Business laws include all municipal, state, and federal laws that regulate businesses and commerce. Some industries, such as finance, face specific laws and regulations that apply to those in the field. Businesses of all types also must conform to many regulations that apply across the board, such as environmental regulations and advertising laws.
A business lawyer can help you address the myriad legal issues that arise when you are starting a new venture, operating an established company, or winding up or selling a business.
Business lawyers handle a broad spectrum of legal issues that confront companies. For new ventures, a business lawyer can help with business formation decisions, including selecting the proper business form, such a partnership, LLC or corporation, or addressing financial compliance issues when raising capital. In addition, business lawyers can offer advice when reviewing leases, purchase agreements, and other types of contracts. Other issues covered in this practice area include employee compensation and benefits, building relationships with independent contractors and other entities, and compliance with relevant advertising regulations.
While most business lawyers deal in transactional work (contracts and forms), some also litigate business disputes that arise from transactional work. Business litigation attorneys may handle issues such as breach of contract claims, consumer class action lawsuits, and wrongful termination claims.
Business judgment rule:
a presumption that directors making a business decision, not involving self-interest, act on an informed basis, in good faith and in the honest belief that their actions are in the corporation's best interest.
Pierce the veil:
A court no longer affords a shareholder of a corporation the protection of limited liability when the corporation has neglected corporate formalities and intermingled assets between the shareholder and the corporation.