Business law encompasses most of the laws related to businesses and corporations, from contracts to the creation of a new business to issues that may arise when businesses interact with other businesses and customers. Business law governs the ways in which people can legally start, buy, manage, close and sell a business, as well as they ways in which property issues, shareholder rights, mergers and acquisitions can be handled. Business lawyers have a deep understanding of subjects like contracts, employment laws, tax laws and copyright laws.