Business Law

Business law governs the operation of businesses, from its formation (business organization) to its demise (bankruptcy or liquidation). Business law also governs the transactions between businesses, between business and government, and between business and the public. Traditionally, business law encompasses certain areas of law, such as business organizations, tax law, securities regulation, finance law, and bankruptcy. Business law, however, has developed through the years to include many other branches of law, such as environmental law, advertising law, intellectual property law, and labor law. With the advent of online selling, business law has expanded its claw to virtual stores, subjecting them to similar, if not the same, rules and regulations as brick-and-mortar businesses.

Business law attorneys are hired for transactional work. This means, they do not represent clients in court. Rather, business law attorneys are hired to prevent the business from getting into litigation. One of the major work done by business law attorneys is the drafting of contracts. Business law attorneys need to be experts in numerous areas of the law to make sure that a contract is drafted in accordance with the Uniform Commercial Code adopted in a specific jurisdiction. A well-executed contract means a business and the counterparty is confident that both of them will perform their obligations in accordance with the contract.

Formation of a business is a tedious job that needs the expertise of business law attorneys. Even before a business opens its doors for trading, it needs to be compliant with numerous laws regulations. Non-compliance of these regulations would mean no permit for trading or the imposition of sanctions. Choosing the type of business -- single proprietorship, partnership, corporation, and limited liability companies -- alone is already a daunting task that can only be undertaken by someone who is knowledgeable of the matter. A business can be further customized -- to "S-corps" as save taxes, or "limited partnerships" for some owners to participate solely as investors -- depending on the needs of the company. For most companies, the primary purpose in selecting a certain business form is to protect the owners from individual liability. Without the assistance of an expert business law attorney, owners may be putting all of their personal assets within the reach of creditors should they choose a business form without prior expert counsel. In addition to the formation of a business, expert counsel from business law attorneys is also needed in the drafting of internal agreements on how a company should be managed. Internal agreements are sensitive documents as it governs how owners will share profits and losses, make important decisions, and transfer ownership rights.

Another complicated matter that could arise in the operation of a business would be commercial transactions. Business owners are capable of dealing with certain commercial transactions; however, there are commercial transactions that are too complicated and touches on evolving areas of law that an expert counsel must be sought upon. These transactions may involve such laws as securities regulation or internet commerce. Aside from providing transactional services to a company, business law attorneys also provide an objective insight on the company that business owners may fail to possess as they often put their hearts into managing their business.

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Tax Law - Legal Information and Resources

Tax

Tax is the bloodline of the country, and states. It is regulated by the government for the main purpose of increasing revenues. Taxes are assessed by the government upon the value of properties, transactions and licenses. Taxes are also assessed by the government upon the value of the estates of a deceased person and the imposition of duties on imports. Tax law governs legislation, rules and policies that oversee the tax process. There are modes of paying taxes: direct and indirect. Property and income taxes are direct taxes, while sales and service taxes are indirect taxes. There are numerous tax collection and tax enforcement agencies in the federal and state levels. Non-governmental agencies, such as retailers, can also serve as intermediaries who collect taxes and pay these taxes to the government. Tax law is also a complex area of law, and is increasingly becoming difficult because the power of taxation can be used for purposes other than raising revenues.

The U.S. tax code, also known as the Internal Revenue Code, is administered primarily by the Internal Revenue Service. The IRC is complex and provisions must be read in context of the entire Code and the court decisions that interpret it. In addition to the IRC, federal tax laws also include the IRS's proposed regulations, temporary regulations, rulings, private letter rulings, procedures, policy statements, and technical information releases. Also part of federal tax law are the official interpretations of the IRC by the U.S. Department of Treasury. Moreover, federal tax law includes decisions by the federal tax court, which is a special court created to resolve disputes between taxpayers and the IRS. States and local governments also have their separate tax laws, regulations, and court decisions. Decisions by the Tax Court may be appealed to the Federal District Court of Appeals and final review is retained by the Supreme Court.

There are numerous nuances involving tax laws. But knowledge of tax laws are important for both individuals and businesses in the United States as misrepresentation of income or property value to avoid paying the appropriate taxes is a criminal offense and may lead to serious repercussions in the form of huge penalties or imprisonment or both. The federal government strictly enforces tax laws as it has been proven through historical data that tax evasion has caused the government millions of losses per year. It is in this regard that the federal government is overzealous in running after tax evaders, after non-payment of taxes means less funds for public programs.

Tax attorneys perform numerous functions. Tax attorneys provide counsel to individuals and businesses on how to have their incomes and properties properly valued such that they can avoid paying steep taxes, yet avoid being charged with tax evasion. Tax attorneys know the nuances that accompany this specific area of law so they are knowledgeable as to tax exemptions and tax holidays, which can help big businesses stave off millions from their expenditures. Tax attorneys also represent clients from an initial audit to IRS administrative appeals and tax litigation.


Areas of Law

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