It may seem that legal functions in business are only to protect the business, and that they have no impact on commerce. But the truth is that it does. For example, contract workflows directly affect the speed of sales, customer satisfaction, and resources spent. Streamlined contract workflows can increase capacity and accelerate deals, while inefficient contract management may lead to delays and lost revenue opportunities. With constantly rising customer expectations, businesses should consider the influence of their legal department.

Running a business means staying on top of everything, including legal matters. To make it easier for business owners, we created this separate section. It includes:

  • How to transfer certain legal matters to business teams and benefit from it
  • How to establish effective communication between commercial and legal teams
  • How legal tech impacts sales cycles
  • How to write business contracts

Simply put, this section contains useful advice for business owners about running a business, creating or managing contracts, optimizing processes, and using legal tech. There are also overviews covering trends to focus on and where to start in your technology journey.

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What defines a business?

There are five characteristics that define a business: sale transfer or exchange, dealings in goods and services, regularity in dealings, profit motives, and risk or uncertainty.

What are the 4 types of business?

Sole proprietorship, partnership, limited liability company, and corporation.

What is a business entity?

A business is defined as an organization or enterprising entity engaged in commercial, industrial, or professional activities.

What are 10 types of businesses?

Service, manufacturing, merchandising, sole proprietorships, partnerships, corporations, multinational corporations (MNCs), franchises, limited liability companies, and cooperatives.