“Ignorance of Law is no Excuse” is legal principle. Law assumes that all the Business Man know the law related to business. So the person who is involved in the business must know about legal principles and provision that are connected with law (Knowledge and provisions regarding law). The business law tells about the provisions regarding rights and duties of businessman organization including formation, establishment, operation and dissolution of different types of business. It helps the business community to carry out its business its transactions without fear and hesitation with certainties and confidence. It protects rights and interest of business community. Business law is most important means to create positive environment ofr the prosperity of business. Business law not only helps to develop national economy, capital, market, business management but represents economy policy of the state and protects the right of business community and consumers. It also determines different measurements for the business community and tried to establish the coordination among the business transaction within the Country.
In crux, the importance of Business law or environment can be pointed out as follows:
- To regulate business activity such as industry, trade and commerce without any fearful environment.
- To protect rights and interest of business community
- To know the economic related laws and policies of the country
- To deliver justice and settle business related disputes
- To create favorable business environment and protect economic rights of people
- To enhance business community by providing facilities like security, legitimacy, control, incentives etc.