There are two main classifications of business law. The first kind of business law deals with the regulation of commercial entities such as corporations and LLCs. The second kind applies to commercial transactions such as the sales of goods and transfers of property.

As a businessman and even as an employee, you are likely to encounter a wide variety of business laws during your career and life. Some laws may be more relevant to your business than others. Still, all business laws will have to be complied with, or you run the risk of facing penalties to your business or your job security.

One kind of important business law is employment law. This field of law covers workers’ compensation, employee discrimination, hiring, and employee benefits. Complying with employment laws is essential as employment lawsuits can be costly to employers and damaging to a company’s reputation.

The uniform commercial code or UCC governs the sale of goods and property. This code covers many business practices that include leasing goods, selling goods, and business contracts. Merchants and lessors especially need to be aware of the UCC and its application to their business transactions.

Suppose you are involved in creating a unique product or service or have a brand. In that case, you need to be aware of intellectual property laws. Being aware of intellectual property laws can help protect you from other people that may try to take advantage of your brand or product to their own benefit and to your detriment. Being aware of IP laws can also help you avoid litigation and headaches from possible infringement of other people’s intellectual property.

Employers that hire foreign workers need to be aware of immigration law. The rules for foreign and temporary workers can be very different from domestic workers. It is essential that you understand what you are required to do and how you can set up foreign workers to work for your business legally without issues.

Antitrust law is another type of business law. Often, antitrust law is most relevant to major corporations in a highly competitive business environment. It is important that no businesses violate antitrust law so that there is competition and a level playing field in the marketplace. Understanding antitrust law can not only help you comply with the existing antitrust law and avoid penalties, but it can help protect your own business from the illegal behavior of competing companies.