Submitted To: Ma’am Maryam Farooq.

Subject: Business Corporate Law.

Submitted By: Hamza Masood BBA-19-C 128,

Abdul Ahad BBA-19-C 104 & Shafqat Khan Niazi
BBA-19-C 12.
Importance of business Law for Business Graduates
An overview of business law:

Business law covers all laws which govern how a company should be founded and operated.
It involves all the laws regulating how to begin, purchase, operate, and shut or sell any
company. Business laws make rules which all companies should follow. 

A professional business person should usually be aware of business regulations. It involves

state or national laws and also administrative legislation.

The main areas of business laws:

Business law is a wide sector of the industrial sector focused on laws governing business and
trade. There are mainly two areas of commercial law-

 Organization regulation by corporation law, partnership law, bankruptcy law, and

organization law.
 Business transactions are governed by contract law, e.g., dealing with legal problems
such as fraud, unauthorized trading, intellectual property, etc.

Pursuing business law for students may prefer to specialize in a particular field of personal
interest while studying business law. They can gain a broad overview of the subject. You
don’t have to choose to become a lawyer to study commercial law. You may be interested in
how law practice affects the market world if you want to start your own company.

The role of business law for business students:

Today, most of the good online MBA/BBA degree programs provide students with a broad
and varied insight into the business world. Leaving various MBA/BBA students presuming
they will learn all they need to enter business practice and appreciate a good career. Any
fantastic business student should know that business and entrepreneurship have more to offer
than just selling and buying. Many business people know that it is essential for them to
understand business law. 

Many think that why studying business law for students is important when they are pursuing
an MBA/BBA? Here is the answer:

1) Law is an essential aspect of the business:

While you are studying an MBA/BBA, you’ll learn that law is a vital part of any sector.
Business students require to have a good knowledge of the role of law in business before
starting their professions. Business law and statutory legislation have become more
complicated. New business projects need growing knowledge of the law and good
cooperation with lawyers to attain success. Business students who implement law practice
into their degree programs will operate their business smoothly and recognize and appreciate
their legal requirements.

2) The law impacts business in various ways:

One of the key things business students need to consider whenever it relates to the law is that
there are several elements of the legal field that impact the business directly. Most students
think financial, or market problems will be the key legal concerns that they will face
throughout their business career. 

Today, many companies face all manner of regulatory and legal problems during their
existence. For instance, businesses can face disciplinary action with workers who have been
hurt in the work environment or feel unfairly fired. Legal problems with consumers,
however, are not occasional. Most business practitioners will face issues throughout their
careers with trademarks and copyright, foreign trade, and transnational companies.

3) Why is business law for students important: What should they

learn?

 There’s a lot to learn as a business student regarding the law and how it affects business.
Overall, several business students often feel inadequate to deal with potential legal issues in
their careers as a law can sometimes seem hard to understand, particularly for those who do
not study it as the main college subject.

If you are presently preparing for an MBA/BBA, opting for modules intended to help you
understand business law is a good choice. Business law strengthens the capacity of the
students to think critically and to evaluate. These skills appear in a variety of different and
equally significant ways. These involve recognizing how outcomes arise from actions,
developing conceptual abilities, and developing logic through the recognition and removal of
reasoning biases. Law classes also use actual, concise, and simplified cases to enable students
to understand how to evaluate behaviour based on their possible consequences.

Various types of commercial or business law:

1 Banking laws:

Banking law is not a separate legal field, such as contracts or torts. It governs the collection
and transition of interest rates, checks, checking accounts activities, and other deposit
insurance numbers, negotiable instruments, etc.

2 Sales laws:

Sales laws regulate all transactions involving the selling and lease of products. Many of the
disputes are connected to the terms of the statutory sales agreement.

3 Mortgages:

A mortgage is a contractual agreement in which a person, for example, borrows money to

purchase property and has to pay back the money over the years and provides something as
security for loans taken from the banks or any other finance company.

4 Bankruptcy laws:

It allows for the removal and reduction of debts that can be discharged and can provide a
repayment plan for non-dischargeable debts.

5 Credit loan laws:

Consumer loan law regulates conflicts between credit card firms and borrowers.
6 Contract laws:

It is a contractual arrangement between two individuals or parties establishing certain duties

enforced by law under which there is a commitment to do something in exchange for a
beneficial one. Disputes resulting from a breach of contract are common nowadays.

Significance of studying business law for students:

It is not unusual for business management students to ignore business law benefits
throughout their studies. Consequently, they join the business sector without a thorough
knowledge of the different laws and the position of constitutional lawyers in setting up and
managing a business. 

