Read below for the top 10 things you should understand about business lawyers:
Business lawyers assist companies in determining how to structure their businesses
There will include different legal structures for companies, which include limited liability companies (LLCs), partnerships, C-corporations and S-corporations. Each one will have various regulations as far as taxes and liability. A business lawyer may help decide what the ideal method of structuring a business organization is.
Business attorneys help organizations file their incorporation paperwork
If a company incorporates or sets itself up as a partnership or LLC, the business has to register inside a state. A business lawyer may file initial paperwork and annual reports.
Business lawyers help organizations with compliance with anti-trust rules and other associated business legislation
Anti-trust regulations keep companies from fixing prices or developing monopolies with the competition. Business attorneys assist businesses in complying with this and additional business-related legislation.
Business attorneys typically received special training in law school
Even though all graduating law students obtain the same degree (J.D. or Juris Doctor) and usually take classes in taxation and corporations, business-law specialists also may have studied the laws that cover corporate finance, securities, bankruptcy, as well as mergers and acquisitions.
Business lawyers help organizations handle product liability issues
Each product will come with something named an “implied warranty of merchantability,” meaning it has to be reasonably safe while operated within the intended manner. Business lawyers help organizations understand their obligations as it’ll come to safer products.
A business lawyer writes contracts
Contracts include one key foundation of business. Whether it’s an agreement between two corporate entities or an agreement between a corporation and its customers, a business attorney may ensure that the agreement covers all required contingencies and is going to stand up in court.
Some business attorneys never go to court
These business lawyers work behind the scenes to write contracts and do real estate closings, etc., to take care of non-litigation work.
Different specialties in the industry of corporate law
Some business lawyers specialize in tax law, other ones in bankruptcies, employment law, and other ones in litigation. Like there are different kinds of business, there also are different kinds of business attorneys.
To operate “in-house,” a business attorney has had lots of experience
As business employ their own counsel, they typically search for one who has worked within a legal firm for a lengthy period and possesses senior-level expertise in transactional law. In-house lawyers constantly farm out legal work over to legal firms.
Business attorneys typically charge by the hour
They don’t work on a contingent charge basis, i.e., taking a cut of the settlement. They’ll charge for the services provided at an hourly rate, oftentimes keeping track of their time in 6-minute intervals.
For more information on things to understand about business lawyers, contact Jackson Abdalla Law Group at (000) 000-0000.