What is business law?
Business law is the legal practice area that deals with the formation, dissolution and disputes involved in business. Business law covers a broad range of issues, from the basic incorporation documents needed to set up a small business to the complex contracts and litigation needs of a large corporation. Some of the most common issues involved in business law include:
Starting and managing a business can be extremely challenging. Problems can be more effectively handled, however, with guidance from an experienced attorney who understands your business needs. Effective negotiation, extensive research and communication are all necessary skills for successfully representing a business entity
Many considerations determine what type of business entity is best for your needs, whether you decide to form an S Corp, an LLC, or another venture. Some of the factors to consider include:
- Liability protection
- Tax law
- Management issues
- Administrative responsibilities
- Any plans for future fund-raising
- Location of your customers
- Type of business
- Insurance needs
- Rules and regulations that your company or type of business needs to comply with
Contract development is one of the most essential and underrated aspects of business law. A well-written contract can help prevent and manage problems among employees, shareholders, or disgruntled customers, and it provides a solid building block for the way your business runs.
Business disputes can quickly destroy profits and discourage participants. Some of the common reasons for business disputes include
- Breach of contracts
- Shareholder disputes
- Partnership dissolution
- Breach of fiduciary duty
Tax law can be confusing, but innocent mistakes can very easily ruin what a business owner has worked hard to build. Without a full understanding of the laws that affect your business, you can inadvertently neglect to file important forms, pay the appropriate amount of Social Security for your employees, or make other potentially damaging mistakes. An experienced business lawyer can advise you on the tax needs for your specific business, and ensure that you’ve met all requirements to operate your company legally.
Many business owners work hard at the establishment of new companies and client relationships, yet business law can make or break even the most profitable company. An experienced business lawyer can help you avoid potential problems and proceed down a successful path for your business needs. If you have business law questions, contact an experienced business law attorney today.