The generic term “business law” covers all aspects of business interactions today. In its broadest sense, the term can be defined as the group of laws, regulations, and practices that apply to business entities such as businesses, corporations, and partnerships. These legal requirements involve the entire spectrum of interactions from the formation of a new company, the negotiation of contracts, the organization of financing, the fulfillment of all government requirements and any other issue or activity that affects, directly or indirectly, the operation of a business.

In this highly specialized area, the legal professional must have a broad spectrum of knowledge to adequately represent the interests of their business clients. It is easier to view this type of practice from the life cycle of a business operation to understand its scope.

Starting a new company

One of the most important aspects of business law is how to establish a new corporation or company. Corporation law, local licensing requirements, as well as contracts for the space to be occupied by the business, require various legal formalities to be met even before the doors can be opened for the first customers. Employment laws for employees must meet federal and state requirements.

Financing agreements are an essential part of the business cycle stage. Legal professionals will negotiate with lenders, ensure that all forms are properly filed with federal, state, and local authorities, and help set up the necessary record keeping for that particular transaction.

daily transactions

Once things are up and running, business law attorneys will be involved in many daily transactions. Handling contract negotiations and representing the client in various legal actions that may involve issues of breach of contract, liability, and legal violations are just a few of the matters on which attorneys in this field may be called upon.

As the business grows, concerns related to secured transactions, securities (stocks and bonds), SEC filings, and other related issues would also become part of a business attorney’s practice. As government regulations continue to become more complex, ensuring that a business client is compliant requires an even greater level of diligence on the part of professionals in this legal field.

Change or merge operation

One of the most dynamic areas of commercial law today is that of mergers and acquisitions. It’s hard not to watch the financial news without hearing about the latest acquisition, merger or hostile takeover of one company by another. At the heart of this activity are the lawyers who represent the interested parties. As well as involving the transfer of ownership and financial arrangements, it is often necessary to obtain government approval to complete the deal. It is no wonder that specialists in this area of ​​the legal profession are highly sought after for their expertise.

All aspects of the 21st century business enterprise involve the application and practice of business law. Navigating the complex legal waters is best accomplished by engaging a competent and experienced advisor who understands the legal complexities of running a successful transaction today.