When it comes to business, leaving law to the lawyers is not enough. Decision-makers and upper management also need to understand business law. Online MBA programs cover many essential subjects, including business law and ethics. These programs provide students with an overview that covers subject areas like law sources, contract management and negotiation, federal governmental influences and more.
The “business law” label applies to many topics of study, and it is impossible to cover everything in one course. However, business students do not need to understand every intricacy of the law; rather, they need only general, working knowledge. The Business Law and Ethics for Decision Makers course at the University of Tennessee Chattanooga, for example, covers the essential topics decision-makers will need in the professional sphere.
General Business Law
Business law covers everything from tax law to real estate to contracts to bankruptcy and beyond. This type of law regulates the establishment of new companies as well as the expansion of existing businesses. A business is a sole entity under the law, and as such, is subject to certain rules and regulations, just like individual citizens. Laws and regulations ensure that companies abide by the rules. Though attorneys handle the intricacies of this type of law, it is important for decision-makers to understand the regulations governing their industries.
The study of business law also includes the study of ethics. Business ethics refers to a moral code that guides a business’s operation. Business law and ethics work hand in hand. When business leaders and decision-makers decide to adhere to an ethical code, they make it easier to work within the parameters of the laws governing their organizations.
The Value of Understanding Business Law
Business leaders and decision-makers familiar with business law are less prone to legal mistakes. Further, understanding the laws and regulations involved in starting a new business saves entrepreneurs time and effort. These laws, properly understood, are an instruction manual for new business owners, covering everything from business structure to licensing and employment.
In the same vein, decision-makers in existing companies also need to understand the regulations governing their industries. Understanding employment law and tax law will save these decision-makers time and money. Further, these regulations equip decision-makers with the tools they need to work with the public, other companies and law makers.
An online MBA program can prepare students with a solid foundation in business law. Classes offer students the tools they need to run a business effectively, whether in a startup environment or with an established business. This type of law requires a keen understanding of its general concepts so professionals can communicate with and benefit from the more specific expertise of business lawyers and regulators.
Learn more about the University of Tennessee Chattanooga online MBA program.
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