Why is Business Law Important?
Business law regulates business practices. It maintains order, protects rights and liberties, establishes standards, and resolves disputes. It determines the rights of the company as well as the rights of the people that work there.
As a business owner, it is critical to understand legal considerations that can impact your company. Some key areas of concern include:
Business Formation: Every business requires a form, whether it’s a sole proprietorship, limited liability corporation, S-corporation, partnership, or C-corporation. Each business form also has reporting and tax requirements that differ. A business lawyer can help determine which business structure will serve you best.
Contracts: Contract creation, and at times litigation, are aspects of business law. Iron-clad business contracts are the best way to protect your organization. And, the best way to ensure an iron-clad business contract is with proper legal representation.
By having a business lawyer draft, negotiate, and review contracts, you can avoid potential liabilities.
Employees: Business law is involved with compensation issues facing an organization. State and federal laws govern compensation and impact minimum wage, pension plans, overtime, and discriminatory practices.
Business law also plays a role in many other employee concerns, including contracts, non-compete agreements, and termination. A good business lawyer can also support your business by drafting employee manuals governing dress codes, paid time off, sexual harassment, and more.
Shareholder Rights: The rights of shareholders depend on the type of stock owned and state laws. Shareholder rights get assigned in order of absolute priority. All shareholders are entitled to certain rights, among those the right to hold meetings, the right to dissent, the right to transfer ownership, and the right to sue for wrongful acts.
Taxation: Understanding taxes is one thing. Making sure you comply with tax laws in another. Plus, business taxation impacts your company’s costs. A business lawyer can help navigate tax obligations attached to purchases and sales of businesses and business transactions. He or she can also help you take advantage of deductions and tax credits to improve your bottom line.
The reality is that you may not require a business lawyer for every circumstance. But issues arise where the complexity and time requirements demand the service of a qualified business lawyer.
Talk to Our Business Lawyers
If you need a business lawyer near you in Bucks County or Montgomery County, call our local law offices. We’ve helped countless businesses wave through complex business law issues. Our varied legal services allow us to access expertise outside business law considerations to deliver broader legal counsel. Contact us today.