Business law is a large area of practice that includes several aspects of operating a business. From starting a business and hiring employees to expanding a business or closing the doors, knowing some basics of business law can help business owners along the way. Typically, but not always, corporate attorneys with large law firms represent large or multi-national corporations. Based on scale and size, smaller businesses tend to gravitate toward local business law attorneys. In any event, whether you select a solo attorney or mid-sized law firm law firm, rest assured that a qualified business law attorney is a wise investment.
Opening a business is a big step. A person can’t just rent a building one day and decide to open a business. For most people, securing financing, writing out a business plan, and obtaining necessary permits is necessary. All aspects of opening a business fall under the scope of business law.
When people open a business, they likely have to come up with a name, logo, and slogan. Some of these items might run into copyright or trademark issues if they aren’t completely checked out. A business law attorney can help business owners go through all those aspects of opening a business. Additionally, checking patents and vetting out other potential issues with intellectual property can be handled through a business law attorney.
Dealing with business finances, employees, taxes, Workers’ Compensation, and contracts are all parts of operating a business. For business owners, knowing all aspects of every topic can be troublesome. Because all of these fall under the scope of business law, it is possible for business owners to get help with debt collection, wage and hour compliance, business taxes, business liability, and drafting contracts. Some business owners might need to sign leases or employment contracts as part of their business. Understanding how these can affect a business is vital, so having an experienced professional go over them is necessary.
As businesses grow, the structure of the business might have to change. Choosing a legal structure that is right for the business is a big step. Knowing the difference between a sole proprietorship, a limited liability corporation, a partnership, and a non-profit organization is only the beginning of growing a business. Mergers and acquisitions are also included in the business growth aspect of business law.
When a business must close its doors, there are legal considerations that business owners must ensure are properly addressed. For example, if the business is closing because of financial issues, the business owner might need to consider Chapter 7 bankruptcy. A business that closes must also tie up loose ends with customers and employees by making sure that customers get items they paid for and employees are paid for time worked.
Business owners probably already know that running a business can be hard work. When a business owner needs help ensuring legal compliance for the business, an experienced business law attorney can help. These experts have the knowledge of the law and the experience necessary to know how certain aspects of the law might affect the business and the business owner.
This article is intended to be helpful and informative. But even common legal matters can become complex and stressful. A qualified business lawyer can address your particular legal needs, explain the law, and represent you in court. Take the first step now and contact an attorney in your area from our directory to discuss your specific legal situation.