Scranton Business Law
Business law is a wide range of law governing various elements of business and employment. With laws always changing due to changes in technology and business-related matters, lawyers in this field have to keep abreast of changes.
With so many elements to consider, business owners need to ensure they are operating their businesses properly. Having a good lawyer on their side to guide them through taxes, contracts, and other matters can help them avoid costly legal matters.
Common Types of Business Law
If you own a business, there are many types of law you should be familiar with, including the following:
Business formation. This is one of the first decisions you will need to make as a business owner. You will need to choose a business structure so you can properly register your company. Various business formations include sole proprietorship, general partnership, limited liability company (LLC), limited liability partnership (LLP), and corporation.
Employment law. This is a broad area of law that encompasses many aspects, such as discrimination, sexual harassment, workers’ compensation, health insurance, and wages. There are many laws pertaining to how employees are treated in the workplace, and this means employers need to have various forms of insurance as well as clear corporate policies in place. Otherwise, a company could face major financial liability, loss of reputation, and other negative impacts.
Contract law. Contracts come into play during the course of business operations, from selling a product or service to purchasing a property. Contracts are legal documents that help protect all the parties involved. An employment law attorney can help ensure everyone’s best interests are represented in a well-written contract.
Intellectual property law. This is a growing area of law that is in place to protect a company’s products and ideas. You may need to patent your works in order to prevent other companies from ripping off your ideas for profit. This area includes copyright laws, which will protect creative works.
Taxes. Businesses have to pay several types of taxes, so this can be a highly complex area of law. There are income taxes, sales taxes, property taxes, payroll, self-employment, and possibly other taxes to consider. It may be helpful to work with an accountant who can assess what taxes are involved with your business.
Bankruptcy. When business goes bad, it can lead to severe financial issues, including bankruptcy. However, before you file for bankruptcy, it’s best to discuss your situation with a lawyer who can help you understand all the options available to you.
Contact Us Today
Business law can be complex. There are many laws and regulations involved, and it’s highly unlikely that a business owner is familiar with all the laws that affect them.
The Needle Law Firm can help you with business matters you may face. We can give you solid advice to help you make good decisions. To schedule a consultation today, fill out the online contact form or call (570) 344-1266.