Business law is a wide-ranging subject covering all of the legal requirements a company must follow throughout its life-cycle. This may include laws and regulations governing business formation, funding, and ongoing operations and corporate governance. Ensuring compliance with all applicable laws is an important component of business risk management, and these laws may also shape business strategy.

Sometimes, business law is used interchangeably with corporate law, which focuses primarily on the legal structures, governance, and fundraising of businesses. There are different advantages and disadvantages to consider when establishing a business as a limited liability company (LLC) or a corporation (Inc), for example. Similarly, companies must consider legal ramifications when deciding on a financing strategy; for instance, going public with an initial public offering (IPO) has many requirements governing shareholder obligations and accounting disclosures.

More broadly, business law may encompass many aspects of commercial law that governs ongoing operations such as business transactions and how companies interact with their customers. This may include contract law, intellectual property law, environmental regulations, privacy compliance, and other types of consumer protections. Violating any of these legal obligations can expose a company to significant costs from fines and other legal penalties as well as reputational damage, making awareness and adherence of them essential.

Business law impacts all areas of a company, but roles in certain departments are particularly important for ensuring compliance. Financial managers and accountants need to ensure proper procedures are in place to produce accurate financial statements, which businesses are required by law to provide for lenders, shareholders, taxation authorities, and other stakeholders. Human resources managers similarly have a responsibility to ensure that contracts, benefits, hiring practices, and other aspects of employee relations are in full compliance with the law.

Professionals with a strong interest in business law may wish to become lawyers specializing in advising companies on these matters. Often called corporate counsels or in-house counsels, these lawyers advise executives on all manner of legal issues related to business formation and operations. According to the Bureau of Labor Statistics, lawyers earned a median annual wage of $122,960 as of May 2019, and typically complete a bachelor’s degree in English, government, history, or economics before attending a 3-year law school program.

Absolutely. Coursera offers courses and Specialization in business law and related topics like corporate law, intellectual property, and regulatory compliance. These courses are delivered by top-ranked institutions like the University of Pennsylvania and the University of Illinois at Urbana-Champaign, and the ability to complete work remotely on a flexible schedule makes learning on Coursera a great choice for students as well as mid-career professionals looking to expand their skill set.