However, knowing the different rules regulating their businesses can enable these young
professionals to understand their organizations’ legal needs. 

Furthermore, understanding the subject also makes the business owners understand its
positive and negative influence on the company. It can assist companies in making smart
choices to prevent legal problems and, at the same time, ensure consistent growth and
business profitability.

Skills required by the students for a successful career in business

law:

Students must possess these skills for having a successful career in business law:

Clarity of speech Fluency

Integrity Interest in Research

Objectivity Ability to work long hours

Good presentation skills Convincing power

Persuasiveness Good judgment of

 situation/people

Confidence Hard-working

Ability to assimilate and analyse

Intellect
facts

How business learners get advantage from studying law:

Unlike common opinion, learning law can be of interest to business students regardless of the
career path they want to follow. The knowledge of business law can prepare them for a
successful and rewarding career, whether they intend to join their family business or take up
a managerial post in a large organization, or even set up their venture. Mentioned below are a
few aspects in which studying law can benefit business students at top business schools.

1 Contract handling and legal contracts:

Legal agreements and contracts are essential to the smooth operation of a business. Students
in management who have in-depth knowledge of business laws can better understand the
terms and conditions of these agreements and assess whether they can be beneficial to the
business. They may also recommend to their legal staff that they make the necessary changes
to remove any terminology that could seem to contradict their corporate interests.

2 Be Clear About the Company Rights:

Gaining proper legal education makes company owners, managers, and other practitioners
aware of the enterprise’s rights. They will protect their company and defend it against any
illegal acts taken by other corporations or individuals. Such information will also be used to
secure the organization’s staff from abuse. The understanding of business law for students
helps them in managing these kinds of situations.

3 Start making everyday critical decisions:

As a part of day-to-day business operations, entrepreneurs and management professionals

must address a broad range of legal issues. Occupying sufficient legal awareness helps the
practitioners better understand these legal issues and their consequences. It, in effect, is
proving crucial in ensuring the professionals make the most valuable business decisions. It
also allows them to decide as per the need to seek legal help from experts to prevent any
major financial loss or other implications for the enterprise.

Career progress possibilities:

 Business law students proceed to various professions, involving government agencies,

finance, insurance, accounting, and management. Key duties involve, to name just a few,
business lawyer, financial analyst, paralegal, management consultant, risk analyst, operations
manager. You’ll have acquired a wealth of important skills highly regarded by employers
who want to move straight into the business arena.

In addition to good communication, negotiation, and presentation skills, learning business

law will improve superb writing, problem-solving, and analytical skills. Additionally, you
will learn and describe complex knowledge, both orally and in writing crucial characteristics
in the business world.  As a business law student, you will also have the chance to put these
key learning into action in real-life situations, further enhancing your potential employment
prospects.

Many professors recommend the study of business law for students. Additionally, you can
pursue your education, proceed on a graduate LLB degree, or continue a master’s degree in a
personal interest field. Various business law students choose such a path, preferring to
continue their studies and improve their expertise in a certain area.

Particular career opportunities or roles performed by business

law graduate:

We listed only a few key positions for graduates of business law to focus on below:

Management consultant:

 If you want to offer businesses advice to improve their performance, that position might be
for you. Management consultants deal with a wide variety of enterprises across different
sectors to help solve problems and stimulate growth.
Business lawyer:

The purpose of a business lawyer within organizations varies. Nevertheless, their research
focuses on topics directly impacting corporations, involving taxes, sales, and intellectual
property. Business lawyers require strategic thinking, expertise in negotiation, logical
analysis, and outstanding analytical skills.

Operations manager:

If systems and processes are your stuff, you might be keen on an operations management
career. Specific tasks involve a plan, procurement, resource allocation, and enforcement.

Legal secretary:

A paralegal’s work tasks vary based on their area of expertise and skill level. The daily role,
however, generally includes the preparation of legal documents, research, administrative
duties, the arrangement of interviews and meetings, and overall office tasks. This critical role
is instrumental in assisting lawyers in their work.

Conclusion:

It’s clear that a rapid transition is taking place in the way companies are working and
operating around the globe. The secret to ensuring a good career in this scenario. It is the
willingness of the management professionals at all levels to adapt, learn, and solve problems,
particularly legal ones. In this case, attaining complete knowledge regarding business law
helps you in performing your role irrespective of the presence of an expert legal team.

From the above discussion, now we get the complete knowledge of why studying business
law for students is important. Business law studies help students in increasing their critical
thinking ability. Become able to solve every type of Legal issues happens during Business.