What Do Business Law Lawyers Do?

Business law attorneys can help you with every aspect of highly diverse business law including banking and finance law, business formation and organization, business negotiations, business planning, transactional business law, acquisition, merger, divestiture and sale of businesses, and business litigation, as well as environmental, intellectual property, labor and civil law areas.

What is a business?

A business is an activity run in a systematic, continuous and regular businesslike manner with an expectation of profit under commercial principles, such as keeping business and accounting records. A business is different from a hobby in the respect that a profit is expected from the activity. This distinction is important particularly for tax purposes because losses from a business are tax-deductible, whereas losses generated from a hobby are not.

What are some of the common types of business organizations?

The most common types of business organizations include:

• Sole Proprietorship - you are the only owner of the business.
  
  
• Partnership - This can take on the form of a regular partnership, a general partnership, limited partnership or limited liability partnership.
  
  
• Corporation - the default form of a corporation is a C Corporation (also known as Subchapter C Corporation). Smaller corporations typically file for the S Corporation (Subchapter S) tax election so they are not double taxed.
  
  
• Limited Liability Company (LLC) - a hybrid formation that provides personal liability protection similar to a corporation, with the flexibility and tax advantages of a single proprietorship or partnership.

Should I hire a business law attorney?

It's obvious that you should hire a business attorney if you’re being investigated for securities fraud by the Securities and Exchange Commission (SEC) or a customer is severely injured by one of your products or on your premises. But, there are a lot of not so obvious reasons to retain a business law lawyer.

For example, are you planning on forming a corporation or partnership? A qualified Lead Counsel business law attorney can avert a lot of legal issues that can arise with forming these types of businesses and can advise you on the best business formation for your needs. A business law attorney can also help research any possible intellectual property issues and issues relating to hiring employees, tax issues and other legal matters that can arise with forming and running a business.

Frequently Asked Questions

• Do I need a license / permit to open my business?
  That depends on what type of business you own. Many businesses do not need any special licenses or permits in order to operate their businesses. However, some businesses that engage in … more
• What steps should I take to start a business?
  When starting a new business, several key decisions must be made regarding the organization, financing, management, and operation of the business.  First, you should do your homework – … more
• Do I Need a Taxpayer Identification Number for my Business?
  A taxpayer identification number (TIN) is a number used by the Internal Revenue Service (IRS) to identify people and companies. Most companies need to file with the IRS to receive an Employer … more
• Whom Does The Labor Management Relations Act Cover?
  Generally, the LMRA covers the private sector. Government agencies are excluded. Two exceptions are national banks and mail contractors. Because of this, states have established various labor laws … more
• What is an S Corporation?
  There are several different types of corporations from which business owners can choose when they initially set up their business. One type of corporation is an S corporation. The … more

Free Legal Forms

• OSHA Small Business Handbook
• Business Owner Personal Financial Statement (SBA)
• Corporate Dissolution or Liquidation
  This form is required by the IRS when you file a final tax return for a business. (Form 966 ( Rev. 12-2007)
• Application for Determination for Terminating Plan
  Complete and submit this form to apply for a determination on the dissolution of a retirement plan. (Form 5310 (Rev. 4-2006)