Business law is a broad term and encompasses multiple areas of specialization for lawyers. Companies should consider laws and regulations governing businesses throughout each phase of the lifecycle of the entity. Check out the information below on several types of business law.
Antitrust Law
Antitrust laws promote competition in business markets and seek to prevent monopolization of any given market. Although as a business entity it is enticing to control as much of your market share as possible, you must ensure that any actions you take do not violate any antitrust laws.
Contract Law
Companies can enter into any number of contracts in the course of conducting business. Drafting, reviewing, and signing contracts all need to be completed following relevant contract laws. Contract attorneys may be able to assist a company with their contract needs and protect a business’s interests in the negotiation process.
Immigration Law
Although immigration law may seem unrelated to business law on the surface, it can actually be crucial for a business to understand these laws if they plan to employ immigrants. Knowing what documentation immigrants must present in order to work in the country is essential to the health of a business entity. Ignorance is no excuse for violating immigration laws and your business could face hefty fines or closure if you don’t document your workers legally. Consider an immigration lawyer from a law firm like Law Group of Iowa to assist with immigration-related issues.
Intellectual Property Law
Intellectual property could be any number of intangible items such as copyrights, trademarks, works of art, and more. Businesses that possess intellectual property need to protect that property. Further, companies should be careful not to infringe upon the intellectual property of others. Lawyers with experience in intellectual property law may be able to assist companies in protecting their intellectual property.
Tax Law
Businesses, like individuals, are responsible for paying federal, state, and local taxes. Additionally, companies must calculate employee wage taxes. Navigating tax law can be complicated, and an attorney may be able to assist businesses throughout this process.
Bankruptcy Law
Although no company dreams of finding itself in the midst of filing for bankruptcy, the truth is that it does happen. A business attorney may be able to help your business determine whether it needs to file for bankruptcy, or if there are other options available to get through a tough financial time.