Business functions are the basic framework groupings of the different aspects of a business’s operations and capabilities to better define its functioning. These functions make a business what it is, a business which has a specific set of tasks or capabilities which are designed to serve a particular purpose in the business. A business can have just one main function defined, or can have multiple, dependent on the type of business. But generally they all fall into one of these groups:
Real Estate / Property – Real estate and property businesses are much more prevalent than one might think. There are so many different kinds of real estate and property businesses to be found online today. Many businesses exist to represent the interests of investors by creating partnerships with realtors to develop properties (for profit). Other real estate / property businesses are dedicated to buying, developing, and leasing out properties to other interested parties. This latter type of business is also commonly referred to as property based businesses.
Intellectual Property – All businesses have some sort of intellectual property protection in various guises. Most businesses that protect their intellectual property do so under the guise of protecting their products, services, processes, designs, etc. Other types of intellectual property are used more in commercial law. Under this main article we will discuss the Commercial realm.
Corporate Formations – One other main aspect of commercial law which is closely related to the main article we will continue on with is corporations. A corporation is a legal entity which exists for the purposes of incorporating or forming a limited liability partnership. Corporations are considered to be separate from the people who own them, although they are usually made up of one person. This makes them different than sole proprietorships or partnerships.
Limited Liability Company – Also known as LLC (for “limited liability corporation”), an LLC is a separate legal form that permits members or owners to separately manage or hold ownership in the LLC. LLCs are run by one member or an individual or group of individuals who are authorized to administer the LLC. In most cases, a registered agent is responsible for such activities on behalf of the LLC. LLCs are run by law and must follow certain laws and regulations that must be followed. An LLC is a type of corporation but has many advantages over corporations.
Business is just one aspect of life, but it is an important aspect nonetheless. Commercial law deals with the sale and purchase of companies, securities, services, and intellectual property. As you can see from the main article above, the sale of stock is often used by businesses. Companies will often buy stock at a very low price and then sell it for a much higher price. The main article below goes into more depth on what commercial law covers in regards to business.