Business law refers to the legal components and requirements of new or existing businesses. Typically, these laws and regulations govern a business's rights and liberties, dispute resolution, and how it interacts with other businesses, the public, customers, and government agencies. While there are several federal statutes in place regarding business law, regulations and laws governing businesses also tend to vary from state to state.
From a legal standpoint, businesses are often considered separate entities from their owners or employees. In order to promote fair opportunities within the market, businesses in the United States have their own set of rights and requirements.
Business law plays an essential role in the operation and regulation of almost all types of businesses, companies, and corporations. Since it is a fairly broad legal field, there are many different sets of laws and subjects to consider. Let's examine some of the most important elements of US business law, as well as a few other related fields of law.
Business law is a broad area of law that governs the operation and regulation of almost all types of businesses, companies and corporations. It covers a wide range of topics and legal fields, including but not limited to:
While it is natural to get caught up in the excitement of starting your own business, there are several legal requirements to be aware of. This is why working with an experienced business lawyer, especially at the start of your journey as a business owner, can be extremely beneficial.Â
For instance, the type of entity you want to establish is one of the most important decisions when starting a business. There are various different types of legally-recognized businesses in the US, such as limited liability companies (LLC), sole proprietorships and limited partnerships.
Corporate law and commercial law sound quite similar, but there are actually a few key differences between these two fields.
The first step in understanding corporate law is to understand what a corporation truly is. A corporation is a business entity authorized to act as a single entity that has been formed in accordance with the law. Therefore, a corporate lawyer typically deals with the formation of legally-recognized businesses as well as mergers, acquisitions, joint ventures, security laws and licensing arrangements. Corporate law is regulated by both federal and state laws.
On the other hand, commercial laws are defined by the Uniform Commercial Code (UCC), which is a comprehensive set of laws that govern almost all commercial transactions in the United States. This uniformly adopted state code covers the laws and regulations for trade such as sales, leases, investment securities and transfers of funds. Commercial lawyers help businesses apply the UCC and assist in various commercial transactions within the industry.
The best business structure for your entity depends on important factors such as liability, number of owners, management structure and business goals. For a better understanding of what business type is right for you, let's take a look at some of the most common business types in the US:
The answer to this question is, unsurprisingly: it depends. In 2020, a study concluded that the average hourly rate of a business owner ranges between $100 and $400 per hour. This amount varies greatly depending on a number of important factors, like the experience of the lawyer, the complexity of the case and the size of the business. If the matter involves a trial, these rates tend to increase. It is highly advised to discuss fee structures and rates with your attorney during your initial consultation.
