One of the critical pillars of the nation’s development is Business. When we think of business, we visualize an activity that has an economic goal of It is seen as an economic activity of unending supply which is born out of continuous production and distribution of essential and luxurious commodities. Businesses help in the development of an economy by creating means of investments, boosting job opportunities, creating sources of revenue, and ultimately improving the quality of life for the citizens. Now, Business is no longer a basic concept of selling and buying of goods. Rather, multiple parties get involved, especially in case of multinational companies who have international ties and are not limited to a single country. Here, Business Law comes into the picture. It sets certain guidelines in place making it easier to navigate through the strenuous process of setting up and managing businesses which are legally acceptable in foreign countries. Business Law includes all the important and necessary laws that govern the formation and functioning of a business. This includes laws that govern the start, the managing and the selling or closing of any business. These laws set certain rules and guidelines with which a business must follow. Both the administrative regulations and state laws are included in it.

Important Topic — Law Entrance Exam 2020

The mention of Business Law can be found in ancient India Kautilya’s Arthashashtra which had provisions of contracts related to business, including sale, purchase, etc. The establishment of the East India Company was a major step in formalisation of Business Law in India. The Indian Contract Act, 1872 is one amongst the oldest commercial Indian law.

Law Admission

LLM In Business Law is a postgraduate civil law course which has a duration of two years and is divided into four semesters. It includes skills like how to regulate business ties, strategic expertise, legal awareness to run the business and general as well specific managerial skills in a business. Entrance tests are mandatory in university for the purpose of Admission in such courses. Students are required to sit for an Entrance Test. The test has a set pattern that tests the subjective knowledge, logical reasoning capabilities and communication skills of the applicants. A business Lawyer is vital for the smooth functioning of a business as they help in managing the legal aspects of opening and running a business.

Business forms one of the critical pillars of a nation’s development. Stephenson defines business as, “The regular purchase or production and sale of goods undertaken with an objective of earning acquiring wealth and profit through the satisfaction of human wants.” According to Dicksee, “Business refers to a form of activity done with an objective to earn profits for the benefit of those on whose behalf the activity is conducted.” Lewis Henry defines business as, “it is the human activity which is directed towards acquiring wealth or producing through buying and selling of goods.” Businesses helps in the development of an economy by boosting job opportunities, creating sources of revenue, creating means of investments and ultimately improving the quality of life for the citizens of a nation. Businesses have evolved from the primitive concept of barter system to Shrenis in the eighth century BC which were guilds and associations of workers who were the first firms that could independently enter into contracts or own property which also entailed that they could be sued or could sue. By 960 AD, during Song dynasty in China, there was the emergence of the first partner ships and joint stock companies that resembled our own modern structures. In 1500 AD, with the beginning of government backed trading, companies like the British East India Company began building international trading empires. Furthermore, The Industrial Revolution changed the face of businesses as standardisation of the processes were emphasised upon. The advent of modern-day globalisation completely changed the definition of businesses as their concept changed from isolated units into large businesses with markets all over the world. Business no longer remains the basic concept of buying and selling of goods. Rather, multiple parties are involved, especially in multinational companies which have international ties and their reach is not limited to a single country. This is where Business Law comes into picture. It sets certain guidelines into place which makes it easier to navigate through the murky waters of setting up and managing businesses which are legally sound, especially in foreign countries. Business Lawyers are hired by companies mainly for this purpose, to ensure that their company or any decisions they take are not in violation of any law or legal principles.

Business Law, also known as Mercantile or Commercial law, is a broad area of law which covers many different types of law and topics. This includes laws that govern the starting, the managing and the closing or selling of any business. Business Laws set certain rules and guidelines that a business must follow. They include both administrative regulations as well as state laws.

Evolution of Business Law

The exact origin of Business Law is unclear, however the earliest mention of Business Law in ancient India can be found in Kautilya’s Arthashashtra which had provisions of contracts related to business, including sale, purchase, etc. A contract was only held valid if it was made with the consent of the competent parties and if it did not violate any moral or public policies. Provisions for fraud and misinterpretation were also made in the Arthashashtra and the invalid contracts could be revoked by the parties and the wrongdoer had to pay compensation or damages. Apart from this, other elements of businesses such debts, deposits, labourers, cooperatives, master- servant relationship was also covered under the Arthashashtra.

