What Are The Common Types Of Business Law?
Law gives us the foundation of how we can conduct our daily activities. This ranges from wearing seatbelts when driving, paying taxes to the business regulations, among others. Business law is a set of rules and principles that control how businesses operate. Firms like Messina Law Group can help you understand what business law means to your undertakings. These laws significantly impact how a business is created, managed, and even terminated. Business law also forbids and restricts some behaviors. Here is a glance at the common types of business lawyer.
Formation law
Under this regulation, a company cannot legally operate unless it has acquired the relevant legal recognition from the law. The appropriate paperwork must be filed out, and the provided criteria must be met to ensure the company is legitimately categorized. The business must agree on a category and how they intend to conduct its activities. It is one of the crucial steps that a company should take. This is because it impacts almost all the facets of the company. The type of business to be established will have an impact:
- On the taxes that are to be paid
- The management structure
- Regulations to be adhered to at the state and national level
Employment law
Employment law refers to the rights and responsibilities of employers and their employees. Some of the topics of employment law include:
- Workplace conduct
- Unjust discrimination
- Sexual harassment
- Wages
- Workplace safety
A number of obligations and privileges should be honored by the employer and employees of a company. Employment law provides guidelines for these laws to be followed and deals with businesses that fail to adhere to the prescribed code of conduct.
Intellectual property
In the ever-evolving world, many new, innovative, original ideas continue to emerge in the growing digital world. Due to the massive amount of new ideas merging, companies need to be sure that their concepts are not stolen or conceived by someone else. Intellectual property lawyer enables businesses to safeguard their unique creative ideas their unique creative ideas. Some of the ways you can protect your intellectual property are:
- Patents
- Trademarks
- Copyrights
Taxes
Although their business can be distinct in almost every aspect, taxes bring them together. Taxes are monetary charges that the state and federal governments regulate. Under the law, all businesses are required to pay taxes, or they will have to face severe consequences. Some of the consequences include hefty fines and even lengthy prison terms. Examples of taxes that businesses need to pay to include:
- Sales tax
- Payroll and employment tax
- Income tax
Property tax
Contract law and negotiations
Contract law refers to the creation, management, and execution of agreements between businesses. This law also makes it easier for companies and groups to negotiate. Contract law is an essential aspect of business law. Most companies engage in negations and agreements, which is where contract law help as it sets guideline on how the parties can handle the task. Large companies have what is referred to as an “in-house counsel.” These lawyers primarily work for the companies and are tasked with drafting contracts and managing negotiations.
Lawsuits
One of the most chaotic and disastrous areas of company law is lawsuits. A lawsuit is a claim taken before a judge by another party. Businesses can file lawsuits or be taken to court by them. Most lawsuits are often by a disgruntled customer/client against the firm. One of the popular ways of settling cases is through litigation settlements. This helps in avoiding the rather costly legal proceedings. On the other hand, the business can decide to go to trial and prove its innocence.
Business law entails what, why, or how companies are required to operate lawfully. It also regulates businesses in both the private and public sectors. Whether it is the formation of a business or bankruptcy laws, Messina Law Group can help you in knowing and abiding by the set regulations.
