Protection is an aspect that requires a lot of input when it comes to any type of business.
The tradition has always been to get a lawyer to help educate you on what you need to know about your business and generally all the legal safety measures you need to take.
Seeking legal service is usually very expensive as it is one of the most reserved careers with its players bagging tons of money annually.
You might be asking yourself, why the need to study a whole course just so I can protect my business when I can simply hire a lawyer to take care of this?
Law is known to be a very voluminous course with various practicing fields in it. You don’t have to specialize in every single aspect of it. You can choose to only study business or commercial or corporate law. This will give you the basics that you need to protect your business.
In this piece, I’d share some of my thoughts on studying law online, some of the benefits you’ll get, and overall, will it be worth it?
Benefits of learning law
1. You get a better understanding of business regulations
Business regulations are laws set to control how any business should operate. There is an extensive list of what business regulations cover.
Regulations on taxations for example will cover how a business owner is expected to remit tax, how to deduct and remit tax from your employees, among other things.
Governments have also set environmental regulations. It concerns itself with how companies should be environmentally cautious when operating their business. You will learn about the polluters’ pay principle, e.t.c
Also, there is a strict regulation on employment and labor law. How are employers expected to treat employees, talk about minimum wage regulation.
Did you know that labor law gives more protection to employees because in an employment relationship they are usually the inferior party and because of that, the law takes charge to protect them?
Learning law will also help you understand antitrust law. This is crucial in all business matters. In a brush-through, it covers market competition, ways to prevent the formation of monopolies. This will truly be helpful for any person who wishes to start a business.
Finally, learning law will help you understand more about business permits and licensing. I presume you already know that a business cannot operate without a permit and a license issued by relevant authorities.
In case you are behind time in renewing your license or permit or filing your tax returns, the knowledge gained will help you better your chances of getting your license back, e.t.c.
2. Protection of your business
There are many ways to legally protect your business. The most common being insurance protection.
Learning law will help you understand how insurance work, the principle of indemnity, the contribution principle in cases where you have taken more than one insurance cover, among other things extensively covered in insurance law.
Learning law will also help you get a better understanding of intellectual property law and how the law seeks to better privacy protection and how you as a business owner can make claims concerning intellectual property.
3. Learn the procedure of filing a claim
All types of business are accompanied by all sorts of contracts. Manufacturer-supplier contracts, sale of goods contract between the seller and the buyer, among others. This automatically brings the possibility of a breach.
In that case, learning law will help you know the right procedure to file a claim. It will also teach you safe ways to enter into agreements if need be.
This will save you the need to get a lawyer to draft out agreements.
Where can I learn law online?
Studying law has been made simple and any person can access online law courses at affordable rates from many institutions.
Even though it’s easily available, taking factors like financial consideration, the school’s review rating, the performance of the various faculties e.t.c, should be taken into consideration.
You cannot just enroll in whichever law course available. Look at the school offering the course and other factors listed above.
To help you make a good decision on what course to enroll in, I always suggest that you visit third-party review websites like Online US reviews, where comprehensive reviews are made regarding some of these online courses. From reading such reviews you’ll be able to make a better choice.
Conclusion: Is it worth it?
Yes, studying law online is worth it. You don’t have to be after being a professional practitioner of law, basic knowledge of how the law operates in a business setting will be useful.