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What Are the Different Types of Business Law?

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If you’re looking for the right business lawyer for your company, then it’s probably a good idea to read up on what business law involves. So, without further ado, here’s everything you need to know about business law.

Taxes

Some businesses need a business lawyer with tax experience to help them figure out their various tax obligations. Typically, companies have to pay income taxes, sales taxes, property taxes, plus other types of taxes. Your lawyer will advise you on the different types of taxes you have to pay to ensure you remain fully compliant at all times.

Employment Law

This section of business law deals with ensuring employees get fair treatment in workplaces. It covers issues such as hiring and firing as well as maintaining everyday work standards for 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.

Contracts

A well-versed business lawyer can help you prepare a wide range of contracts that you can use to negotiate and leverage better terms for your business. These types of contracts include lease and purchasing agreements as well as product sale contracts with third-party vendors.

Intellectual Property

A business lawyer that specializes in intellectual property can help you protect your new product or invention. This type of business law can be too technical and complex to navigate, but an experienced business lawyer will ensure your interests are fully protected.

Bankruptcy

Filing for bankruptcy is a difficult and complicated process. Still, an expert business lawyer can walk you through your options, so you can decide which bankruptcy filing option works better for your business. They will also help you ensure that you complete your filing accurately and in compliance with all requirements.

Now that you know about the different types of business law, you can use the information to determine which type of business lawyer is right for you. According to a recent USSBA report, small businesses contribute an estimated 44% to the National GDP.

Therefore, it’s safe to say SMBs make up not only a significant part of the U.S economy but also make up a huge portion of potential corporate legal clients. So, if you’re a business owner looking for a business lawyer, you can always be sure you’re a highly valued client.

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