Business and Corporate Law

business law

Starting up a business and keeping it up and running are endeavors that require persistence and dedication. One may not know it, but an individual or group maintaining the business may have to deal with various legal matters and issues. As it is, the realm of business has legal implications, from its formation, finance, acquisition and mergers, negotiations with regard to contracts, adherence with the employment and labor laws, and the like. For an individual or group that owns the business, this may be quite difficult and too daunting. Fortunately, a lawyer for business and corporate law has the capability to guide the ownership group or the individual to where the business may be going.

The typical need to hire a legal counsel who specializes in business law is usually when it comes to structuring the business. The attorney can provide expert advice on how the group of persons can establish their business, which takes a lot of forms. These include sole proprietorship, partnership, corporation, and Limited Liability Company or LLC.

  • In a sole proprietorship, a single person owns and conducts the business. The person and the business are one and the same. Although it is relatively easy to start one as the only proprietor, the owner is not protected from any business liabilities.
  • On the other hand, a partnership involves two persons, working together in running the business. It can be either a general partnership or a limited partnership. Both business owners maintain personal liability for it, except if it is a limited partnership, wherein the liability of the two for the business is only limited.
  • A corporation, unlike sole proprietorship and partnership, is a business structure that considers a business as a legal entity separate from the owners. The owners, meanwhile, have limited liability. Corporations can be either a C-corporation or an S-corporation.
  • A limited liability company (LLC) is like a corporation, but the difference is that the owners are allowed to report business gains and losses within their own tax returns. The establishment of LLCs varies from one state to the other; few states may not allow the creation of LLCs. Owners, meanwhile, are protected from any business liabilities.

A lot of business lawyers are capable of a lot of things within the realm of business and corporate law. There are those who guide business owners with their needs, most especially paperwork. The language used within the by-laws, employment contracts, employment handbooks, and other important agreements are usually carefully crafted to be not only coherent with the policies of the business, but also be in adherence with the prevailing business laws on the federal and state levels. The legal assistance of these attorneys are imperative, since they are knowledgeable went it comes to drafting such pertinent paperwork that would become the basis for the day-to-day operations of the business.

Not only are the attorneys for corporate law competent when it comes to this specific area of expertise. These lawyers are also willing to represent business owners and their established companies when certain disputes arise. For instance, an employee who previously worked for a company filed a civil case against it. Obviously, the business would have to defend itself from such allegations, especially when considering how a lawsuit that asserts the company’s violation of the discrimination laws can be too costly. In that regard, owners and their businesses can defend themselves from such through the expertise of the lawyers, who are ready to counter the allegations. They can also settle other internal disputes, especially between executives and the other owners, as well as external ones, in relation to disputes with other companies and entities.

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