Business law is a branch of civil law that deals with commercial entities and transactions. Business laws dictate how to form and run a business from starting, buying, managing, and selling a business venture. In the United States of America, all laws fall under federal or state laws. As a new client, engage a certified business lawyer to handle all legal aspects of business operations to avoid lawsuits.
Functions of a Business Lawyer
Whether sole proprietorships, partnerships, or corporations, business organizations all run under specific laws that regulate their daily operations. A qualified and certified business lawyer who understands federal and state laws will best handle such issues. The following are some functions of a business lawyer:
For a business venture to operate legally, there are rules and legal formalities to safeguard the business owner from hefty fines. A business attorney ensures that all statutory monies, government taxes, and relevant permits meet the legal requirements.
Permits and Licenses
During the formation of a company, up to the time the company is well established, many legal processes are required. A new client files various documents to get a business name, permits for operating, all licenses, and documents for drawing leases. A business lawyer ensures all formalities are followed as per the laws of that jurisdiction.
Employees are the backbone of organizations, and many sensitive issues affect them in their workplaces. Issues such as employee discrimination, worker’s compensation, taxes, health insurance, etc. A business lawyer should handle things like Social Security and Medicare, dividends for shareholders, and other such necessary items to ensure accuracy.
The terms used in drawing contracts are very technical — and some parties may try to take advantage and insert clauses that are against the interests of the business owner. A business lawyer ensures that all parties involved read and agree to all information included in the required documents. They also ensure that the rights and interests of their client are fully covered.
A business attorney ensures they protect their client’s ideas or invention(s) using copyright laws. Intellectual property rights protect what the business owner has worked so hard to make. For example, the business owner may have created a unique logo that they want to protect and mark as their property. A business attorney also ensures they safeguard consumer protection rights.
Some businesses may have to declare bankruptcy due to circumstances beyond their control. The process is quite complicated, but a business attorney will expertly file the case for a business owner and help them find the best solution.
Business Tax Payments
Businesses pay several taxes in order to operate legally. The following are some of the local, state, and federal taxes that a business pays:
- Income-tax: Returns are filed as a company declares its annual profits
- Sales tax on services/products: Report and pay state tax on sales
- Property tax: Pay capital gains for the sale of business property
- Payroll tax: Deducted from the employees’ pay
- Dividend tax: From dividends paid to company shareholders
- Excise tax: Duties placed on products the business uses — for example, fuel
A business lawyer ensures that all these and many other taxes are correctly paid on time to avoid business complications.
What Happens if the Company Faces a Lawsuit?
Sometimes a lawsuit is inevitable, but a certified business lawyer can help with how the business operates to avoid unnecessary suits. A business attorney will ensure proper legal documentation, from registering a company, its structure, how and where it will work, and full compliance with tax payments.
Are you a client with a business idea and desire to start your business enterprise around New York? Contact a service like Khader Law for more information. Such institutions provide experienced teams of attorneys and legal analysts who can deliver the appropriate help.