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.

Costs of Hiring the Business Law Attorney

Everyone who has already hired a business law attorney will tell you that legal services are not cheap. So, before hiring a lawyer, you should ask yourself how much you are willing to pay for the services. When you are searching for legal services, you should always ask potential attorneys to explain their fees and billing practice fully. Do not hesitate to ask detailed questions and never feel embarrassed. A lawyer’s readiness to discuss the fees is an important indicator of how he or she treats the clients. If you have a basic knowledge about how lawyers generally charge for their services, it may help you to negotiate the best deal when you need to hire one.

A best business attorney may suggest hourly fees, flat fees or even contingency fees. But the exact price of these fees structures is determined by several factors. The cost of a lawyer is influenced by the amount of effort and time required for your case, whether you live in an urban or rural area, by the outcome of the case, by the experience of the lawyer and by the processing costs. All these elements will impact the total cost of a lawyer.

  • The hourly rates are the most common arrangement. On an hourly fee basis, a business law attorney gets paid an agreed-upon hourly sum for the hours that he puts in a client’s case until it is resolved. The hourly rate depends on the lawyer’s experience, operating expenses and the location of the practice. When it comes to your business’ protection, you should keep in mind that it is more effective to hire a lawyer with a lot of experience and expertise.
  • When dealing with the business law matters such as wills and simple bankruptcy filings, most attorneys typically charge a flat fee. However, the flat fee might not include other legal expenses such as the filing fees.
  • You can be charged on a contingency fee basis in certain types of cases. It means that the business law attorney will take any fee from you, but will get a percentage of the settlement money.
  • As for the expenses and court costs, there are no averages and it is hardly possible to give an accurate estimation. You should carefully discuss everything with your business litigation attorney and anticipate any miscellaneous costs so that you can estimate those costs up front and avoid further confusions. Be prepared to check court costs, filing costs, delivery charges etc.

    Regardless of the type of your payment agreement with your attorney, you should get a fee agreement in writing. If a business law attorney is unwilling to offer a fee agreement in writing, do not choose that lawyer.

    The Necessity of Business Law

    Business in general is the backbone of a functioning capitalistic society. Business transactions, contracts and the building of corporations are what makes the United Sates tick. But imagine a world in which business was done, as usual, but without any sort of oversight. There would be no contracts, because there would be no entity that was in place to uphold contracts and force people to abide by their word. There would be massive corruption and scandal as every transaction that occurred would be without repercussion. It is a sad fact that, when left to their own devices, most people take advantage of no only the system in place but of each other. This is why business law exists.

    Business law, also known as commercial law, it the body of law the governs business and commercial transactions and is considered to be a branch of civil law. It deals with business issues affecting both the private and public sector.

    What Business Law Includes

    This type of law has a wide range of practice areas within its umbrella. There are certain, serious breaches concerning business that are criminal-these are known as white collar crimes-and would be tried in a criminal court rather than a civil court. Laws, such as those against insider trading, that affect the core of the economy on a huge level, would not be tried under regular business law. The following things are routinely a part of commercial law lawsuits:

    • Corporate contracts-contract law is one of the biggest, if not the biggest, facet of business law. Lawyers in this field will draw up contracts, supervise their signing and then file lawsuits on behalf of a client if a contract is breached. And now days, it seems as if just about everything involves a contract from renting a video to buying a major corporate building.

    • Hiring practices-hiring is a tricky issue. There are tons of areas of government reregulation that can get an employer in serious trouble if he or she fails to abide strictly by them. There are also many legal issues involved with letting employees go.

    • Manufacture and sales of consumer goods-there are many, many things that go into getting a product placed on the market. There are tests and contracts and codes that all must be put into action.