How well do you understand corporate law in America? If you have anything at all to do with business, this is a relevant topic for you. Whether you’re starting, running or /closing a business, need to know how to handle corporate taxes, need financing for your operations, have to deal with employee matters, or have concerns about risk management; corporate law covers all these facets and then some.
Kenneth J. Nota specializes in this kind of business and commercial law, and would like to provide a snapshot of its significance.
Understanding Corporate Law
Sarasota, FL is a great place to do business for many reasons, but with a litigious commercial/industrial environment it’s critical to have at least a rudimentary understanding of corporate law. This includes things like:
- Constructing Good Contracts
It all starts with good documentation in business law. “Always keep a paper trail” is a great pearl of wisdom. Your contracts will make or break many of your business transactions (like employing someone or obtaining intellectual property rights). Contracts create obligations, they’re legally binding, and are enforceable through state/federal law. They’re often complex, though, so never try to compose them by yourself. Get a skilled legal professional to do this appropriately.
- Business Entity Status
Are you a small business owner trying to determine how to file with the IRS? This impacts whether your income gets taxed as ordinary income (as a form-1099 sole proprietor/contractor) or some other way as an LLC, S-Corps, C-Corps, or any other business status. It WILL affect how much income you retain and depends on how you structure your business, especially with regards to partnerships.
- Compliance with Employment Law
Many businesses want to hire employees and contractors but do not know the laws that pertain to wages, hiring/terminating, OSHA regulations, etc. If you find yourself in court for one of these issues, it’s easy to suffer stiff monetary penalties on top of restitution.
A big development in recent years has been the proliferation of franchise businesses. Lots of restaurants and service businesses are utilizing a franchise system for operating their businesses. Ultimately, this involves extensive contract construction, including Franchise Disclosure Documents and Franchise Agreements. Again, these must be done carefully by a qualified professional.
So, as you can see, there’s a lot of depth to corporate law, and this only skims the surface. Therefore, one of your wisest business investments will be to develop a strong relationship with a good corporate/business attorney. That’s where you partner with an expert who can a) write your contracts, b) oversee the legality of managerial moves, c) help you avoid litigation, and much more.
Kenneth J. Nota spent nearly three decades as general counsel for several multi-national businesses and now, in private practice represents and assists clients in Sarasota and Bradenton, FL, with all manners of corporate law. Don’t hesitate to contact him today and discover how he can help you with business formation, contracts, intellectual property rights, employment matters, non-disclosure agreements, and much more. Find out more by calling 941-309-5270 or emailing firstname.lastname@example.org