What is Business Law? How to Find a Business Lawyer

Business Law

What is Business Law?

Business law refers to laws that govern businesses. It extends to solo businesses, small businesses, corporations, and partnerships. The laws themselves address almost every aspect of the process of doing business. It intersects and corresponds with other bodies of law as well. Its primary purpose is to ensure the proper regulation of business and to promote free enterprise while also protecting the interests of business owners, stockholders, employees, and others involved in the business world. It is sometimes known as commercial law as well.

Governing Law

Business law encompasses a number of bodies of law including employment law, labor law, commercial law, the UCC, and others. Most of this law is codified by state legislature as well as case law from the state, providing interpretation. Delaware, for instance, has a comprehensive codification of laws regarding corporations and partnerships, but many of these codes have been further translated by case law. Business law is also subject to federal requirements such as those provided by the Securities and Exchange Commission.

Reasons for Hiring an Attorney

Attorneys are hired for a number of reasons relating to business. In fact, it’s not at all uncommon for a business to place a law firm or a business lawyer on retainer so that the lawyer will always be available when a legal problem arises. Hiring an attorney for business matters is just as much a preventative measure. Businesses typically hire lawyers to handle everything from the business formation to initial contracts. Boiler plate language in most stock contracts provides little protection for the individual on the receiving end. In some cases, you can even consult with a lawyer just to get advice on the initial formation and structure of your business. Additionally, a business may need to hire a lawyer because of conflicts of law. It’s not uncommon to do business with another corporation or business in another state or country. In some cases, you may be required to have legal representation. Often times, the attorney or law firm is hired to serve as an agent. It’s not uncommon for legal matters involving business to crop up throughout the world. In those cases, you will often need an attorney who is licensed to practice in that area so that he can appear in court in that venue. Business lawyers help with the management and minimization of legal problems arising in business as well as resolving legal disputes that arise and require attention.

What to Look for in a Business Lawyer

Business law is a broad field. While you want an attorney who has experience in it, you will also want one with a history of dealings in your particular line of work and business form. For instance, if you have a partnership involved in the sale of goods, you will need a lawyer who has experience in partnership law as well as the UCC. If you have a corporation, you will need an attorney with experience in corporate law. However, bear in mind that your lawyer needs to be able to practice in the jurisdiction of your business. Partnerships, small businesses, and the like are governed by the law in which they are formed. Remember though that you can choose to incorporate a corporation in another state, and you will be governed by their laws.

You will want to make sure it is clear what you are asking the attorney to do. If you want an attorney on retainer, then you will need to make sure that that is clear. You will also need to be prepared to pay a regular sum, whether you use his legal services or not. If you are just starting out, it may be better to just hire an attorney as you need him rather than keeping him on retainer.

Business Law Blogs

  • The Current Legal Issues Business Owners Need to Be Aware Of In Today's Business World

    The well-known expression, 'it's a jungle out there,' can certainly be true when it comes to legal matters. As business owners, your eye is quite rightly trained on the bottom line, but the reality is that if you don't also pay attention to legal iss...

  • Understanding the Basics of Vicarious Liability

    Business law covers a number of components, addressing matters for solo practitioners to small businesses to large corporations. A business law firm often specializes in some aspect of the law, focusing either on small businesses or corporations. How...

  • What Constitutes a Material Breach of Contract?

    When you enter into a contract and the other party fails to fulfill their obligations as stated in the agreement, a breach of contract has occurred. In these situations, you may be able to pursue legal remedies that require the breaching party to eit...