Business law, also known as commercial law, is wide-ranging and involves many legal areas such as choice-of-entity, business organization, sales and acquisitions, and taxation.
State and federal laws will impact individuals seeking to form a business structure for a new or existing company. A business owner must decide whether a corporate structure, limited liability company, partnership, or other vehicle works best for the business, as well as which state’s law best serves the needs of the business. It is also important to consider the local, state, and federal tax consequences that would be expected to flow from each type of entity.
It may be beneficial for a business owner to formulate a plan for the transition of the ownership of the business early on in the course of the business in order to avoid unanticipated legal or tax consequences in the future. An individual or entity who intends to be part of a sale or merger of a business must carefully consider the impact of local, state, and federal laws on the transaction.
Many aspects of commercial law are complex, and a business owner may need guidance from legal counsel in a variety of areas when planning for a new business, forming a new entity for a current business, or preparing for a sale or merger of a business. Godwin Laing can assist with the initial stages of planning, entity formation, acquisition and merger of a business enterprise, and legal issues that may arise in the course of operating a business.
Information for business owners is available at the following websites:
Small Business Administration
http://www.sba.gov/tools/resourcelibrary/lawsandregulation
Better Business Bureau (“For Businesses” section of website)
http://www.bbb.org/us/business/
ABA Section of Business Law
http://www.abanet.org/buslaw/home.shtml
