Business Law vs Company Law: Check Key Differences
Are you trying to figure out the difference between Business Law and Company Law? This article will enlighten you with the key points that make these courses stand apart. Read on!
Law is a vast field of study, encompassing a wide variety of specializations. Students often choose an area of specialization according to their future plans and interests to pursue higher education in this field. However, there are some areas of specialization in Law, about which there is confusion among the students. One such area is Business Law and Company Law . While both may sound alike but in reality, the two Laws are quite different from each other. Organizations need both Business Law and Company Law to streamline their operations. Students aspiring to make a career in the corporate sector must have a clear understanding about both the laws. So, let us know about Business Law and Company Law in detail.
What is Business Law?
Business law is one of the most popular specializations in the field of Law. Various deals made between people and commercial firms are governed on the basis of this Law. The Business law focuses on addressing practical difficulties faced by businesses while meeting their legal obligations and complying with the regulatory framework. Business Law covers everything from contracts, transactions, bankruptcy, and taxation to banking, business regulation, competition, finance, and intellectual property. This specialization is suitable for those who wish to focus on the legal aspects of commercial transactions, such as drafting of contracts, insurance, financing, bank guarantees, insolvency issues and investments, etc.
Eligibility Criteria
You can apply for both undergraduate (UG) and postgraduate (PG) level programs to study Business Law. If you want to take admission in a UG level course then you should go for Integrated Law course such as BCom LLB, BBA LLB or BBA LLB (Hons) which focus on Business Law in its last few years while PG level law courses offer specialization in Business Law directly. The eligibility criteria for Business Law courses may vary according to the level of the course and the college. If you want to apply for five-years integrated course in Business Law then it is necessary to pass class 12 or equivalent examination from a recognized board. On the other hand, if you want to apply for PG level i.e., LLM in Business Law, then you must have LLB or equivalent degree.
Required skills
To be successful in the field of Business Law, a candidate must possess certain key skills, such as:
-
Good knowledge of Indian Penal Code
-
Knowledge of technical aspects of businesses
-
Diligent
-
Clarity of speech
-
Ability to work long hours
-
The art of explaining
-
Ability to analyze facts
Career Prospects
The activities taking place in the business sector have an impact on the whole world. This is the reason why youth is attracted towards this field. Many Law students aspire to become Business Law professional because s/he is a professional responsible for handling the business operations in a legal way. A business lawyer gives directions to the company regarding the conduct of business within the legal limits. Employment opportunities are available in this field in both government and private sectors. After an LLM in Business Law, you can find jobs in law firms, insurance companies, banks, asset managing companies, etc. or can work as a teacher in colleges or universities.
What is Company Law?
Company Law deals with the formation, governance, operation of companies and related rules, regulations, laws and practices. It covers all the legal issues that the company has to face. This law helps companies to comply with various regulations in the business environment and follow correct taxation procedures to increase the profitability of the company, avail tax benefits and maintain the reputation of the company. This law is actually a component of the public law itself.
Eligibility Criteria
To become a Corporate or a Company Lawyer, you need to complete Bachelor's (LLB) and Master's (LLM) degree in Law. Although preference is given to LLM degree holders in this field. For undergraduate course you can either take admission in five-year integrated course such as: BA LLB, B Sc LLB, BCom LLB, BBA LLB etc. after passing class XII (in any discipline) or you can pursue a three-year LLB course after completing your graduation in any discipline. After Bachelor's degree in Law, you can pursue LLM in Company Law.
Popular Entrance Exams
To get admission in some of the popular law colleges in the country, you have to clear entrance exams like: CLAT, AILET, LSAT, MHCET Law
Required skills
Some of the must-have skills for Company lawyers are:
-
Strong written and verbal communication skills
-
Strong analytical skills
-
Good attention to detail
-
Good managerial skills
-
Excellent negotiation skills
Career Prospects
A Company Law professional is the official legal face of the company. Nowadays every small or big company hires a corporate lawyer to ensure that it does not face any trouble in any legal matter. Corporate lawyers play an important role in providing sound advice on aspects like governance, merger, tax benefits, etc. You can work as Legal Compliance, Company Secretary, Associate Advocate, Legal Consultant in any private company or can see the matters of governance, regulatory matters, accounts and finance etc. related to the corporation. You can offer consulting-based services to a number of companies by starting your own law firm.
Difference in Business Law and Company Law
While the Company Law focuses on the formation and management of corporate/companies and revolves around the corporation's operations, Business Law, on the other hand, covers areas such as contracts, employment law, commercial transactions and taxes.
