Business Law Essentials You Always Wanted To Know: Self Learning Management

By Vibrant Publishers and Komal Shah

Business Law Essentials You Always Wanted To Know is a simple yet comprehensive introduction to the laws that impact businesses in the US.

It is not advisable for a business founder or owner to be completely unaware of the implications of the legislation on their business and depend totally upon a lawyer to advise and guide them. Business owners must have a working knowledge of the law in their own country so that they can avoid trouble and adhere to the laws.

Business Law Essentials is a compact but handy guide for learning about business laws in the US. Whether you are a student on the verge of beginning your career, a new business owner, or an employee, this book will provide you with a deep understanding of the legal limits within which an organization should function and how an organization interacts with the regulators for the specific business sector.

Some notable features of this book are:

• Coverage of general laws such as contract laws to very specific laws such as securities laws
• Coverage of laws that are recently developing, such as laws relating to data protection
• Explanation of the rationale behind the laws and features of laws in simple, jargon-free language
• Questions at the end of each chapter to test your understanding of the chapter rather than your memory.
• Explanations against the backdrop of real-world scenarios and examples

This book will give you a headstart into the field of business law and an ability to know where exactly to look, in the event an in-depth understanding of the laws is required.

• Language: English
• Publisher: Vibrant Publishers
• Release date: Jul 11, 2023
• ISBN: 9781636511719

Book preview

Business Law Essentials You Always Wanted To Know

Self Learning Management

Vibrant Publishers and Komal Shah

Published by Vibrant Publishers, 2023.

While every precaution has been taken in the preparation of this book, the publisher assumes no responsibility for errors or omissions, or for damages resulting from the use of the information contained herein.

BUSINESS LAW ESSENTIALS YOU ALWAYS WANTED TO KNOW

First edition. July 11, 2023.

Copyright © 2023 Vibrant Publishers and Komal Shah.

ISBN: 978-1636511719

Written by Vibrant Publishers and Komal Shah.

Online Resources

Access landmark case laws as part of the online resources. These case studies will give you an in-depth understanding of the laws. The case studies included are:

1.Marbury vs Madison

2.Gibbons vs Ogden

3.Corwin v. KKR Fin. Holdings LLC

4.Boilermakers Local 154 Ret. Fund v. Chevron Corp.

5.Lieberman v. Wyo..com Ltd. Liab. Co.

6.GreenHunter Energy, Inc. v. W. Ecosystems Tech., Inc.

7.Boechler, P.C. v. Comm’r,

8.Liebeck v. McDonald’s Restaurants 1995

9.United States v. Carroll Towing Co.

10.Encino Motorcars, LLC v. Navarro

11.Genesis Healthcare v. Symczyk

12.TransUnion LLC v. Ramirez

13.Salzberg v. Sciabacucchi

14.Walters v Morgan (1861) 3 De Gex, Fisher & Jones 718; 45 ER 1056.

15.Bartenwerfer v. Buckley

16.Marrama v. Citizens Bank

17.State St. Bank & Tr. Co. v. Signature Fin. Grp.

18.Marbury vs Quanta Comput., Inc. v. LG Elecs., Inc.

To access the templates, follow the steps below:

1.Go to www.vibrantpublishers.com

2.Click on the ‘Online Resources’ option on the Home Page

3.Login by entering your account details (or create an account if you don’t have one)

4.Go to the Self-Learning Management series section and click on the ‘Business Law Essentials You Always Wanted To Know’ link and access the templates.

Happy self-learning!

Business Law Essentials

You Always Wanted To Know

First Edition

© 2023, By Vibrant Publishers, USA. All rights reserved. No part of this publication

may be reproduced or distributed in any form or by any means, or stored in a database

or retrieval system, without the prior permission of the publisher.

Paperback ISBN 10: 1-63651-170-8

Paperback ISBN 13: 978-1-63651-170-2

Ebook ISBN 10: 1-63651-171-6

Ebook ISBN 13: 978-1-63651-171-9

Hardback ISBN 10: 1-63651-172-4

Hardback ISBN 13: 978-1-63651-172-6

Library of Congress Control Number: 2023935585

This publication is designed to provide accurate and authoritative information in regard to the subject matter covered. The Author has made every effort in the preparation of this book to ensure the accuracy of the information. However, information in this book is sold without warranty either expressed or implied. The Author or the Publisher will not be liable for any damages caused or alleged to be caused either directly or indirectly by this book.

