Business Law – What is Business?

The word business actually comes from the words organization and means dealing with affairs. It usually deals on long term basis. In the early years, the creation of the joint stock company meant that there would be less need for manual labor. These companies were more or less instituted as a way of handling business, but they later went on to become big organizations. The evolution of the business is what helped business to grow to become a massive entity that it is today.


There are many types of businesses. There are those which are completely based on the concept of joint-stock. Then there are the corporations, partnership, limited liability companies, partnership, general partnership, limited liability partnership and also the domain names, which can be in any of these forms. The creation of any type of business requires that certain documents are created, and these include the bylaws, the articles of incorporation, the operating agreement, the shareholders agreement, the credit policy and the security policy.

The formation of a corporation involves several other papers which cannot be covered in this article. However, we will look at a few important topics here, such as limited liability, where corporate law revolves around the concept of whether or not a corporation can have limited liability. Limited liability means that the shareholders of the corporation will not be held personally liable for the debts of the corporation. Other important topics here include the formation of a corporation, its nature, the purpose, number of shareholders, capital structure, transfer of ownership, control of company assets, acquisitions, selling of company assets, restrictions on transfer of stocks, ownership of shares, partnerships, partnership, indemnity and finally, the dissolution of the corporation.