What exactly is business law? This is a great question and the answer may actually bring some surprises to many. That is because the breadth and variety of issues handled in the business law realm are more expansive than most people may realize. Sure, we business law attorneys deal with business matters, but what exactly can that include? We’ll talk more specifically about that here.
What is Business Law?
Business law is a category of law that includes the rules, regulations, and legal principles that affect and govern businesses and their activities. Because laws impacting businesses can come from a variety of areas, business law actually involves a variety of legal disciplines. Business law can involve:
- Intellectual property law
- Real estate law
- Employment law
- Tax law
- Employment law
Business law attorneys are often called upon in order to avoid or minimize the potential of future litigation. As such, much of a business law attorney’s work involves the drafting and execution of critical legal documents designed to protect the best interests of a business. Such protections can and should be put in place as soon as possible. This is why many start-up companies seek the services of business law attorneys. In helping a new business start off on the right foot, a business law attorney can file necessary business documents with the Secretary of State and assist the client in selecting the best type of business entity for their purposes. There are important distinctions to be made between business entities such as corporations, limited liability companies, partnerships, and others. Selecting the right entity is a critical initial decision that can have extensive impacts on the business in its initial stages and going forward.
Business law attorneys are also there to draft foundational business formation and internal agreements. Something like an LLC operation agreement is a great example of one such governing business document. It is very customizable and will set forth how the company is to be managed. IT can further detail how profits and losses will be distributed amongst the company owners as well as how important business decisions are made and how owners can transfer their ownership rights. In sum, an operation agreement can outline many issues that can prevent future disagreements within the business and, if disagreements do arise, can detail the specific steps that need to be taken in seeking a resolution to the disagreement.
Business Law Attorneys
As business law attorneys, the team at Jones, Gregg, Creehan & Gerace is here to help establish new businesses so that they start off on the strongest possible ground. We are here to help structure business transactions that help minimize your business’s potential exposure to litigation. We can help develop legal strategies that end up protecting your business and may very well end up saving your business substantial sums of money. Contact us today.