Vibrant Publishers books are available at special quantity discount for sales promotions, or for use in corporate training programs. For more information please write to [e-mail]

Please email feedback / corrections (technical, grammatical or spelling) to

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SELF-LEARNING MANAGEMENT SERIES

About the Author

Komal Shah has worked for over 20 years in the domains of corporate law and corporate governance in various in-house roles. After qualifying her law and company secretaryship in India, Komal led the initial public offering of India Infoline Limited as its company secretary and compliance officer. Later, she moved to Dublin, Ireland, where she worked in various roles in the corporate governance function with a carbon credits trader called EcoSecurities (where she was managing the compliance for subsidiary entities located in 19 countries of the globe, including the United States) and BFSI entities such as DEPFA Bank, Citibank, and Northern Trust. After moving back to India, she headed and scaled the content function at LawSikho, a legal ed-tech company providing high-quality legal learning courses. She curated and created courses in international law and particularly US law based courses in this function. She was elevated to the position of a Co-founder for her contribution. Currently, she leads the business legal clinic for LawSikho where she helps early-stage startups with their contracts and compliance, while at the same time enabling students of LawSikho to work and develop hands-on expertise in international contract drafting and compliance-related work. She has helped numerous startups located in India, US, UAE, Singapore, Australia and other countries with respect to their contracts, entity formation in the US, flipping, acquisitions, corporate structuring and investment transactions.

