The Online Business Degree Equips You with an Understanding of Business Law
One area you will have to learn if you start your own or work for another business is the area of business law. Business is regulated in the United States and other countries by corporate, tax, commerce, and securities law. And we all know that simply stating we have no knowledge of a law does not hold up in court. The online business degree program you choose should have at least a class in business law or else you will go into your career blind as to the regulatory nature of business and mistakes could be hard lessons to learn. Let’s take a brief look at how a business law class as part of your online business degree helps you in your future business endeavors.
You will learn the basic business organization structures. The business law class you take as part of your online business degree program will expose you to the three main legal business structures: sole proprietorship, partnership, and corporation. There are also other variations of these structures such as a limited liability company and S-corporation. The point is that in your online business degree program, you will learn how each is set up and how they are viewed in terms of personal liability and taxation.
Your online business degree program should include the law of contracts. The contract is the basis for the service business. These days, the United States is mostly a service-oriented economy so you will no doubt need a thorough understanding of business law as it pertains to the negotiation and performance of a contract. The business law class of your online business degree curriculum should cover contracts quite extensively.
Understanding what remedies you have under the law. The business law class you take as part of your online business degree program should also cover what remedies you have available to you when there is non-performance of a contract. You will also be educated on the Uniform Commercial Code (UCC) which was adopted by all states with the exception of Louisiana. The UCC gives guidelines for the regulation and conduct of business across the nation.
A business law class should go over employment law as well. Your online business degree should prepare you to enter the business world and for the future of your career. In your future, you may start a business or move into management. At these stages of the game, you will no doubt have to deal with employees and employment law. Not being equipped with knowledge in these areas could leave your business open to a lawsuit by an ex-employee who believes he or she was mistreated. Particularly complicated in this area of business law is the hiring and firing of employees and it is crucial that your online business degree program prepare you for that.
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