The establishment of the East India Company was a major step in formalization of Business Law in India, earliest being the Indian Contract Act, 1872. The Sale of Goods Act, 1930 and The Indian Partnership Act, 1932 followed it. Post-Independence, The Indian Companies Act was passed in 1956 which has been amended several times since then and was ultimately reformed as the Companies Act, 2013.

Role of business lawyers

Assisting businesses to resolve complex legal issues by preventing them and navigating them. Advising and supporting businesses on establishing their company’s policies, structure, procedures and objectives for their business operations. To ensure that all the relevant outcomes and laws are obeyed and understood by businesses. Solving and investigating into legal disputes by analyzing the applicable laws and collecting valid proofs to develop legal arguments for the courts. To properly complete the paperwork by apt drafting, revision, and verification of files in accordance of laws related to business operations. To examining and report any existing or potential legal issues to the authorities. To negotiate transactions, contract terms, and settlements on behalf of the businesses which are involved. To ensure that all business strategies, processes and actions are complying with the relevant local, federal, and international laws. To manage multiple cases, clients, and legal activities which carry different deadlines.

LLM In Business Law is a postgraduate civil law course which has a duration of two years and is divided into four semesters. It comprises of regulatory wisdom, business skills, business knowledge, vast legal and strategic prowess. The LLM Business Law Course is appropriate for those who want to get a strong hold on the legal focus on the legal facets of mercantile operations, like drafting of contracts, insurance, issues related to insolvency financing, etc.

LLM Business Law Eligibility

The minimum requirement is a completed LLB degree or its corresponding from a recognized University. Candidate should have obtained at least an aggregate of 55% marks (50% for the ST/SC/OBC applicants).

Institutes for LLM Business Law

National Law School of India University, Bangalore

Symbiosis Law School, Pune

ICFAI Law School, Hyderabad

OP Jindal Global University, Sonipat

Sharda University, Greater Noida

Amity Law School, Noida

Delhi University, Delhi

Jamia Milia Islamia University, Delhi

Procedure for Admission into LLM Business Law Course

Students are required to take a written test, followed by a personal interview where the student is assessed based on their academic performances in classes X, XII and during graduation.

Some LLM Entrance Tests in India include: Amity Law School Entrance Exam, CLAT-PG, Delhi University LLM Entrance Exam, Jamia Milia Islamia University LLM Entrance Exam, Law School Admission Test for India for LLM (LSAT India PG)

Job Opportunities

Legal Counselor — Legal counselors are important in rendering legal advice to firms and corporate houses in regard to maintenance of compliance with legal procedures and framework. Average salary is around INR 2.7–3.38 Lakhs for newcomers. Notary, Oath Commissioner — Their duty is to take affidavits, validate and dealings by means of fraud, robbery and extortion. Expected salary on an annual basis is around INR 8.43 Lakhs, as a starting package. Civil Judge — A civil judge is involved in presiding over the cases of civil nature at district court or tribunals. Usually their annual salary is between INR 5.98–6.30 Lakhs. Legal Researcher — A researcher is involved in a variety of works like analysis, synthesis and framing of various drafts and affidavits related to statutory and constitutional laws. Average starting salary is around INR 2.2–2.42 Lakhs. Assistant Professor — They are responsible to educate students, publish their independent academic efforts in books, journals etc. Average annual salary is around INR 4.2 Lakhs.

Other Top Recruiting Areas include: Educational Institutes, Private Practices, News Channels, Banks, Multinational Companies, Business Houses, International Organisations, Legal Consultancies, Judiciary, Government Departments, etc.

Top Recruiting Companies include Railways, HDFC, ICICI, HSBC.

Conclusion

A business Lawyer is vital for the smooth functioning of a business as they help in managing the legal aspects of opening and running a business. They help in choosing a suitable business structure, prevent lawsuits, draft contracts, protect intellectual property, review real estate leases and agreements. Hence, a post graduate degree in business law is one of the most sought-after field of studies for higher education.