3. Students may think that the main legal problems they'll face in the corporate world will have to do with market or financial issues, but in reality, many businesses will face legal  and regulatory challenges throughout their life-cycles. It is an important topic to understand because business transactions are very intertwined with society. Business law serves as a way to maintain order among businesses, brands, and companies alike. Why Business Students Should Study Law #1. Business law is an important topic to understand due to how intertwined business transactions are with society. Business law is an important topic to understand due to how intertwined business transactions are with society. In this context, having comprehensive knowledge about the business laws can prove to be a major help irrespective of presence of an expert legal team within the organization. Technology's influence on business and … Professor Clifford Larsen, Dean of the Bucerius Master of Law and Business, saw the need to bring legal and corporate professionals together because modern business ventures require both knowledge of the law and cooperation with lawyers. However, business is not just about ensuring maximum profitability by undertaking the sale and purchase of diverse products. As a result they enter the corporate world without having a thorough understanding of the various laws and the role of legal professionals in establishing and running a venture. Studying law opens doors to many professions around the world. This practice area includes regulations and statutes related to businesses, individuals, and families in their roles as workers, citizens, and consumers. The Danger of Team-Building Activities and Ice-Breakers, How to Switch Careers & Potentially Transform Your Life, My New Respect for Retail Employees and a Serendipitous Message from an Artist, You Can Never Truly Be a Business Owner as an Employee. Students in the Bucerius Master’s program study the life cycles of businesses, so they learn how to succeed including learning from their mistakes. The Law Affects Business in Different Ways The laws also help to provide certainty and stability to the customers of the business, besides providing a means to resolve disputes and protect the … ", These studies will also help students identify and understand international business opportunities and transactions. Aspiring business leaders should consider studying a Master of Business Law online that covers a variety of tools you can use to manage your organisation more effectively. These Are the Workers Most At Risk of Being Laid Off. Business students may feel unprepared to tackle legal subjects because the law can seem difficult to understand. Students know that there's a lot more to business than buying and selling, but savvy business professionals also need a thorough understanding of the law. It helps managers understand business ethics and how to run an authentic and proper business. As a result, many aspects of the Bucerius program, such as the Master’s thesis and internships, focus on helping students improve their communications abilities. One of the main things for business students to understand when it comes... #3. Handling Contracts And Legal Agreements: Contracts and legal agreements are an integral to smooth business operation. One of the reasons it is so important for business students to learn and understand the law is that there are many types of laws that impact the various business sectors in many different ways. This information can also be use to keep the organization protected from harassment by its own employees. These programs are specifically designed to offer a broad view of the business world and help the trainees to understand the various intricacies of running a business in a successful manner. It's important for business owners to understand how business law impacts commerce both domestically and abroad. Whether they intend to join their family business or take up a managerial post in a major organization or even set up their own venture the knowledge of business law can prepare them for a successful and rewarding career. Contrary to the popular belief, studying law can prove beneficial to business students, irrespective of the career path they choose to pursue. In the Bucerius program, students  with law and business backgrounds learn and work side-by-side, which allows them to develop these communications skills organically. It is an important topic to understand because business transactions are very intertwined with society. Possessing appropriate legal knowledge enables the professionals to not only fully understand these legal issues, but also their consequences and implications for the business. As Professor Ribberink and Mr. Meier point out, new agreements and regulations  such as the Transatlantic Trade and Investment Partnership or "increasing levels of consumer protection in the financial system" are making interactions between businesses and the law  more complex than ever before. Be Aware About The Business Rights: Having gained proper education about the law, makes the business owners, managers and other professionals aware about the rights of the venture. Management trainees possessing in-depth knowledge about the business laws are able to better understand the terms and conditions of these contracts and access whether or not these can prove advantageous for the business. Most MBA programs offer a broad overview of the business world, and students might assume that they're learning everything they need to enter business practice. In the absence of these laws, it will become extremely difficult to control the various activities that are undertaken in the name of the business. While there are many programs that allow students to specialize in business law, most of these programs target law students hoping to represent businesses or work in corporate legal departments. Importance Of Studying Law For Management Trainees. As traditional business degrees often overlook the increasingly complex intersection of law and business, the Bucerius program, designed for both businesspeople and lawyers, offers comprehensive legal and business instruction. In this scenario, the key for ensuring a successful career is for the management professionals at all levels to have the ability of adapting, learning and solving problems, especially the legal ones. If you want to put yourself on the path to politics, pay attention. Having a basic understanding of the various laws that are applicable to a business is one of the finer aspects of learning effective business management. Professor Larsen's work in an international law firm showed him that it was "a good idea to bring lawyers and corporate people together because they absolutely needed to be able to work together, in practical ways." For example, most corporate professionals will, at  some point in their careers, encounter issues that pertain to trademark and patent laws; transnational corporations or those involved in international trade  may need to be aware of and adhere to several different tax laws. When it comes to gaining information about the various aspects of business practice, most aspiring candidates opt for a business management program offered by renowned institutes. Importance of Business Law :- Business formation Help in the drafting of employment contracts Federal trademark and copyright protection Licenses and permits … Thankfully, aspiring management trainees do not need to enrol with the renowned law colleges in Delhi NCR for gaining basic education in business law.

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