Business Law

What is Business Law?

Business can vary by state. A corporation is a legal entity that is separate from its owners or shareholders. They are formed by filing certificates or articles of incorporation with the Secretary of State where the business will operate.

 

State corporate law governs the duties of corporate shareholders as do the corporate by laws. Corporations are governed by the shareholders who elect the directors who elect the officers who actually run the corporation.

 

Because the corporation exists apart from its shareholders directors and officers it continues to exist even if something happens to the people who own and operate it. There are many types of corporations such as close corporations professional corporations S corporations nonprofit corporations and general corporations.

 

Business law is a very wide term that encompasses a variety of things viz. sales, commercial paper law governing business law contracts, business organizations etc.  It may include variety of issues such as starting of business, managing it, dealing with employees or even terminating a business.

 

Few issues frequently faced by the new businesses are that of intellectual property and the legal structure of the business. There are a number of legal structures of the business such as : –

  • Sole Proprietorship
  • Partnership
  • Limited liability partnership
  • Corporation
  • Professional Association

Some of the common issues that are prevalent in various forms of business are taxation, liability, control, continuity and transferability. Among these, taxation and risk are more significant ones. In many countries, small business laws may vary with the laws for large corporate in order to give them the protection they need to exist.

 

Taxation is one such issue that is a more complicated one wherein the corporations are required to pay the tax just like us.  This gives rise to double taxation where in the corporate pay taxes on the profits they earn and then the stakeholders pay taxes on the dividend they earn.

 

In case of need, you can easily bank upon us to guide you ahead and be free of all your legal apprehensions. We have an expert team of attorneys who are expert at laws of business and who are here to listen to your problems and to provide you the best solution that too at very reasonable rates.

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Are You Planning to Start Your Own Business?

A few relevant factors to consider in deciding How to operate a Business include:

  1. General partners in a partnership (other than a limited liability partnership), plus anyone who personally owns and operates a business without creating a separate legal entity, are personally liable for the debts and obligations of the business.
  2. Generally, corporations are required to pay tax just like “real” people. In some tax systems, this can give rise to so-called double-taxation, because first the corporation pays tax on the profit, and then when the corporation distributes its profits to its owners, individuals have to include dividends in their income when they complete their personal tax returns, at which point a second layer of Income Tax is imposed.
  3. In most countries, there are laws which treat small corporations differently than large ones. They may be exempt from certain legal filing requirements or LaborLaws, have simplified procedures in specialized areas, and have simplified, advantageous, or slightly different tax treatment.
  4. In order to “go public” (sometimes called IPO) — which basically means to allow a part of the business to be owned by a wider range of investors or the public in general — you must organize a separate entity, which is usually required to comply with a tighter set of laws and procedures. Most public entities are corporations that have sold shares, but increasingly there are also public LLCs that sell units (sometimes also called shares), and other more exotic entities as well (for example, REITs in the USA) However, you cannot take a general partnership “public.”

Tips to file a bankruptcy:

  • Do proper research before filing the case
  • Make sure to include all of your eligible debt
  • Debts like student loans, Tax bills, etc. can not be discharged. However in most cases organization will work for you.
  • In case you have filed ‘automatic stay’ your creditors can not contact you and in case they do so they are breaking the law. You can notify your lawyer regarding this.
  • Although bankruptcy stays on your credit report record for up to 10 years, you will be able to re-establish credit. There are many companies who specialize in helping people to re-establish their credit. The fees may be higher, but in the long run, this can help you (if you are responsible).
  • Your employer and landlord will not be informed of bankruptcy unless they are your creditors. However if somebody is keen on finding, he can do so by tracking down public records.
  • Keep all your Bankruptcy Filing records for at least a year after filing, including all back up documentation.
  • The parties to which you owe debts can decide to challenge the discharge of a particular debt or of your entire discharge any time from the day you file the case through the 60th day after the date first set for the meeting of creditors. This almost never happens, because the burden of proof is almost always on the creditors, and often their insurance will cover a discharge of debt.
  • Make sure your Lawyer has good capability and experience to handle your case and you feel comfortable with him/her.

When it comes to legal formalities regarding the setup of a business, one has to toil hard to get all paper works done. In fact it’s not only the legal procedure that makes thing tough for us but actually our lack of idea or knowledge of the same also makes thing tiresome and lengthy.

 

We are here to envelop all your worries steaming out of your legal apprehensions. We listen to your problems and after detail analysis of the situation, provide you the service of the Best Attorney available in your area and that too at record low rates.

A Few Relevant Factors to Consider in Deciding How to Operate a Business include::

  • General partners in a partnership (other than a limited liability partnership) plus anyone who personally owns and operates a business without creating a separate legal entity are personally liable for the debts and obligations of the business.
  • Generally corporations are required to pay tax just like “real” people. In some tax systems this can give rise to so-called double-taxation because first the corporation pays tax on the profit and then when the corporation distributes its profits to its owners individuals have to include dividends in their income when they complete their personal tax returns at which point a second layer of income tax is imposed.
  • In most countries there are laws which treat small corporations differently than large ones. They may be exempt from certain legal filing requirements or labor laws have simplified procedures in specialized areas and have simplified advantageous or slightly different tax treatment.
  • In order to “go public” (sometimes called IPO) — which basically means to allow a part of the business to be owned by a wider range of investors or the public in general — you must organize a separate entity which is usually required to comply with a tighter set of laws and procedures. Most public entities are corporations that have sold shares but increasingly there are also public LLCs that sell units (sometimes also called shares) and other more exotic entities as well (for example REITs in the USA) However you cannot take a general partnership “public.”

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