Common Types of Business Law
Businesses have multiple areas in which they may require legal assistance and guidance in order to avoid liability and ensure their best interests are protected. This can be confusing for business owners to navigate, especially for smaller owner-operator type businesses. Below is a basic overview of the different types of law applicable to the average business operation in order to simplify this and provide a better understanding of how this works.
Tax Law
Complying with federal and state tax code is one of the most challenging legal aspects of running a business. In most cases, it is strongly advised that businesses hire a business lawyer with tax experience to help them figure out their various tax obligations. These obligations typically include the payment of income taxes, sales taxes, property taxes, as well as other types of taxes. A business lawyer will be able to advise the specific types of taxes applicable to each business in order to remain legally compliant.
Employment Law
Arguably one of the most important areas of business law is employment law, which handles all types of different legal issues surrounding the hiring, termination and management of employees. The goal of employment laws is to ensure fair treatment of employees as well as making sure they have a safe work environment. Oftentimes this can involve compliance with a large number of OSHA requirements, especially for manufacturing and construction businesses where there is an inherently higher risk of injury to employees.
Hiring a business lawyer specializing in employment law will help you ensure you’re following all regulations and protecting yourself from financial liability. Whether you’re required to provide health insurance or workers’ comp insurance, your lawyer will keep you updated on all current and relevant employment laws.
Contract Law
Business contracts can be especially tricky for business owners and executives to navigate, as a poorly written contract can open themselves up to not only financial liabilities but even possibly legal ones as well. A business contract lawyer can help businesses with a wide range of different contracts that can be used to negotiate and leverage better terms for your business. The most common types of contracts for businesses include lease and purchasing agreements as well as product sale contracts with third-party vendors.
Intellectual Property Law
One of the most valuable things a business has is its intellectual property. It is therefore critical that this is legally protected from theft and other issues. Because of the highly technical nature of US intellectual property laws, it is strongly recommended that businesses hire an attorney specializing in intellectual property law in order to best protect a company’s intellectual property. They can also work with businesses to negotiate the sale of intellectual property rights to others, as either the buyer or seller in the transaction.
Bankruptcy Law
Filing for business bankruptcy is a difficult and complicated process. Working with a business attorney specializing in business bankruptcies is important in order to ensure a business selects the best option for their particular situation. They will also ensure that the filling is completed accurately and ensure compliance with all requirements. This will keep the business owners out of trouble and prevent ongoing issues resulting from improperly processed paperwork.