Those in the business world, owners, entrepreneurs, and employees, should have a basic understanding of business law as this are of the law obviously can have a big impact on their lives and livelihood. Here, we’ll take a look at some business law basics to get a better understand of what this robust area of the law entails and how it impacts those at varying levels in the business world.
Basics of Business Law
First thing is first, business formation is a key aspect of business law and it can be difficult to wade through. There are a number of different types of business entities and each have their own set of liability, taxation, and other issues that can have powerful ramifications for a business and those involved in a business. Entrepreneurs looking to establish a business should familiarize themselves with the various types of business entities and what types may best suit their needs. They should note the requirements each entity type has to be successfully established.
Business law also runs into a lot of common ground with employment law. The bulk of businesses, of course, have employees and, thus, there is a significant amount of overlap. Those in the business world should be sure to familiarize themselves with relevant employment laws. This is true for business owners and employees. Employees, after all, should be aware of their legal rights and owners should be aware of their legal responsibilities to their employees. For instance, employees that are not exempt should be paid at least minimum wage. They should be protected from harassment and discrimination in the workplace. They should not be wrongfully terminated. Even at-will employees cannot be terminated for just any reason.
In addition to employment law, intellectual property law also has significant overlaps with business law as many businesses hold intellectual property rights and need to know that their interests are being properly protected. A business, for instance, may need to register trademarks. In order to protect new processes or new protects, patents may need to be established.
Business contracts are also likely to play a significant role in a businesses operations and its success. There may be contracts put in place between the business and employees or the business and another business. All business contracts should be thorough and specific in order to manage the expectations of the contractual obligations as well as to be sure that all parties to the contract are upholding the promises they made in such agreements.
Business Law Attorney
While all business owners should strive for a basic understanding of business law, turning to those with vast business law experience for sound legal counsel on critical business law issues can be best practice. For all of your business law needs, you can count on The Kumar Law Firm. From business formation to business contract disputes, we are here to help. Contact us today.