These laws will regulate how to buy, manage, start, sell and close any type of business. Anyone with even the slightest knowledge of the business world will be familiar with the rules that all businesses should follow. The most important thing about business law is that it includes both federal and state laws. This means that companies must comply with both federal and state laws unless they want to have the possibility of being prosecuted for violating the laws. If these laws are broken, the people who committed these white collar crimes are the ones subject to prosecution and do not benefit from any of the sentences they are sentenced to.