Have you ever heard of “business law?” Have you ever wondered what it means? While business law may seem self-explanatory (it’s the law of business, right?), it is an extremely complex area of law that touches on several other areas of law. Here, we will go into more detail about what business law is and what it entails.
What Exactly Is Business Law?
Business law is indeed the law of business and the law of doing business. When you think about this, however, there is so much that can fall under this umbrella category. Business law by nature draws from a number of other legal areas such as tax law, real estate law, intellectual property law, and employment law, among others.
A prime example of what business law entails is business formation and the development of internal business agreements. Before a business even opens its doors for the first time, there are things that need to be taken care of. Those attorneys practicing business law are often called on to set up a business on behalf of a client by not only counseling the client on the preferred type of entity that should be formed, such as a corporation or an LLC, but also to file the necessary documents with the Secretary of State.
Additionally, business law attorneys are routinely asked to draft internal agreements that will dictate not only how the company should be set up, but also how the company will be managed. These documents can address everything from management structure to employee and management roles and responsibilities, to dispute resolution methods.
In addition to helping entrepreneurs start a business, business law attorneys can also help in the purchasing of existing businesses. The purchase of a business can be a big financial commitment. In order to protect yourself in this type of transaction, you will need to know many details. For instance, you will want to know such things like what exactly will be included in the purchase. You will also want to know whether you have the option to retain staff and whether you will want to draft new employment agreements and contracts. There are many more key details you will want to iron out prior to the purchase of a business and a business law attorney can help you with this.
Business law can also entail helping with the proper management of an already existing business. As previously stated, business law often touches on other areas of law, such as employment law and contract law. A key part of running a successful business is staying up to date on current employment laws. Failure to do so can result in costly litigation and financial penalties. Furthermore, a successful business will often have contracts in place to protect themselves in a wide range of business dealings. Business law attorneys are often called on to protect the best interests of a business when drafting and negotiating such contracts and agreements.
Business Law Attorney
Business law involves both state and federal laws that rule and regulate business dealings. At The Kumar Law Firm, we are well versed in the laws that can have a major impact on your business. Contact us today.