Anyone who owns a company should be able to answer the question, “What is business law?” This is particularly true for someone who is starting a new business. This type of law covers all aspects of the business life cycle, from creation to operation to dissolution and beyond. A business lawyer assists the owner to ensure the company meets all of its federal, state, and local requirements during every stage of the business. The following are some of the most important functions of a business attorney.
Common Legal Functions
- Business plan and company formation - a lawyer will ensure that a business plan takes all legal requirements and issues into consideration. He or she will ensure that this part of the prospectus impresses investors. A lawyer will also help create the company as a legal business entity; filling out all of the necessary forms, submitting the required paperwork in a timely manner, and making sure the new company meets all legal standards of operation.
- Legal aspects of finances - an attorney will ensure that the financial records include all legal fees and liabilities. For instance, the lawyer will ensure that the firm has appropriate employee liability insurance, the contracts have sufficient bonds, and the statements include the proper estimated costs for dispute settlement.
- Labor management - a lawyer will insure that a company handles all labor disputes efficiently and legally. He or she will help the firm minimize costs from such issues as wage and overtime disputes, liability from wrongful termination or unlawful discrimination, and issues pertaining to sexual harassment.
- Commercial law – this deals with all aspects of the company’s interaction with other business entities. These can include customers, suppliers, and partners. Issues include contract enforcement, payments due, and collections.
The Importance Of Business Law
In some cases, legal issues directly affect a company's bottom line. In other cases, solving legal issues can remove an operational barrier. In either case, the company owner who understands the answers to the question, “What is business law?” will be prepared to work with an attorney to manage these issues, minimize associated costs, and manage any barriers to operation. Call (949) 582-1544 now to receive a FREE consultation with the experienced Orange County business law attorneys at Mosher & Skorina.