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Business Law
Business law, or commercial law, is the branch
of civil law governing business and commerce.
It provides a legal framework for creating,
organizing and conducting businesses. Business
law covers a wide variety of topics, including
corporations, partnerships, limited
partnerships, franchises, and limited liability
companies.
Starting up a new business
When you start a business, it is important to
have a written business plan, a good
understanding of the economics of the business,
some experience in a related business, and
enough funds to be able to cover your costs
until the business becomes profitable.
Before starting a business, it is often a good
idea to speak to an accountant and a business
lawyer, so that you understand the tax and
legal issues of your venture, and the best ways
to limit your personal liability. A brief,
inexpensive legal consultation can save you a
lot of money over the long term and short
term.
Types of business structures
The legal structure of your business is
extremely important. State law enables you to
create a legal entity - a separate "identity"
from your own person - under which you can
transact business, without the risk of exposing
your assets to any personal liability that
might arise out of your business affairs.
The most common forms of business
organizations include:
* Sole proprietorship
* Partnership
* General partnership
* Limited partnership
* Limited liability partnership
* Corporation
* Subchapter S corporation
* Subchapter C corporation
* Limited liability company
The form of your business entity will determine
the extent of your personal liability how the
business will be taxed, so it is important to
obtain advice from an experienced business
lawyer before you decide how to structure your
new enterprise.
Legal Issues to Consider
From business structure to taxes, there are
numerous legal issues to consider when starting
a company. Failure to understand these issues
can torpedo even the best business concept. The
following issues often cause problems:
1. Trademarks: Register your trademark. Simply
reserving a domain name does not guarantee
legal rights. Since domain name registrants do
not deal with trademark disputes, federal
trademarks take precedence over domain
registrations.
2. Investors and Partners: It is vital to
document all financial understandings with
cofounders, in case disputes arise at a later
date.
3. Employees: Consider the legal issues
involved in hiring employees. Employees have
many legal rights that must not be
neglected.
4. Contract liability: Establish limits of
liability in contracts by limiting the maximum
liability to that of the contract and by
excluding consequential damages.
Starting up a new business can be very
exciting, but in order to ensure the future
success of your venture, it is important to
involve a business lawyer in the early stages
of your planning. Please fill out the "Legal
Help Request Form" above to get the legal help
that you need. Our service is completely
confidential and there is no obligation! Why
wait, get Business Law help now.
Our Team of Advisors Are Ready to Help You
NOW!
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