In broad terms, business law refers to a large body of federal, state, and local laws that govern the formation and daily operation of business entities, ranging from corporations to partnerships. Understanding the basics of these laws is a beneficial step to take, whether one is starting a new business, maintaining an existing business or selling a business.
Business law can be incredibly complex due to how many different areas fall under the category. Generally, business law areas are:
As mentioned above, local ordinances, state, and federal laws all play a role in certain aspects of the business. Thus, while business and commercial laws of each state will offer the main guidance, a local ordinance or federal regulation may also play a crucial role.
Nearly every aspect of a business, from startup to dissolution, will be affected in some way by a set of laws. For instance, the business laws of a state and local area will affect how the parties conduct commercial leases. Moreover, the laws of a state will play a large role in franchising and the financial documentation required for buying or selling a business.
The laws of each state will help determine the type of business organization structure most appropriate for a business. Both state and federal business and commercial laws regulate requirements of employment decisions, sales contracts and negotiations. Finally, federal laws will control certain mandatory disclosures and the sale of securities.
Specific areas of business law:
If you are a business owner, it would be wise to seek legal advice. Whether it is for a simple explanation and guidance, or help resolve a dispute, an attorney will know the best way to safeguard your business. An experienced business litigation or business transactional lawyer can often provide the answers and protection your business is looking for.
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Last Modified: 05-29-2014 04:33 PM EDTLaw Library Disclaimer
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