What Are Business Laws And How They Impact Commercial Transactions and Licensing?

In current times, business is one of the major aspects that assist in driving the economy of a state. This is because it assists in the flow of cash all across the globe. However, this is noteworthy that there are certain business laws that impact commercial transactions and licensing of the business. To understand this in an appropriate manner, let’s take a look at the fundamentals of business law and how they impact businesses’ transactions and licensing. In this thread, we will also be figuring out all the significant laws and regulations that are applicable to businesses in Australia.

Business Law: A Definition

In crude terms, business law is the body of law that focuses on governing the business and commercial activities, including all the transactions and licensing. In the complicated market system of the business world in today’s generation, for the smooth functioning of the businesses, business laws have become mandatory. The section of all the relevant laws that deal with business assists in running a business in a disciplined manner for all the parties, be it consumers or the producers and employees working for making business. In addition to this, business law also provides protection to businesses against any adverse circumstances.

Types Of Businesses

There are various types of businesses that are run all across the globe within the international market. However, some of them are as follows:

Sole Proprietorship.
Partnerships.
Limited Partnership.
Corporation.
Limited Liability Company (LLC).
Nonprofit Organization.
Cooperative.

Main Branches Of Business Laws

There are a couple of branches of business laws that govern businesses all across the globe. However, some of the branches of business laws are as follows:

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

Australian Business And Environment Laws

Following are some of the laws that are applicable to Australian business and the environment. These are mainly categorized into five sections. These are as follows:

Competition Laws

The competition laws are enforced and administered by the Australian Competition and Consumer Commission (ACCC). Within the business rights of ACCC, the following criteria are taken into consideration. These are as follows:

Franchisee rights
Growers of horticulture produce
False or misleading claims
Petrol retailers
Make a complaint
Repair, replace, refund on business purchases
Business behaviour that limits competition
Supplier refusal to supply goods or services

Competition and Consumer Act 2010

This act broadly covers the following areas:

Mergers and acquisitions of organizations
Price monitoring
Industry codes
Product safety
Product labelling
Collective bargaining
Unfair market practices
Industry regulation that includes airports, electricity, telecommunications, gas, etc.

Consumer Laws

The consumer laws are administered by a body of the Australian Consumer Law or the ACL. Under this law following things are covered:

Regulations over the unfair contract period.
Consumer rights guarantees/
Product safety laws.
Unsolicited consumer agreements.
Lay-by agreements.
Penalties.

Product Liability Regulations
The Australian Competition and Consumer Commission (ACCC) body of the framework focuses on implementing laws and regulations that can ensure product safety and standards of information. These mainly ensure that consumers don’t receive any harmful products.

Environmental Legislation

In Australia, a governmental body of state and territory along with the local governments focus on the environmental protection in their state. Additionally, the Australian Government legislation administers the process of assessment and approval of concerns that deal with the national environment and cultures.

Privacy Laws

The Office of the Australian Information Commissioner (OAIC) deals with the privacy laws within the business that broadly focuses on how businesses access, collect, and store their confidential information and communication.

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