Business Law Knowledge is Essential for Success

America was built on the spirit of entrepreneurship and building something from virtually nothing. This concept is in fact the basis for the American Dream, which tells every child that regardless of what social economic class that they are born into in life, they still have the ability to make their dreams come true. The words "life, liberty and the pursuit of happiness" are not just words in America. These are probably the most quoted words from the Declaration of Independence and the foundation for our belief system that the right to happiness is an unalienable right. These words are the heart and soul behind what business law is all about when you examine it closely. 

Remember, it wasn't that long ago that a person could start their own company simply by showing up and hanging up a shingle announcing they were open for clients. It didn't matter what type of entrepreneurship it was either. Even a dentist with no education or training could simply set up shop by calling themselves a doctor. And it was only a hundred and fifty years ago that the cry of gold went out and the ensuing chaos followed, with every abled bodied man heading west for his fortune leaving his family, farm and job behind to pursue it.  And while very few gold miners ever saw their fortune in panning for gold, many a laundress found her fortune in the gold dust that came off the miner's clothing in the wash cycle. 

Today the same laundress would have to create a business plan as either sole proprietor or a partnership and she would have to go through a lot of red tape to demonstrate she was properly disposing of the water and soap products to EPA standards and then of course there would be the tax liability and tax write offs.
So even while the foundation remains the same, the rules to succeed in the corporate world have become more complex than they were in the heyday of the gold rush. The average person can no longer just open a company without government rules and regulations dictating some aspect of the business. As complicated as this can make things for the entrepreneur, it also works to protect the small guy when problems arise. 

Even as the rules have changed and outwardly made "the pursuit of happiness" more complex, the changing rules have also increased the protection levels for the small guy in a world that is increasingly ligation happy. After all, the gold miners didn't sue the laundress for keeping the gold dust off their clothes -- which they certainly would have done in today's litigation happy world. 

So while business law may be complex, it is worth the time to understand and explore its protection values for your company, regardless of the size of your business. Which means before you hang up your shingle, consult an expert in business law and make sure your assets are covered from litigation and government sanctions.