A business law firm helps sole proprietors, partnerships, and corporations handle their affairs. If you are looking for a business attorney, the following are some common business law terms to be familiar with.
Mergers and Acquisitions – Mergers and acquisitions involve buying or selling a company or a part of a business to another corporate entity. Mergers and acquisitions can help a business to grow rapidly and reduce competition. Often, attorneys are needed to pursue mergers and acquisitions because the law that regulates them can be complicated.
Incorporation – Incorporation is the process of forming a new corporation, which will serve as a separate person under the law. This process is used for creating non profit organizations, clubs, municipal governments, and businesses. There are many law offices that can help a business draw up and file articles of incorporation, corporate bylaws, and select a distinctive name.
Tax Exempt Status – An organization with tax exempt status may be exempt from paying all or some property, income, and sales tax. Many charitable organizations are exempt from paying tax as non profit organizations. A corporate law office can help an organization file all the necessary paperwork to obtain tax exempt status.
Intellectual Property – Intellectual property rights give the owners of certain thoughts or creations rights related to their use. For instance music, art, and inventions are all considered intellectual property. Commercial law firms that deal with intellectual property handle the registration and enforcement of copyrights, trademarks, and patents.
Partnership – A partnership is business owned privately by parties who bear liability for the actions of the business. A commercial attorney is often called in to handle the founding of legal partnerships and any need for litigation that may arise.
Corporate business attorneys specialize in providing legal services and advice to corporations. Some firms may also work with non profit organizations. Most, however, deal with commercial entities of varying sizes. A few may work for local entities that help and advise small businesses.
A large company may hire its own in house lawyers. Smaller ones generally contract with a law firm. Corporate attorneys tend to assist with such things as contract law and incorporation. They may also help when a company is facing an anti-trust situation. Some specialize in working with small businesses. Although many small businesses are not included, a few corporations fall under some of the same legal requirements as larger companies. There are also firms which advise non profits, especially on their particular tax needs. In some cases, a corporate lawyer may give free advice to a charity as a tax write-off.
Other firms may specialize in specific areas of corporate law. For example, some specialize in tax law, while others assist with licenses. Some work with anti trust cases and mergers. Another common area of specialty is litigation. Corporate litigators handle both attack and defense cases, which is also known as prosecution and defense. Incorporation also requires specific legal advice, for example, they may need help with filling out the appropriate forms for business registration.
Lawyers also advise companies on how to stay out of trouble. For example, they advise on keeping business records and ensure corporate ethics. Most law firms work under a confidentially agreement.
Corporate law firms are organized like other firms with partners and associates. In-house lawyers, on the other hand, are generally treated like skilled employees.