Answers Regarding What Business Law Is, and Why It’s Important
As a new business owner, “What is business law?” might be among some of the very first questions you start Googling. And you’re not alone.
The area of “business law” is a very broad set of laws governing business entities and their various operations. It’s hard to break it down into specifics, but most of the following are agreed upon areas applicable to most businesses:
- Laws of incorporation
- Laws governing corporations and other organizations
- Securities and Exchange laws
- Intellectual property
- Antitrust laws
- Secured transactions
- Laws governing commercial paper
- Income tax
- Employment laws
- Immigration law
- Bankruptcy law
So how can one lawyer tackle all of the above? Well, they can’t. But there are a few things with which every small business lawyer should be familiar.
Hallmarks of a Good Business Lawyer
Even as law continues to specialize, a qualified business lawyer will have familiarity with helping businesses accomplish some, or all, of the following:
- Establishing corporate structure
- Filing articles of incorporation
- Establishing legal taxation and accounting impacts
- Drafting and reviewing contracts, including:
- Non-disclosure agreements
- Vendor agreements
- Capital agreements
- Customer data and privacy policies
- Employee agreements, including hiring/salary contracts
- Real-estate and lease agreements
- Filing of patents, copyrights, and trademarks
- Full or partial sale of the business
- Removal of a business partner or board member
- Handling initial public offerings
Sometimes finding a single lawyer with ALL of the expertise you’ll need is impossible. In instances like this, it’s a good idea to find a law firm with a breadth of focus or a lawyer with established connections and partnerships he can bring to bear as appropriate.
Why You Need a Business Lawyer from Day 1
It’s tempting to use a lot of the DIY legal resources available on the internet today. They make things seem easy and straightforward, and they are much cheaper than what it would cost to hire an actual lawyer.
Or are they?
Without the experience and expertise of an attorney to identify legal gaps, the formulaic approach to legal documentation can leave you with gaping loopholes. Because the documents aren’t tailored to your circumstances (or sometimes even your industry!), they give you a false feeling of security. The result is litigation and expensive trials, hours of discovery, and wasting valuable time and resources defending against something which could have been avoided in the first place.
When put in this context, doesn’t it seem foolish to spend tens of thousands of dollars on future problems, so that you could save a couple of hundred during your startup phase?
Don’t Put Your Company at Risk
Get more answers to “what is business law and how does it affect me?” by calling Titus Law at 770.416.8426, and speaking to one of our experienced attorneys.