Business Law Every business, whether large or small, will eventually need the presence of a legal expert as their business grows and encounters new hurdles. Business operation and management is often a complicated field that must be carefully navigated in order to comply with the general laws and requirements. The attorneys at Nolan, Thompson, Leighton, PLC understand this process and can help to consult your business as you move and grow. What Is Business Law? Business law includes any issues that may present themselves during the creation of a new business or how an existing business operates. As technology and business practices evolve, the areas of law related to business are also evolving to protect the consumer and the business owner. While any business grows, it must be familiar with and comply with the fair rules of transaction in agreement with the Uniform Commercial Code (UCC). Most experienced business owners will know the general business laws, but many do not realize the depth of state and federal laws and administrative regulations. It’s always a smart idea to consult with an experienced business law attorney that can help you accurately achieve all the compliance you need to run your business. Some of the specific areas of business law include: Business Creation – Tax Law, Corporate Law, Franchising Business Management – Intellectual Property, Contracts, Employment Law Business Management – Intellectual Property, Contracts, Employment Law Business Sales – Bankruptcy Business Acquisitions – Real Estate How To Create A Business Anytime a new business or corporation is formed, the owners must comply with the law before opening their doors for business. Businesses can be formed as corporations, limited liability companies (LLCs), partnerships, or other entities. These different types of formations are usually determined by: Type of Profits Tax Savings Ownership Differences Investment Shared Responsibilities Although the selection of the formation depends on many of these factors, the primary purpose of forming the entity is to help shield and protect the owners from individual liability in case of bankruptcy or fault. When operating a business that is not built to provide limited liability, the owners are responsible and their own personal assets are accessible to the business’s creditors. It’s also crucial to have clear intellectual property guidelines for protecting your company property such as patents, copyrights, and trademarks. It is always wise to let an attorney ensure that you are protecting yourself well for the future success of your company. How To Manage A Business Business lawyers can be extremely helpful for drafting the internal agreements that will control how a new company is managed. A LLC operating agreement can be extremely helpful in how the company owners will share profits and losses, how important business decisions are made, and how ownership rights may be transferable. In addition, having proper legal documents can help as a preemptive measure to avoid future litigation with employees, customers, or other businesses. It’s also extremely important to make sure that the employment and benefits are in agreement with the federal laws, which are regulated by government agencies. A few important examples of these types of agencies are: Equal Employment Opportunity Commission Uniform Commercial Code (UCC) Federal Trade Commission How To Buy A Business Buying a business can be an extremely exciting process, but it is a very diverse action that involves several different types of law such as: Real Estate Law Property Law Employment Law Contract Law Breach of Contracts It is important to know and document how the transfer of property, employees, brand, and business partnerships will take place. It is vital to have a strong legal representative that can help walk you through the various parts of this process. How To Engage In Contractual Relations Business Law touches the contractual dealing with any business. A contract can be defined as a commercial bargain involving the exchange of goods or services for a price through a legally binding agreement made between two or more people. Most contracts are binding in a way that is enforceable by the courts and include a written or oral offer, an unqualified acceptance, an intention to create legal relations, and a genuine consent. Contractual relations law includes the regulating of: Sale of Goods – the implied terms and conditions, effects of performance, and the breach of the contracts. Carriage of Goods – the national and international rules governing insurance, bills of lading, charter parties, and arbitrations. Consumer Credit Agreements – short and long term loans used to finance the purchase of commodities or services or to refinance debts. Labor Relations – the contractual rights and obligations between employers and employees and the regulation of trade unions. Contact A Business Lawyer If you are a business owner and you are in the process of making some serious changes, don’t move forward without completely ensuring that your actions are within the legal boundaries. Nolan, Thompson, Leighton is experienced in the realm of business and can help you take the right steps as you move forward. Contact us online or by calling 952-405-7171 to schedule a free consultation.