Business Law – Ethic of the Business

Business Law Before you start a business, legally, you need to obtain any business licenses or permits required by law. Doing so will identify your business, protect public health and safety and help you keep track of your finances for tax purposes. The application for an employer identification number (EIN) is available at the IRS website; an EIN is required for corporations, LLCs and partnerships, as well as any sole proprietors who will hire employees. Unless your company’s service or product is regulated by a federal agency, you probably won’t need any federal licenses or permits. However, things like public transportation, investment advice, or producing drugs or firearms, require supervision by a federal agency and you will need special licenses. If, for example, you will become involved with environmental regulations at the federal level, you’ll need to deal with the EPA.

State Business Licensing Laws States license people in certain professions, such as lawyers, doctors, and accountants. Your state might also require a license for certain other businesses such as barbers or real estate agents. You should check with your state to find out if your business requires a state license or permit. Selling certain products including alcohol and lottery tickets might also require a state license.

Your municipality might require a license or permit for your business. Check with your city or town to find out about zoning laws to ensure that you are allowed to conduct business in a particular building like your home or the storefront you rent. If you are involved in retail sales, you will also have to pay state and local sales tax. Depending on your city, this could be done at the state level or both the city and state levels.

Services You Can Get From a Business Law Firm

If ever you are wondering what particular services you can get from a business law firm, the following can help answer the questions you might have in mind. I have gathered some of notable legal services below.

A business law firm can help address issues concerning the following:

Civil litigation

A business law firm can help in civil litigation. This has something to do with addressing issues like purchase and sale contract breaches, service and supply contract breaches, shareholder and partner disputes, trade secrets, fraud, etc. It can provide representation to clients in all forum of dispute resolution, including jury trials, arbitration and mediations.

Construction Law

It is also able to provide client support in all aspects of construction law including contract review, bid protests, construction claims, prevailing wages and labor disputes, negotiation through project assistance, business formation and licensing. Dispute resolution can be through litigation, mediation or arbitration.

Corporate and business

For corporate and business issues, it can help clients in entity formation and infrastructure, commercial transactions such as manufacturing and supplier agreements, merger and acquisitions.

Estate planning, trust and probate

Clients go to business law firm for estate planning, trust and probate issues. Some of these issues that a law firm handles include assets and healthcare decisions, ensuring children, ensuring estate, issues on concerning inheritance, etc.

Intellectual property

For intellectual property issues, a business law firm can help in litigation, which includes trade secret, unfair competition, patent, and the like. It can also provide assistance for your technology transaction needs like licensing, manufacturing, development and distribution agreement.

Labor and employment

For labor and employment, it can represent employers in all facets of employment law, which include defending employment discrimination, wrongful termination, unfair completion, sexual harassment, and the like. It can also help in labor relation issues such as includes organizing union campaign and terminating union contract, etc.

Real estate law

A business law firm is also capable of providing assistance for real estate issues such as property purchase and sales, real estate litigation, commercial leasing, title issues, easement and license dispute, as well as real estate broker and agent commission disputes.

So, now that you know some of the services a business law firm can give the next challenge you may face is knowing which particular legal service provider to choose the moment you will need these services. As a general rule of thumb, it is imperative that you are able to check its reputation and the following criteria can help: years in service, number of complaints, number of good reviews from both previous and current clients, and certifications.

What Is Business Law?

In today’s society, many people are starting new businesses and they need to legally register their company. If a business is not registered, the owners may be breaking the law as they would be accused of running the business illegally. When a company wants to merge with another firm, they should have a written contract which both parties need to sign. These agreements should be drafted by a business lawyer who should guide the firms during the process. Business law covers a wide branch of knowledge across a variety of disciplines.

Business law covers all aspects of trade from the registration of a business to hiring employees and selling goods across the globe. A business may need a lawyer to help with the relevant terms of agreement and sales and present them to the other parties. When a company wants to bid for tender or have a project, the lawyer needs to come up with various proposals to present to the other parties. At times, disputes arise and when there was no binding agreement, the business suffers a huge loss.

There are some companies that do not keep in mind the terms and codes of trade especially within their intentional market. Failing to comply with the law is a serious offense and the company may end up folding as a result. A company should look to hire a lawyer who is aware of the business laws set by the Department of Trade and the lawyer ought to find out how the company performs in their industry without bypassing federal laws.

Business law also covers the partnership aspect of the company. At times, the companies who want to merge but they may still want to maintain their rights and recognition within their market. A good contract should be put in place and both parties should agree to work within the laid down rules and regulations in the contract. Many partnerships have landed in court simply because some codes were not met or the other party had more benefits than the other party did. Some aspects like profits, shares, and investments need to be addressed fully before signing a partnership agreement.

Before someone starts any business, they need to know the codes, laws, and terms of reference. Business law applies to all types of businesses whether it is a corporation, a sole proprietorship, or a company. The law requires that all companies and businesses need to be registered and trade within the law. When someone trades in illegal goods, they are required by the law to stand trial. The codes of trade need to be enforced fully and that every businessman understands what they mean. Business law terms are difficult to understand hence there is sometimes a need to hire a lawyer to interpret the message and ensure that the client know what each business documents entail. At times, some businesses may want to trade with other companies and need advice from their lawyers and other business professionals on the proposed plan. Business law can also cover issues such as privacy, copyright and issues involving tax.

All in all, business law ensures that a company practices in the correct way and that the business runs smoothly and that all the parties involved in the various commerce sectors understand the codes of operation.