According to an Arlington, TX bankruptcy lawyer who has been rated by Super Lawyers, business law is the rules and regulations that govern how businesses run. All business matters, Including business transactions, debts, employee rights, and contracts should be overseen by a business law attorney. This is to ensure any actions made by the business does not put them in jeopardy or does not break the law. Business law covers all business affairs, and a sole proprietor should also be well informed about business law.
Having a business attorney can seem redundant and time consuming. Many people think a business attorney is only needed if the business is going through a legal issue. But this is inherently incorrect. Business attorneys are crucial in making sure a business runs itself while abiding with technical laws, and can help the business grow.
Areas Business Law Covers:
- Contracts
- Property rights
- Corporate governance
- Taxes
- Business formation
- Consumer protection
- Environmental regulations
- Employee Protection
Examples: Business law is actually used in almost every action a business takes. The contracts written up when organizing mergers or hiring new employees and any rules made for the company are done through business law. It is not just for lawsuits involving small businesses — it is for all things business!
Corporate Law Vs. Business Law
Some might think corporate law and business law are the same thing, and they are almost correct because corporate law is a specialty that stems from business law. While business law covers all legal business affairs, the specialized field of corporate law covers specifically mergers, and the formation/governance of new businesses. Corporate law requires a lot more inner knowledge of how business works and is very valuable in the business world. Whether you need a corporate lawyer or a business lawyer depends upon your business structure and needs, which should be a key consideration when starting your own business.
Protecting Employees
Business law plays a huge role in protecting the employees at that business. Business laws can set rules and regulations on how employees should be treated and how they should treat each other. Business law can protect employees from discriminatory hiring practices, failure to pay wages or overtime, inappropriate termination, and inappropriate acts in the workplace. Business law can also create guidelines on employees safety and welfare.
Consequences
The consequences of not following or adhering to business law can be severe, and it is important to know what consequences might come your way if laws and regulations of business are not followed. The consequences can include:
- Business closure
- Fines
- Jail time
- lawsuits
Overall, business law is extremely important and all business owners, big or small, should obtain a business lawyer to ensure their business follows all rules and regulations and to make sure their business actions are legal and fair. Business law also plays a strong role in employee safety, so having a business lawyer can help your business grow overall. If you need help with business law, contact the Brandy Austin Law Firm today to speak with one of our lawyers who has been rated 10.0 by Avvo.
