Welcome to LegalAdvice.com expert page on the topic of Business Law. Business Law includes many different types of topics including how to form a new business, the rules governing operation of a business, statutory requirements of industry specific compliance such as for gambling law, franchise law, securities law, commercial paper law, trade law and much more.
Business law is the body of laws that govern how commerce is permitted to be conducted. Business law covers the collection of laws involved with forming, operating and dissolving a business. A business must understand the rules that regulate its conduct so as to mitigate against any legal risk while engaged in trying to maximize the profit of the organization.
Much of business law addresses the different types of entities that are available when starting a business and the rules that apply to each entity. State laws not only govern the paperwork that needs to be filed in order to form a business but also provide laws on how to operate the different entities such as corporations, partnerships and limited liability companies (LLCS).
There are a wide variety of legal and financial decisions that businesses need to make every day when running a business. A business owner must take into account a wide variety of legal issues that will in part depend upon the type of business that the person or persons are operating. Some of the areas of law that a business may need to be familiar with include Contract Law, Employment Law, Intellectual Property Law, Securities law, Antitrust law, Tax Law, and other laws that may be industry specific. In order to operate a business within the confines of the law it is important to have legal counsel or outside advisement from a legal professional that is abreast of any recent legal developments.
The rules that govern dissolution of a business are intended to make sure that the proper steps are taken that account for notification of all parties that may have vested interests or monies owed before being allowed to terminate. The cessation of business activities is usually the first step when winding down a business but legal steps that are required when ending a business typically will vary according to state specific laws. The rules that govern dissolving a business will depend upon the type of business entity that has been operating as a corporation, partnership or limited liability company (LLC). The required state filings and notifications that must be given may also require formal agreement with other business associates in order to properly dissolve the business.
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