Table of Contents

1Legal System in the United States

1.1 Different Types of Legal Systems and the Legal System Prevalent in the United States

1.2 The US Constitution and How It Impacts the Legal System

1.3 Federal and State Laws

1.4 The Hierarchy of Courts in the United States

1.5 Commercial Laws: Uniform Commercial Code and other Uniform Codes

1.6 Are There Any Laws Relating to Ethics and Social Responsibility in the United States?

Quiz

Chapter Summary

2Forms of Business Organizations and How to Choose the Right Forms

2.1 Unregistered Forms of Business: Sole Proprietorships and Partnerships

2.2 Registered or Incorporated Forms of Businesses

2.3 Professions and the Forms of Business Used By Professionals

2.4 Factors Affecting the Choice of An Appropriate Business Form

Quiz

Chapter Summary

3How to Form Business Entities and Leading States for Formation

3.1 States Which Are Preferred For Registration or Incorporation of Entities

3.2 What is the Role of the Secretary of State in the Formation of Companies?

3.3 How Are Limited Liability Companies Formed?

3.4 How to Incorporate Business Corporations?

3.5 How Are Limited Partnerships Formed?

Quiz

Chapter Summary

4Basic Taxation Regime and Tax Registrations Required

4.1 Difference Between Direct and Indirect Taxes

4.2 Direct Taxes Prevalent in the United States

4.3 Indirect Taxes Prevalent in the United States

4.4 Which Types of Taxes Are Imposed at a Federal Level?

4.5 Which Types of Taxes Are Imposed at a State Level?

4.6 What Are the Important Registrations Required for Businesses Under the Tax Laws in the United States?

Quiz

Chapter Summary

5Employment Law, Social Security, and Other Benefits Systems

5.1 An Overview of the Employment Laws in the United States

5.2 Discrimination and the Role of the Equal Employment Opportunity Commission

5.3 Laws Relating to Hiring Foreign Workers

5.4 Laws Relating to Social Security

5.5 Employee Incentive Schemes and How These Are

Used By Companies

Quiz

Chapter Summary

6Contract Law and Enforcement of Contracts

6.1 Essential Elements of a Valid Contract

6.2 Contracts Provided for in the Uniform Commercial Code

6.3 Contracts Provided for Under Common Law in the United States

6.4 E-contracts

6.5 Contract Law Provisions Related to Payments

6.6 Impact of Laws Relating to Banking Systems and Electronic Financial Transactions on Contracts

6.7 Breach and Enforcement of Contracts

Quiz

Chapter Summary

7Intellectual Property Law and Intellectual Property Registrations

7.1 Intellectual Properties Recognized by US Laws

7.2 What Can Be Registered as a Trademark and What Are the Benefits of Registering Trademarks?

7.3 What Are the Things You Can Get a Patent for in the US and What Are the Rights Associated With a Patent?

7.4 What Rights Are Included Within a Copyright According to US Laws?

7.5 What Does the Digital Millennium Copyright Act Provide For?

7.6 What is the Role of the United States Patents and Trademarks Office in Ensuring Intellectual Property Protection?

7.7 Registration of Intellectual Properties

Quiz

Chapter Summary

8Data Protection and Privacy Laws

8.1 Health Insurance Portability and Accountability Act of 1996 (HIPAA)

8.2 Fair Credit Reporting Act

8.3 Family Educational Rights and Privacy Act (FERPA)

8.4 Children’s Online Privacy Protection Act (COPPA)

8.5 Gramm-Leach-Bliley Act or Financial Services Modernization Act

8.6 Electronic Communications Privacy Act (ECPA)

8.7 Video Privacy Protection Act (VPPA)

8.8 State Laws Relating to Data Protection and Privacy

Quiz

Chapter Summary

9Real Estate Laws

9.1 Federal Laws Relating to Real Estate

9.2 Fair Housing Act

9.3 State Laws Relating to Real Estate

Quiz

Chapter Summary

10Tort Laws

10.1 What Are Tort Laws and What Kind of Remedies Do Tort Laws Provide?

10.2 What Are the Tort Laws Prevalent in the United States?

10.3 What Is the Difference Between Negligence and Intentional Torts?

10.4 Torts Giving Rise to Strict Liability

10.5 Product Liability and Laws Applicable to Product Liability

10.6 Consumer Protection Laws

Quiz

Chapter Summary

11Basics of Securities Laws and Regulation of Capital Markets

11.1 What Are Securities?

11.2 Major Federal Securities Laws Prevalent in the United States

11.3 Corporate Governance and Corporate Responsibility

11.4 Intermediaries in the Capital Market

Quiz

Chapter Summary

12Bankruptcy Laws

12.1 Laws Relating to Bankruptcy in the United States

12.2 When Can An Individual Be Declared Bankrupt?

12.3 When Can An Entity Be Declared Bankrupt?

12.4 Procedure To Be Followed For Resolution

12.5 Consequences - What Happens in the Aftermath of Bankruptcy?

Quiz

Chapter Summary

Preface

Often founders wonder why they should know about the laws impacting their business. Wouldn’t it be better to simply hire a lawyer to take care of the legal requirements? But here’s the thing: availing specialized legal services is expensive and finding reliable legal services is difficult. Even when you hire a lawyer, you need to be aware of what it is that you need them to do for you. If you don’t even know that, then you may be billed significantly high since you are expecting the lawyer to think and strategize for you.

This is why, it is essential to gain at least an overview of the laws that impact your business, and the laws that you may need to resort to while dealing with other persons or companies. It is not necessary that you become a lawyer or a legal expert, but it is necessary to gain a basic understanding of the laws you need to comply with, which actions you can become liable for, and what rights you have against a counterparty as a business owner.

Business Law Essentials You Always Wanted To Know (Business Law Essentials) gives you a comprehensive overview of all laws that you may become subject to, in the course of carrying on and running a business. It starts by explaining what a legal system is and the type of legal system that is followed in the US, the different forms of business organizations available as well as laws that would be applicable to an ongoing business, even in very early stages such as taxation, employment laws, intellectual property laws and so on. It even includes a basic understanding of bankruptcy laws, just in case a founder discovers down the road that a business is not viable.

The language used in the book has intentionally been kept free from legalese and at times, conversational, to ensure a simple explanation of the purpose behind a specific law and how it impacts day-to-day transactions. It does not get into complicated details and interpretations like a legal book but explains the impact of laws like a business book. I hope that it will be an effortless read.

Introduction to the book

The gamut of laws that can become applicable to a business can overwhelm a business owner. A prime principle of compliance with the law is that ignorance of the law is not an excuse and therefore, non-compliance can land a business heavy penalties.

Business Law Essentials moves along the stages which a business may pass through and deals with different laws which are relevant at different stages. It provides a basic idea about how businesses can be formed, and laws surrounding essential ingredients for the operation of businesses such as taxation, intellectual property, employment law, contracts, etc. As most businesses in today’s world are either technology-based or have a tech front, an introduction to data protection and privacy laws has also been included. As businesses grow, factors such as the purchase of real estate, the possibility of actions by customers, and issues of securities to investors become relevant and therefore, this book covers those factors as well. Last, but not least, it also covers bankruptcy laws which can help determine what needs to be done in the event a business does not succeed.

After reading this book, you should be able to answer the below questions for yourself:

What are the available forms of business in the US and what is the form your business should take?

Which taxes are applicable to your business and which tax registrations do you require?

How can you protect your brand - how can it be registered as intellectual property?

What makes a contract valid and which laws are applicable to different types of contracts?

What types of employment laws are you required to comply with?

What kind of laws are you required to comply with when you want to issue securities?

How to use this book?

This book can be used to gain an initial understanding of the laws applicable to a business. The chapters in this book are deep enough to merit an independent book in itself. However, this book attempts to introduce you to the laws that affect businesses in the US.

1. Use this book to gain a general idea about business laws in the US. At times in the book, you will also discover the logic behind why a specific law was enacted and