Business law is law provided to the persons in commercial matters by the government. Sole trader is working with his own power and taking all risk and earning all profit by himself without forming any association in law. But in partnership, all members are associated in law for business since they all bear same risk and earn equal profit together. 

A person who is worked to build contractual relations with third parties and various forms of agency which is regulated by law is called an agent. An agent has authority to show his knowledge and skill in all business but he has got only limited powers.