: sole proprietorship, partnership and corporation.