What Constitutes Business Law?

Running a business or being involved in a corporation can be a very complicated and stressful experience. One component of this is the fact that there are numerous laws and legal restrictions you must abide by. Many of these regulations fall under the term “business law”. By better understanding what business law entails you are better able to take measures for the legal advancement of your organization.

The following are aspects of business that can fall under legal restrictions, making them important components of business law:

  • Exporting and Importing: If you will be working with customs and international business law in the United States and throughout the world it is important you understand the legal restrictions surrounding this practice.
  • Carrying products over land and sea: If you will be shipping or transporting good across the country it is important you are doing so with an understanding of how transfer laws can negatively and positively impact your methods.
  • Distributing consumer goods: There are many laws surrounding who you may sell and market to depending on the specific products you manufacture. If you are not practicing with an awareness of these restrictions you could lose your business.
  • Manufacturing consumer goods: Depending on your product there can be many laws determining what materials you use, how your goods must be made, and more.
  • Hiring and employment practices: Employment law is strictly enforced; from non-discrimination in hiring to proper compensation for workplace injury, there are many factors of employment law that significantly influence your business.
  • Operations of corporations: Because corporations are public entities they have a unique set of restrictions and obligations to follow from that of other business types.
  • Partnerships and mergers: Partnerships and mergers require legally binding agreements to be reached by multiple parties, usually in the form of contractual decisions.

If you are a business leader it is important you seek the assistance of a legal professional who will help you with the above endeavors while also helping you work towards your business goals and interests.

Employment Law Is An Important Part Of Business Law

Business law is one of the branches of the huge field of law. There are many things one has to keep in mind when starting a business; let it be a small or a large business. Breaking these laws may land you in deep trouble, so it is always advisable to have some basic knowledge of both small business law and business corporate law. With this knowledge, you are sure of being able to run your business smoothly without any hindrance from the law whatsoever!

One of the most important areas to consider in business law is employment law. If you don’t comply with all the employment laws and regulations, it is highly likely that you will end up in lots of trouble! There are different laws that actually rule the employment basis of both the regular employees and the contract employees of a business. Some of the employment business laws that have to be met by you are FLSA, the Fair Labor Standards Act, The Immigration Reform and Control Act of 1986, Americans with Disabilities Act, the Civil Rights Act of 1966 and the Equal Pay Act of 1963. However, these laws are not connected to the various state employment business laws that you may find to your business! These laws are a different thing altogether. To confirm that your business meets all the employment laws, it is always better to checkup with your HR department.
To run a business, it is important to have a business permit or a license. If you do not have one, there is a high possibility of you having to shutdown your business and to pay hefty fines and penalties. Moreover, in addition to federal business law it is required that you meet the state business law regulations too. And if you have an international based business, you have to be aware of the different international business laws and how they can affect your business, you and your bottom line. You at least have to meet the general international business laws, import laws, any specialized export laws and laws of the country you maintain business with.

Those running online businesses may be of the impression that there are no business laws pertaining to the internet. However, this is not so. There are many internet and online business laws that have to be followed to maintain any online business. The reason for these laws is that the internet explosion over the past decade has forced the government to introduce internet compliance laws to maintain some law and regulation over the internet. So if you by any chance run a website make sure that you abide the internet business laws. If you don’t do so, there is a high possibility of your site being shut down and of you, in the mean time, facing criminal prosecution and huge fines.

Remember that it is not advisable for you to try and comply with all the business laws on your own. There are numerous laws, and the best mode of avoiding falling into any trap would be to get the help of some professional business law firm. These tips are just to give you an idea of the types of business laws existing. However, even if you do hire a business law firm, it is also better, and important for you to have some basic knowledge of business laws!

The Ins and Outs of Business Law: Four Specialty Areas

Do you have a head for big deals? Do you like traveling to new, exciting places? Can you keep your cool when those around you are losing theirs? You might just have that rare combination of traits and talents it takes to make a suitable business law attorney.

The Job

If you ask four business lawyers what they do, you could get four different answers. The reason is that there are at least four major areas of practice attorneys may focus on. Sure, some of them do it all, but most concentrate on only one area to better serve their clients’ needs. These clients are generally companies, corporations, banks, or financial institutions. On any given day, they may ask their legal advisers to practice different types of law. Here are the four major ones.

1. Corporate Finance

Large companies and corporations are endlessly raising all forms of debt and equity capital in order to expand and grow their revenue. To do so, they often have to borrow from banks and other financial institutions. It is the job of the business law attorneys who work for them to secure the most attractive commercial loans when financing is needed to fund a new project. To do so, they must negotiate the most favorable terms for their clients before both parties are brought together to seal the deal.

The above is but a single example of what a legal adviser who focuses on corporate law may do. They may serve in countless other capacities where action or advice is needed in a business matter. But whatever the transaction may be, these sought-after attorneys make certain all documents and paperwork are in compliance with state and federal laws.

2. Real Estate

Most folks think buying a home is a major hassle. Well, how about buying a building or an entire city block? Business law attorneys help their clients acquire new property on almost any scale imaginable. They help them purchase, fund, lease, manage, and sell their real estate holdings. These properties may include anything from two-family homes to large retail to office and industrial developments.

In addition to helping with the purchase or sale of real estate, finance lawyers may also help their clients resolve complicated title or environmental issues that must be addressed before a transaction can be completed. They can even work on the other side of the aisle for the lender.

3. Private Equity Funds

When you handle other people’s money, countless rules are used to regulate your conduct. Private equity fund managers might know how to provide working capital for target companies, but they may not be aware of all the legal ramifications of their actions. It is for this reason that finance lawyers are needed whenever portfolio investments are made or new funds are formed. Whether the funds focus on mortgage lending, precious metals, or real estate, experts are needed to deal with the complex business, tax, and regulatory issues that are almost always involved in the formation and management of these funds.

4. Contracts

For a finance lawyer to correctly evaluate a contract and determine whether or not signing it is in the best interests of his client, he must be intimately aware of his client’s business needs. Why? Because as important as contract law may be, it is fairly elementary. In other words, any attorney worth his salt should be able to peruse a contract and determine if it is copacetic. But if you don’t know what your client’s goals are, how can you get him what he wants?

As exciting as the deal-making aspect of the job may be, most business law attorneys spend most of their time working out the fine points and minor details of contracts and other agreements. They must also devote an awful lot of time and energy to learning about the corporate world before they can competently apply their trade. That said, it is a challenging and rewarding career, both financially and intellectually.