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.

Areas of Law

Pharmaceutical Law - Legal Information and Resources

Pharmaceutical Law

Pharmaceutical law governs the manufacture, sale, distribution and use of pharmaceutical drugs. Pharmaceutical laws is a combination of different federal legislation, state laws, and court decisions relating to pharmaceutical drugs. Included in the area of pharmaceutical law is intellectual property law in relation to the protection of a pharmaceutical's research, standards, marketing restrictions and drug prescription and distribution.

One of the most important aspect of pharmaceutical law is intellectual property. The development of a new drug or treatment is project that could earn billions. It is for this reason that pharmaceutical companies are zealous in obtaining intellectual property rights of new drugs and treatments. The U.S. Patent Office, together with the U.S. Food and Drug Administration, govern the granting of exclusivity rights for all pharmaceutical discoveries, inventions and innovations. The FDA is strict in pursuing companies who are manufacturing or selling pharmaceutical products that have not obtained the proper patent coverage. There is stiff competition in the application for patent rights. This is the reason why pharmaceutical companies have a retinue of pharmaceutical law attorneys doing research and drafting documentation for IP application with the Patent Office and exclusivity application with the FDA. In order to acquire exclusivity in the United States, the applicant must comply with requirements laid out by the FDA and the Patent Office. The FDA and the Patent Office have different requirements for application of patent and exclusivity. To be safe, pharmaceutical companies must obtain the two prior to manufacturing a drug, although an FDA exclusivity can be granted without first obtaining a patent.

The FDA gives a five-year exclusivity period for a new chemical entity, which means no other company can file an Abbreviated New Drug Application for the same NCE. Exclusivity application with the FDA can be costly, and, like pharmaceutical research, exclusivity application research is also thorough. The FDA exclusivity occurs regardless of whether or not the Patent Office has issued a patent. If a patent has already been obtained, the pharmaceutical company still cannot legally use any NCE without first obtaining exclusivity from the FDA. The patent must be listed with the so-called FDA Orange Book in order for the patent to work like an exclusivity. Other companies can challenge the validity of patents or a new drug application. Pharmaceutical law attorneys defend defend companies from these challenges as these acts turn really messy especially because of the millions that might be at stake, in terms of lost revenues and profits. These suits are complicated and are thus best left with expert attorneys.

In addition to intellectual property, product safety and marketing is also another important aspect of pharmaceutical law. The FDA has stringent testing on food and drugs before they can be sold in the market in order to protect consumers. Because drugs have the tendency to be abused or misused, the FDA also regulates the kind of marketing for drugs in order for consumers not to file misleading claims. Other laws are also in place that require immediate recall of products that are considered not safe. Product safety and marketing is a subject in numerous class action lawsuits across the country. These suits often seek multi-million dollars in damages. It is therefore a good idea for pharmaceutical companies to hire lawyers to make sure they are in compliance with product safety and marketing laws and defend them when facing complaints on product safety and marketing.

Areas of Law