The business law is very complicated and requires specialization in order to get specialized in it. You must have a good knowledge of business law as the companies often appoint their own attorneys to do the job for them. The lawyers will be able to make the right decisions in case if the company goes under and has to get liquidated. In such situations, they can be very helpful.
Business law is divided into five classes, each having several sub-classes. Each one has different aspects of it and differs from one case to the other. These five classes as follows:
The first is business class, which is divided into five sub-categories. Business class includes corporate, partnership, sole proprietor, public and private limited liability. Public class includes insurance, real estate, consumer, and finance laws.
The second is a public class, which is divided into five sub-sub categories. Public class includes bankruptcy, labor, trade, and other general statutes.
Third is business class, which is subdivided into three sub-classes. Business class is subdivided into three categories. First category is general and civil law. The second category is criminal law and corporate law.
Fourth is the commercial class, which is subdivided into two sub-classes, private and public. Private commercial class deals with commercial disputes in business while public commercial class deals with issues in public businesses.
Fifth is civil and criminal law, which is subdivided into nine sub-classifications, namely: public law, private law, criminal law, contract law, arbitration, property and bankruptcy law, corporate law, bankruptcy law, civil and criminal litigation and labor law. Sixth is Labor and employment law, which are subdivided into ten sub-classifications. Labor and employment law deals with labor law, worker’s compensation, social security, and employee benefit, and unemployment law, labor law and employment law.
Seventh is commerce law, which is subdivided into four sub-classifications. Commerce law consists of Federal Trade Commission, Competition Bureau, Patent Office and Internal Revenue Service. Eighth is immigration law, which is subdivided into three sub-classifications: national origin, citizenship and temporary worker laws. Ninth is patent law, which is subdivided into seven sub-classifications.
Ten is intellectual property law, which is subdivided into four sub-classifications: trademark law, patent litigation, industrial and copyrights. There are a number of sub-subdivisions in each of these classes.
Another classification of business class is the partnership class. This classification comprises partnerships, corporations, trusts, unions and sole proprietorships. The types of business entities that fall in this class are listed below.
Corporations: These include organizations, firms, partnerships, corporations and limited liability corporations. Limited liability corporations (LLCs) are also referred to as S corporations.
Partnership: These include partnerships, partnerships and limited liability companies.
Limited partnerships: These are also called limited liability corporations. A partnership is a partnership that is owned by more than one person. Joint ventures are companies that have partners and an entity called partnership.
Limited liability partnerships: These are also called LLLPs or, lessors. A LLLP is not a corporation but a partnership. It is owned by one partner and has liability with another company. If one partner is liable and the other is not, then the partnership is considered an LLC.
Sole proprietor: This is another type of business entity and refers to any business that has only one owner. The proprietor is the owner of the business. The business may own land, buildings, machines or shares in a business. The proprietor is considered the legal and financial owner of the business.
Private law: This class covers business activities that are performed within the private or personal service of the public. This class includes insurance, real estate law, labor law and probate, but excludes bankruptcy law and criminal law.
Each classification has its own set of sub-classifications. The classification of business law differs from the other and is a matter of state, county, city and sometimes even federal law. A good lawyer can help you understand and classify your case and the laws governing it.