Property can legally be defined into two terms: real property and personal property. Real property is immovable property (Burchell, 2021). An example of real property is land and buildings. Real property also includes improvements on the land or what lies on the surface or below the land surface (Burchell, 2021). The rights accorded to real property are different from those given to personal property due to their different natures. A significant difference is that personal property is movable (Contractor, Dangol, Nuruzzaman, & Ragunath, 2019). Tangible personal property is the property that can be touched, and this includes household items or a motor vehicle. Intangible personal property cannot be touched or felt, and an example is one’s stocks.
Property laws have a direct impact on a business. One of the ways this is evident is in how property rights protect business owners (Owens, 2019). Property rights help secure business owners’ intellectual property and physical property from wrongful possession (Owens, 2019). Property laws also directly affect a business because they contain provisions on what is considered legal or illegal. This mechanism affects the business environment through the regulation of business practices. Property laws also include the means through which disputes are resolved (Owens, 2019). This is a provision that must be adhered to by business entities and shows how these laws directly affect businesses. These laws also directly affect the business by governing the ownership and tenancy of a property (Owens, 2019). The provisions in property laws governing licensing of businesses are also another way that property laws directly affect businesses.
References
Burchell, E. (2021). Real Property. Mercer Law Review, 73(1). Web.
Contractor, F. J., Dangol, R., Nuruzzaman, N., & Raghunath, S. (2019). How do country regulations and business environment impact foreign direct investment (FDI) inflows? International Business Review, 29(2), 101640. Web.
Owens, D. (2019). Property and Authority. Journal of Political Philosophy, 27(3), 271–293. Web.