Business law is an area of law that covers transactions between and deriving from business entities. Any legal transactions that occur between businesses or that derive from a business are bound by business law.
There are federally mandated business laws, and various states have added to the base laws to create slight differences.
Business law determines the laws that businesses must adhere to in dealing with customers and in meeting all legal obligations of any form.
The main aspect of business law is the proper charging of tax and subsequent remit of said tax to the Internal Revenue Service. The laws require all businesses to keep accurate bookkeeping records for all transactions.