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Business Law - A Guide To Understanding Business Law In The U.s.

By Author: Steve Manningham
Total Articles: 9

A quick guide to the basics of business law in the United States. Business law consists of multiple areas of law dealing with the interactions between a business, its employees, the government, the public and other companies. A few basic areas of law that businesses have to deal with are: contracts, corporations, tax, intellectual property, and employment law in addition to many others. Business law attorneys typically specialize in transactional work, meaning that they do not litigate or represent clients in court. Attorneys in the business law field are actually hired to avoid future litigation. Depending on what type of business you form will determine whether the law treats your business separate from you as a person. Individual liability will then be created as if the business was never there or liability will be put on the business as its own separate entity. Some commercial transactions are within the ability of the business owner to handle on their own. Others are not, especially when a deal touches on a complicated and evolving area of the law such as securities regulation or internet-commerce. The more heavily-regulated the industry, the more companies will rely on their general counsel to research the newest laws on the issue. Attorneys who practice in this area are experts at structuring transactions to minimize the company's exposure to litigation. Simple tasks such as updating your privacy policy routinely through a lawyer will save companies millions. Unfortunately, most businesses and even more so small business, do not take the time to hire an attorney to give objective advice on how best to legally protect themselves and their business. As we live in the growing age of the startup, many more entrepreneurs are leaving their companies or starting their own business. Yet, one of the biggest pitfalls of many startups is the lack of knowledge and preparedness in the areas of business law. It is paramount that a business is set up to protect themselves from the onset of formation against possible litigation or other legal liabilities, that in the future could come back and bite them, and bite them hard. So hard, that they may risk having to shut down. No matter how small your business is or not, consulting with an experienced business attorney about any business law matter big or small is highly, highly suggested. You will save more time, more money, and at minimum have the peace of mind you need when it comes to business legal.

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