A business attorney specializes and advises on any kind of legal matter that affects businesses. This can range from business entity formation, acquisitions, mergers, or contract management. A business lawyer helps companies to ensure compliance with the law through every area of their operations. While the following list is not exhaustive, it outlines the different services rendered by corporate attorneys.
When forming a new corporate entity, a business attorney can help make sure that business owners choose the best structure for their situation and goals. They ensure that all the requirements and regulations to file are met. A business lawyer will advise on the permits and approvals that are need in order to start working properly and confidently.
Compliance and Tax
It may be confusing to know where to start when it comes to taxes and payroll deductions. The government sets regulations and requirements that govern business operations. This is where business attorneys step in to help; business law attorneys can advise to ensure this is adhered to. They not only ensure compliance, but they are also able to explain the hows and whys behind what businesses need to do.
Human Resources and Employment
Businesses will naturally hire and fire people according to their needs and situation. In doing this, they need to ensure they are in line with state and federal laws. Businesses should be cautious with exercising employee agreements. Small businesses can use a business attorney when drafting and reviewing contracts. Business organizations also need to consider important personnel issues in regards to sick leave, family leave requirements, vacation, and harassment policies supported. A business attorney will deal with specific issues that may need to be considered when making contract decisions.
Buying and Selling
Businesses buy and sell other companies. In this situation, there needs to be a clear purchase agreement detailing the terms of the sale and compliance with local, state, and federal laws. In addition to drafting contracts, a business attorney can review buy and sale agreements in a way that protects the interest of the business while safeguarding it against future problems.
A business attorney might help in advocating a business to government officials. Regulations may impede business, and in that case, part of what a business lawyer will do is advocate for change.
Every business from small to big will eventually have to deal with customers who do not pay their bills on time or not at all. While some customers can be persuaded and made good on their debts with time, some might never turn up; the best person to get them in court and recovered owed monies is a business law attorney.
Some business lawyers are specialists in security laws. Businesses are required to follow protocols with regards to disclosing information to shareholders and investors depending on the size of the corporation and type of investor. A detailed report of a company’s stocks traded on a public stock exchange must be filed with the Securities and Exchange Commission and parts of this distributed to shareholders. If you do not have in-house business law expertise, hire an attorney to comply with appropriate laws, prepare reports for initial public offerings, file quarterly and yearly disclosures and special disclosures in situations where company stock prices might be influenced by internal or external factors.
Mergers and Acquisitions
Mergers and acquisitions (M&A) are common in the business world, and some business lawyers specialize in mergers and acquisitions. This practice requires a high understanding of securities and finance laws. M&A lawyers conduct due diligence on the company they represent as well the client it is merging with or acquiring. This ensures that both businesses benefit and in the end as a stronger entity than what it was previously. This due diligence by business attorneys includes looking into company key assets, debts, liabilities, and any litigation related to the company. Once due diligence is complete, the lawyers will begin to draft all the legal requirements for closing the deal.
This article should not be read as direct legal advice. We highly recommend consulting with the certified legal experts at Burris Law for all of your business law questions and concerns.
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