What Is Business Law?

Business Law

Though a broad term, business law is responsible for regulating commercial entities and their commercial transactions—covering the rights and conduct of those involved in commerce, trade, and sales. 

Whether you’re a global enterprise or a small mom-and-pops shop, your business must follow the same legal regulations. As laws vary from state to state, hiring a business lawyer will help you navigate the process and protect your company’s future.

TYPES OF BUSINESS LAW

EMPLOYMENT LAW

Employment law pertains to the relationship between employer and employee, and the rights of each entity. It covers everything from wages, hours, working conditions, benefits, discrimination, termination, unions, and collective bargaining.

IMMIGRATION LAW

Immigration law helps employers meet regulations when hiring foreign labor. Whether full-time, temporary, seasonal, or special event staff, immigration law specialists make sure both your company and the employee(s) are protected.

CONTRACT DRAFTING & NEGOTIATIONS

Entering into agreements or negotiations with other companies, vendors, or services requires a lot of literal fine print. Your attorney will help with drafting a contractor to ensure that everyone involved in the process is on the same page. 

The Universal Commercial Code, the comprehensive and universally adopted set of laws pertaining to sales and leasing of consumer goods, is also included in contract law. 

INTELLECTUAL PROPERTY

If your business owns a patent, trademark, or unique logo, you’ll want to file for copyright protection to safeguard your creative property in the marketplace, and prevent others from using it. 

ANTITRUST

Antitrust laws ensure that businesses are operating ethically, and not using unfair or deceptive measures to monopolize the marketplace. Lawyers specializing in antitrust law will protect your business from unfair practices by other companies, all while keeping your business operating fairly, as well.

TAXES

Determining how different types (and sizes) of businesses are taxed, tax law encompasses state and federal tax matters for corporations, business partnerships, sole-proprietorships, or single person LLCs. 

A lawyer specializing in tax law will guide you through the often head-spinning world of business tax filing. 

BANKRUPTCY

Unfortunately, a business may have trouble eliminating or paying off debt. When this occurs, you may seek guidance in bankruptcy court. Attorneys specializing in business bankruptcy will help find the best solution for the situation. 

BUSINESS LAW SCENARIOS

Three of the most common examples include:

CREATING A NEW BUSINESS

Starting a new business requires registering the company, choosing the business structure, and determining how and where to operate. From name copyright to space rental/real estate to hiring and payroll, consulting with an attorney keeps your business protected from the beginning. 

DRAFTING CONTRACTS

As stated above, assisting with contract drafting and negotiations is a frequent task for business lawyers.

LAWSUITS

Though many don’t think to hire a lawyer until a lawsuit arises, having one who understands your business and works with you regularly is always smart to avoid litigation in the first place. Should you find yourself headed to court, a business attorney will represent your best interests.

NEED A BUSINESS LAWYER?

If you’re looking for an experienced attorney to represent your business and help it prosper, contact us at KTF Law Firm today for a free consultation!