Types of Business Laws
Every aspect of American society is governed by laws. From our personal interactions to our behaviour on the road, there are always rules and regulations that we need to follow according to the law. Businesses are no different because there are laws that they need to follow as well. It does not matter what that business specializes in, there are laws that its owners will need to follow.
When anyone decides to create a business, they will need to get familiar with the laws related to business formation. Those laws can get complicated, which is why the owner should contact a business formation lawyer to help make sure that everything they do is lawful and above board. If it is not, then there could be serious consequences down the road even if it was not the intent of the business owner to violate the law. So be sure to contact a business formation attorney if you have the intent of starting your own business.
Why Business Owners Should Be Familiar With The Law
Nearly every aspect of operating a business involves following one law or another. From the various contracts that you will need to sign over the course of the life of your business, to the decisions you will have to make, to the way that you treat your employees and the way they treat each other. Not to mention the interactions between your business and your clients or customers. You will need to know how to resolve any disputes and solve any problems within the accordance of the relevant laws.
Even the most straightforward and law-abiding business might run into legal troubles at some point, which is why a familiarity with the various business laws is a necessity. Another necessity is a business lawyer because they can help to familiarize you with those laws in the first place, plus they can help you if any legal problems arise. That is why it is necessary to consult with a business lawyer when creating a business and then later on when any legal negotiations or disputes come up.
Laws Governing the Formation of a Business
There are different types of business structures, each of which is governed by different rules and tax structures that you will need to know about. The different types of business are as follows:
- Sole proprietorship
- Business partnership
- Limited liability company (LLC)
- Corporation
- S-Corporation
These types of businesses follow different rules and regulations that the owner or owners need to know about before they get it up and running. There are other considerations as well, such as the location of the business because local zoning laws could play a part there as well. There is also the factor of whether the business will need some sort of licence in order to legally operate, such as a liquor license for example. All of those issues will need to be addressed before a business can get off the ground.
Other Important Business Laws
Some other laws that are vital to the running of a business are tax laws and employment laws. Once your business starts to make money, you will need to file the appropriate returns and pay your taxes on time. A tax attorney or an accountant can help you to calculate your income taxes and advise you on what payments need to be made each quarter.
Employment laws are extremely important when it comes to the safety of your employees, how they are treated while at work, and how they are paid. Your employees should be made aware of some of these laws, namely the ones regarding their job performance and the dismissal protocols. If an employee fails to perform at the expected level, then they should know beforehand the procedures regarding termination because of job performance. That way you should be able to avoid any legal entanglements over their firing.
Other Important Business Laws
In addition to tax and employment laws, many businesses also involve the following kinds of laws:
- Contracts
- Pensions and benefits
- Securities
- Trusts and estates
- Antitrust
- Intellectual property
- Secured transactions
- Immigration
- Labor and employment
- Bankruptcy
Consult an Attorney Before Starting a Business
There are a number of different laws that need to be considered before starting a business. It is understandable if you are unfamiliar with all of them, especially since your concern is likely to be focused on getting your business up and running. That is why it is important that you consult a business formation attorney before you get started. They will make sure that your business follows all of the necessary rules and regulations. That means you can focus on making your business as successful as it possibly can be.
