If you hope to start a business of your own, one of the most important things for you to have a good grasp of is business law. Obviously you do not need to know all the in-depth ins and outs, but you should at least have a simple understanding of what business law is and what it means for a business owner. Throughout the life of your business, you will almost certainly need to speak with a business lawyer, like a business lawyer in Maryland, for advice. After reading this guide, you will know the basics so you can know what questions to ask your business lawyer.
The Subcategories of Business Law
The field of business law is essentially divided into two categories. Both categories deal with laws surrounding the operation of a business, but it will likely help you understand the laws by separating them into two categories.
The first category is all about the laws that govern how a business entity is formed and maintained. You can call this category business entity law. There are requirements for creating a business and things you must do regularly to keep the business operating legally. Laws that deal with employment, taxation, and trademarking all fall into this category of business law.
The second category is all about the laws surrounding the interaction between a business and other parties. You can call this category “commercial transaction law.” These interactions may be between two businesses, or they may be between a business and a customer. Laws that deal with transactions, sales tax, contracts, and marketing all fall into this category.
Why You Need Business Law
You probably do not need to be told how complicated business law is. There are dozens of laws that deal with each and every aspect of operating a business. For instance, when creating your business, you need to sign applications, file your business in the right way, pay fees, understand employment laws, meet safety regulations, provide a safe environment for workers and customers, and follow many other rules. It is not reasonable for any business owner to have all this information inside his or her head. Business owners have enough to deal with as it is. Instead, you should consult with an attorney who specializes in business law. You can easily learn everything you need to know about starting your business and keeping it legal. Many businesses choose to keep a business lawyer on staff, but smaller businesses make do with simply consulting regularly.
Thanks to Brown Kiely, LLP for their insight into hiring a business lawyer.