If you already own a business or you’re thinking of becoming a business owner, you may wonder how the different types of business law can impact the future success of your company.
In the broader sense, business law refers to regulations that help dictate how to start and successfully run a business and remain in compliance with local, state, and federal U.S. requirements. This includes following laws that pertain to paying income taxes; buying, selling or closing a business; hiring new employees; providing fair compensation and benefits to your staff; and more.
To help you understand the basics of business law, here’s a brief summary on its different types.
Understanding the Different Types of Business Law
- Trademark Law: When you decide to open a new business and brand its name, tagline, logo, etc., you want to ensure your name isn’t already trademarked by another company.
- Though there are certain cases where two different companies (serving separate industries) can maintain the same trademarked name, it’s best to work with a business attorney to review your options and ensure you’re not infringing on someone else’s intellectual property or vice versa.
- Employment Law: If you’ve been running a small business for years, and you’re finally ready to expand your team, the process of hiring, compensating, and terminating staff can quickly become complicated. And without the legal expertise and support of an experienced contract attorney, you could end up dealing with costly consequences that put the future of your company at risk of closing.
- By helping you create employee contracts or legally binding business partnership agreements, your business attorney will ensure you, your company assets, and employees stay protected in the event of a potential legal dispute or business breakup.
- Tax Law: As tax season quickly approaches, it’s important that you have a solid understanding of your requirements as a business owner in terms of filing an annual income tax and paying the IRS.
- If your business did require professional legal representation, you may be able to deduct certain attorney fees as a business operating expense, especially if you required contract drafting for business-related products or services or needed representation to settle a business dispute.
Find a Business Law Attorney Near You
Essentially, a business attorney can help you navigate your company through the complexities of owning a business. Contact the experts at KTF Law Firm today to work with one of our experienced business attorneys who will help you find the resources and representation you need to help protect your small business.
We look forward to working with you!