Are you unsure whether you need a business lawyer or corporate lawyer to address the legal issues facing your company? There has been plenty of confusion regarding the difference between business and corporate law. In this article, we’ll review the main differences between these two legal sectors and explore how they impact your business.
Business law can be considered an umbrella term that covers a variety of different legal elements relating to establishing and operating a business. Business entities of all forms, such as limited liability partnerships (LLPs) and joint ventures (JVs), deal with aspects of business law. Generally, business lawyers have a vast knowledge base that includes employment law, contract law, tax law, and intellectual property law. Let's examine these areas of law in more detail and explore how they relate to the broader field of business law.
Corporate law, on the other hand, specifically focuses on the legal issues surrounding corporations. In its essence, corporate law may be considered a subset of business law. It mainly deals with the operations of a corporation including the duties of its directors and officers, shareholder rights and other important subjects. Let’s delve deeper into some of the fundamental components of corporate law, such as:
Are you still unsure if you require the services of a corporate or business lawyer? Understanding the specific areas of expertise of each type of attorney can assist you in making an informed decision.
Business lawyers, in the simplest sense, are concerned with how the law impacts businesses in certain circumstances and activities. They provide assistance on a wide range of legal issues related to the day-to-day operations of a company, such as contracts, employment law and intellectual property. Moreover, business lawyers may provide assistance in IRS and tax compliance. Here are a few other instances in which you might want to go to a business lawyer:
Alternatively, corporate lawyers have a slightly different area of practice. In general, corporate lawyers might provide legal support regarding the responsibilities and legal rights of corporations. The following are examples that typically require the expertise of a corporate lawyer:
While it is not uncommon to get confused between corporate lawyers and business lawyers, there are a few major differences between these two fields of law. Nonetheless, it’s also important to note that many lawyers are able to handle both corporate and business matters. Ultimately, when it comes to choosing proper legal representation, it depends on the exact needs of your business and the expertise of the lawyer.
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