Business law includes all of the laws that dictate how to form and run a business, how to start, buy, manage, close or sell any type of business. Business laws establish the rules that all businesses should follow. An ingenious businessperson will be generally familiar with business laws and know that he will have to seek the advice of a licensed attorney.
Much of business law addresses the different types of business organizations. There are laws regarding how to properly form and run each type. This includes laws about entities such as corporations, partnerships and limited liability companies. For example, let’s say I decide to start my own law firm. I need to decide what type of business I want to be. Will this be a partnership? Will it be a sole proprietorship? What documents do I need to file in order to start this business? These questions fall under the laws that govern business entities, which are state laws. The type of entity I pick will also affect how I pay my federal income taxes. These, of course, are federal laws.
What will my business be called? Let’s say I decide on Daniel Lenghea Law Office Firm as a name for my law firm company. Now I need to know if anyone else already has that name. This is a trademark question. Patents, copyrights and trademarks are part of intellectual property law. The federal law governs most intellectual property law. Then I need to know if I’ll require any special type of license for this business. Do my business needs a license? How will I advertise my business? Am I allowed to say that I’m the ‘best in town?’ This question falls under consumer protection law, which can be federal or state law. Well, that’s a lot of business law, and I’m not even open for business yet!
There are many laws that concern managing a business because there are many aspects involved in managing. As you can already see, running a business will involve a lot of employment law and contract law. For my your business, you’ll need to know how to hire, what my contracts should look like, what kind of benefits I have to provide, how to pay employee insurance and taxes and even how to properly fire an employee. Many of these employment and benefit laws are federal laws and are regulated by government agencies.
If you are about to set up a business, sign a commercial lease, import, employ or have a shareholder dispute, call Daniel Lenghea to set up an appointment to determine the best cause of action.