Whether you are considering launching a new business, or you own or operate a going concern, there are legal matters you must address. What’s the best type of structure for your business? A partnership? A limited liability company? Do you need a contract to protect your interests? What do you need to do to set up a joint venture? What if one of your suppliers fails to deliver? Or one of your customers fails to pay?
In business law matters, the more you understand about your rights and your options, the more effectively you can work with legal counsel to protect your investment, your market and your bottom line.
GetLegal.com’s Business Law Center provides useful information on a broad range of topics affecting commercial enterprises, from formation to contracts to litigation.
If you are considering setting up a business enterprise, one of the most effective ways to protect your investment and your personal net worth is by organizing the business as a corporation. There are, however, a number of forms that a corporation can take.
If you want to form a business organization, but don’t want the formality and recordkeeping requirements of a corporation, a partnership may be the best form. You need to be careful, though, as some types of partnerships establish broad liability for partnership debts.
A limited liability company offers many of the benefits of a corporation without many of the recordkeeping requirements, making it an ideal business form for many small businesses.
State and federal laws give special benefits to non-profit organizations, including certain tax advantages. To keep your non-profit status, however, there are specific rules you have to follow.
For individuals or businesses that want to share resources or potential rewards, but don’t want to enter into a long term partnership, a joint venture allows parties to move forward without the necessity of a merger or acquisition, or the creation of a new legal entity.
Transactions involving the sale of goods are governed by the terms of the Uniform Commercial Code, which has been adopted in whole or in part by all 50 states, except for Louisiana. The laws set forth in the Uniform Commercial Code were influenced by hundreds of years of court opinions governing contracts.
When it’s time to sell the business you’ve built, it’s important to take the right steps to fully protect your interests.
Under state and federal law, certain deceptive or harmful business practices are considered unfair competition, subjecting violators to potential fines and legal action.
To ensure fair, free and open competition, there are laws restricting collusion, price fixing and the creation of certain types of monopolies.
Under certain circumstances, the parties to a commercial transaction may enter into a legally binding agreement, referred to as a contract. In such situations, the laws governing contracts can be used to establish and enforce rights and duties of the parties.