Business law covers every single aspect of a business. From starting it up to forming it, running it, and managing it, to buying it, closing it or declaring bankruptcy. If you run a business or are involved in any way in its operation, business law will at some point be something that concerns you and what you do.
What Areas Of Business Does Business Law Address?
Business Law in the United States establishes the rules that all businesses should follow and includes, among many others, such matters as:
- Commercial Paper
- Trusts and Estates
- Income Tax
- Securities Law
- Pensions and Benefits
- Law of Corporations and Business Organizations
- Intellectual Property
- Secured Transactions
- Immigration Law
- Labor and Employment Law
What Are The First Steps You Should Take When Forming A Business?
To begin with, you should have a clear idea as to what type of business you are wishing to establish:
- Sole proprietorship
- Business partnership
- Limited liability company
Each of the above options has to follow different tax structures and, as well, face legal implications. Other points you should consider are whether the business can be established in the area where you want if the zoning laws allow it. Also, if the type of business you are interested in requires certain licenses to operate, as in the case of restaurants that sell alcoholic beverages.
Other laws that will keep your business running smoothly are:
As soon as your business starts generating sales, you will have to file the appropriate returns and pay the necessary taxes accordingly. A tax attorney might be useful to have by your side at this point in the game. They can also help you calculate your income taxes at the end of the year and advise you as to what quarterly payments need to be made throughout the year.
Your employees are the essence of your business. Ensuring their safety should be your priority, but you should also become familiar with everything related to hiring and firing them, paying them and withholding the appropriate amounts of taxes.
Also, if an employee is not performing as expected, you should know your legal options. That is why it becomes crucial to have established protocols and sign contracts that spell out the mechanisms that will be used should firing them become a necessity.
Why Is Business Law Important?
Any business owner should have a basic knowledge and understanding of business law. This way they will become better at making decisions, defining what is acceptable or unacceptable behavior, knowing how to protect their employees and customers, and being prepared to establish mechanisms to resolve disputes.
You should also know that contracts will be involved in many aspects of your business, whether you need them with providers, employees, or customers. There is always a wide variety of legal issues that arise in the daily running of a business.
Working with a business lawyer you will give you peace of mind and allow you to feel more comfortable when it comes to making decisions and judgment calls. You will also have a trusted advisor when it comes to spotting potential legal problems. And you will be able to understand the right your business has against other businesses or individuals.
If you are interested in even more business-related articles and information from us here at Bit Rebels, then we have a lot to choose from.