Business law involves the formation of new businesses and how the business interacts with other entities. This could be the government, the public, and even other companies. The field draws from other legal disciplines because business is composed of many processes. These fields include bankruptcy, employment law, intellectual property, and tax law. The work of a business law attorney is mostly transactional. This means that they do not represent clients in court. They are hired to ensure that one does not have to go to court in the future. The law considers the business to be separate from the employees and the owners. This governs most of the laws that apply to the business creation, operations, and restructuring. Companies and businesses are supposed to engage in fair practices that give all participants in the space a chance to succeed.
Business laws are important for several reasons. They improve the economy by facilitating business transactions that are efficient and fair. There would be chaos if they were not there. It would be very hard to run a business in such an environment. The laws create trust between parties that are involved in a transaction. The supplier can be confident that the buyer will be held accountable by the law if they get goods on credit. A contract needs to be signed in accordance with the Uniform Commercial Code in cases like these. Both parties agree that they will hold up their ends of the deal and fulfill their responsibilities by signing the contract. The other party can enforce the contract if this is not the case.
Business law encompasses the different types of business organizations. Various types of businesses are governed by slight differences in the law. This depends on the kind of company. The law defines particular steps that a new company or business can take before they are allowed to operate. It is the work of a business law attorney to create these entities for their clients. They do so by drafting and filing all documents that are required by the Secretary of State. These documents vary according to the state. The attorney needs to be knowledgeable. The attorney also assists the client when they are deciding the most appropriate business type in their case. There are different types of businesses including sole proprietorships, partnerships, corporations, and partnerships.
There are variations of these types of businesses. This depends on the needs of the company. It is better to form an s-corp when you are interested in tax savings. Limited partnerships are preferable when you want some of the owners to act as investors only. The internal agreements that are formed at the start of a business need to be drafted by an attorney. They will govern how the business will be managed and how it will function in the future.
Buying a Business
This is a complex transaction that can take up a lot of time and money if it is not handled in the right way. Employment law comes into play if you buy a business that had employees. Contract law plays a huge role because more than one party will be involved in the deal. There are many contracts involved with businesses. It is easy for one to breach the contract if they are not aware. Attorneys are very important in these types of cases because they can help to navigate the law correctly. They can spot issues that may arise in the future because they are not emotionally invested in the transaction. The role of the attorney will be to minimize the exposure of the business to litigation.
Selling a Business
When you are selling a business you most likely have questions. Some may be basic while other questions involve complex issues. When selling your business you definitely want to set a realistic price. This will be based on the assets of the business and good will. Our business law attorneys can evaluate the assets and good will of your business and help you arrive at a reasonable price. This is particularly important if you plan on selling your business in a particular time frame.
When you are selling your business, you will definitely want to understand the tax consequences of such a transaction. Our attorney can help you determine what tax liability or benefit you may have. You will also want to make sure your books are in order and all tax returns are readily available so that potential buys will know you did your due diligence.
When there is part interested in purchasing your business you will likely want to enlist the services of a skilled negotiator who understands the law and can draft contracts and agreements relevant to your particular transaction. This is where the many years of experience that our business law attorney can be critical.
Your business is your livelihood, therefore you are willing to go to great lengths to protect your interests. Whether you have a legal issue with another business or another business or individual has made claim against your business, you want it resolved and you want the best possible outcome. If your business is involved in a lawsuit you may require the services of a business litigation attorney depending on how your business is structured. Regardless if you are required to have an attorney or not, it is best to be represented by knowledgeable and experienced counsel when there is so much at stake. Our business litigation attorney is here to help you and your business.
Contact a Business Law Attorney at Gelman Law, LLC.
Regardless if you are creating a business, buying a business, or selling a business, you need sound legal advice that you can rely on. When you have a legal dispute your business may be required to retain an attorney to litigate the dispute. Since your business is your livelihood, you need to act fast. Contact Gelman Law, LLC. online or call us at 856-433-1818 to speak with a skilled business law attorney.