Business law is an essential category of the practice of law. However, there are any smaller categories of business law. Those different categories of business law are important to understand. Many lawyers who practice tend to focus on specific types or categories of business law. Read on to learn all about those different categories.
The Broad Categories Of Business Law
The specific types of business law tend to fall into two broad categories. Firstly comes the type of law that monitors and regulates commercial entities. Commercial entities include companies and regulatory bodies, as well as individual actors. On the other hand, the other type of law monitors and regulates business transactions.
Additionally, business lawyers typically focus on a specific type of business. Here at Dowd Law, our focus is small businesses. On the other hand, other firms or lawyer might focus on practicing with large corporations or mid-sized businesses.
In addition to the broad categories of business law, there are specific types that different lawyers tend to focus on.
In business, there are many different tax concerns, of the business entity itself, the owner(s) of the business, and the employees.
- Income taxes.
- Employment &/or payroll taxes.
- Sales taxes on services and products. This is only complicated for digital businesses, who likely have to ship across state lines.
- Property tax on any locations that the business owns.
- Excise taxes, which are taxes imposed on the supplier rather than the customers. Excise taxes are typically on products such as tobacco, alcohol, and fuel.
Business and business owners must stay aware of employment laws. Keeping current on employment practice is essential for maintaining a functioning business. Business lawyers help with employment law when questions arise. Does the law require employers to offer healthcare benefits for full-time employees? How do employers deal with gender- or racial-based bias? How do worker’s compensation laws work?
It is common knowledge that contracts are difficult to read. Cloaked in “legalese” and oftentimes intentionally confusing for the laymen…how are business owners with plenty already on their place supposed to approach contracts? The best solution is to have a lawyer to help with interpretation and negotiation. Having a lawyer to protect you and your business’s interests and rights is an essential part of any contract process.
Other Circumstances That Require A Business Lawyer
There are many common instances when businesses need a business attorney.
- Starting a business. Help at this stage is especially essential for small business owners and entrepreneurs.
- Selling or buying a business.
- Establishing a trademark or copyright. Both at a state and at a federal level.
- If the business is involved in a lawsuit. This oftentimes leads to general counsel services or a retainer situation.