To say that business law applies to every facet of business is not an exaggeration. Most business transactions have legal aspects that it would not be wise to ignore. This applies to all types of businesses; whether it is a single proprietorship, partnership, corporation or limited liability company.
Business law is not designed to make running a business difficult; its purpose is to provide clear-cut and enforceable rules and regulations to avoid issues and conflicts. It is the responsibility of both big and small business owners to comply with the law, but not everyone has a handle on what needs to be done and how to do them. Retaining a lawyer to ensure compliance with the law is the safest method for good business practice.
Some of the areas where business law applies include but are not limited to:
- Business formation
- Stockholders’ agreements
- Investigating business fraud
- Financial transactions
- Regulatory compliance (i.e. business license)
A little knowledge of business law can be risky; not knowing the whole picture and its impact on other aspects of the business can lead to making bad decisions. Having a competent and conscientious lawyer on board, especially if there has already been past incidents, means that you can concentrate on managing and growing the business. You will never have to worry about business law compliance.
An in-house legal counsel can also ensure that your business does not get into trouble when dealing with potential clients, other businesses or financial institutions. Contracts and agreements can be properly vetted and analyzed before final commitment, and this lessens the amount of unnecessary work later on.
Business law is designed to protect everyone’s interest and legal rights. It can work for you if you have a thorough understanding and/or if you have competent legal counsel to oversee legal business matters.Read More