Defining General Business Law
General business law encompasses classic legal themes, such as contracts and insurance, which directly deal with running a business, and practical topics, such as business planning and preparing for and defending against business disputes.
Business planning entails becoming acquainted with the appropriate antitrust laws so that you do not participate in conduct that illegally monopolizes your market or sign into agreements that restrict trade inadvertently, as well as understanding how to salvage a sputtering business.
The Role of Attorneys in General Business Law
Corporate attorneys handle disputes concerning the start-up of a new business or general business matters relating to the operation of a firm or the purchasing and selling of a business through an acquisition or a merger.
Boca Raton business consultants in Florida ensure that contracts are legally binding. By showing a defense against breach of contract, a party may be exempted from complying under a contract. Fraud and deception, lack of consideration, and the statute of fraud are examples of such defenses. They also ensure that you have thorough general liability coverage in place and well-written corporate rules and processes, such as an employee handbook, in place to deal with lawsuits.
Attorneys assist the general public in starting a business by beginning with a detailed business plan, which serves as the “blueprint” for all aspects of the business. They select the best business structure for the company: a sole proprietorship, a partnership, a corporation, or a franchise. They will be required to file tax and employer identification paperwork and secure the essential licenses and permissions for the business to function.
The Role of Attorneys in Mergers
Acquisitions can be used to buy or sell a business. They can be asset purchases, in which the buyer purchases the seller’s assets free and clear of any liabilities, or stock purchases, in which the buyer purchases the business’s stock and takes over the business, rather than just buying the merchandise. A merger of two firms has many similarities to an asset buy and a stock purchase, but at the end of the transaction, the two businesses are consolidated into one.
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