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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
What are the advantages of forming a Corporation?
There are several advantages to organizing your business as a formal corporation. A corporation is a separate legal entity that is distinct from its individual owners. Businesses that … 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
What is Redemption?
Redemption is a legal term that describes a debtor’s action of reclaiming collateral that a creditor took legal possession of pursuant to the terms of a secured loan. Typically, a … more
Do I need to develop terms and conditions for my business website?
Yes, creating and posting terms and conditions for your website is probably a good idea. However, it is important that you think carefully about those terms and conditions and, if possible, … more
What is the Retail Installment Sales Financing Act?
A Retail Installment Sales Financing Act is a state law that governs retail installment contracts. A retail installment contract is one where the lender maintains title to the property, such … more
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