What is the meaning of the term Business Law?
This term encompasses several legislations that can be commonly termed as Business Law, i.e., the laws dealing with the commercial and employment angle. Business laws ensure an element of fairness for both the parties so that their interaction does not lead to an unjust enrichment for one party and hardship to another.
What kinds of laws come under the purview of Business Law?
There are several laws that come under the purview of Business Law. For example, laws relating to intellectual property rights, income tax, bankruptcy, employment, labor, trusts, estates, and many more.
Who stands to benefit from Business Law employer or employee?
Business Law ensures fair treatment of both employer and employee. Therefore, the question of benefiting one party over another does not arise. In court cases, the party who has followed the business laws invariably gets a favorable treatment over the party that hasn’t.
My business is mostly online. Does Business Law extend to my business too?
Of course! Ensuring privacy of the customers, deducting the right amount of sales tax and other applicable taxes, etc. come under the domain of Business Law.
Is it necessary to hire an attorney to address Business Law issues?
Ideally, yes! There are so many laws and other technicalities involving Business Law that a layman may not be aware of. However, an attorney will work in the best interests of the employer or employee, depending on who hires the attorney.
What can an attorney do for my business?
An attorney will guide and assist you in keeping your business operations consistent and in compliance with the legal provisions and other governmental procedures. Moreover, the attorney will make sure that your interests are well protected in case your business is involved in a litigation of any kind.
I am planning to start a new venture. Should I just go ahead or first consult an attorney?
It’s always better to consult an attorney for all new ventures like yours. Business start-ups of all sizes need a direction, a roadmap, which only an attorney specializing in Business Laws can provide. Moreover, the legal formalities required for setting up a new business is the domain of a Business Law attorney and also saves you precious time that could be invested in more productive business tasks.
I’m running a business and not sure when is the right time to get in touch with an attorney?
An attorney should be contacted when (a) an important business decision is to be taken that you know very little about; (b) your business is being unfairly targeted by a rival or any government agency; (c) an employee or a contractor is playing truant.
What criterion should I adopt to hire a Business Law attorney?
While hiring a Business Law attorney, you should check out his/her credentials. The expertise in a relevant area may be assessed by asking some technical questions. Moreover, you can also rely on the recommendations of your friends or relatives, since they have had a satisfactory experience with the attorney.
I had once hired an attorney for my business. Should I retain him/her or look for another Business Law attorney?
If you were satisfied with the performance of your attorney, he/she should be retained since he/she knows the relevant details of your business and experience always count when representing a client in the court.