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McGunagle, Reidy & Hentz, Ltd.
2088 Broad Street, Cranston, RI 02905-3342
PH: 401.941.2088 - FAX: 401.941.0017
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What You Need To Know About Business Law - BusinessWhat You Need To Know About Business Law by Andrew McIntyre
in Business (submitted 2011-04-05)
If you ask people of their future plans, most of them will tell you they want to venture into business. Amidst all the excitement (and stress) of preparation and planning to open a small family business or a company, you should know business laws first to avoid future operation snags.
Knowing and understanding business laws meant most people will have misconceptions. The most common of these is the need to be a graduate of a business law college or have a business law major. It is pretty understandable, for having a law background meant to understand and use some of the basic ideas of small business law and corporate business law.
Also known as commercial law, business law governs business and commercial transactions. It is considered to be a branch of civil law and it deals with business issues which affect both the private and public sector. This law has a wide range of practice areas where you'll find serious breaches which concerns business that are criminal (a.k.a. white collar crimes). It is tried in a criminal court rather than a civil court.
Of all the commercial law lawsuits, eight are most prevalent. For instance, contract law is one of the biggest facets of business law. On behalf of their client, lawyers working in this field draw up contracts, supervise the signing, and file the lawsuits. Next is hiring practices and employment practices. The law governing this field is strictly enforced. With hiring comes tons of areas of government regulations that can get any boss in trouble should he/she fail to abide; from non-discrimination to proper compensation for workplace injury. And as though all the legalities in the hiring practice weren't enough, letting employees go also entails additional legal issues.
Manufacture and sales of consumer goods have many 'legal' demands to fulfill first before it can see itself placed on the market. Depending on the product, you'll find many laws that determine what materials used, how the goods must be made, etc. With many tests, contracts, and codes that must be put into action, it's no wonder why this lawsuit is common among hasty businessmen trying to sell. Fourth is exporting and importing. It is important to understand the legal restrictions surrounding exporting and importing, especially with working with customs and international business law throughout the world.
Aiming for a successful product transfer means a thorough knowledge in the laws of carrying products over land and sea. Determine whether transfer laws could impact the methods negatively and positively. If you will be shipping or transporting good across countries, then it is a MUST you do a research of the fifth most common commercial law lawsuits.
While distributing consumer goods (6th) have many laws surrounding who you may market to which depends on the specific products one manufactures, operations of corporations (7th) have a unique set of restrictions and obligations to follow when compared with other business types. Also, partnerships and mergers (8th) will need a legally binding agreement in order to be reached by multiple parties. This usually comes in the form of contractual decisions.
If you are planning to venture or is already in the business arena, it is important to seek the assistance of a legal professional ( business lawyers ). Not only they will guide you on the right business track, they will also help you with the abovementioned endeavors, helping you work your way towards your business dreams, goals, and interests.
McGunagle, Reidy & Hentz, Ltd.
2088 Broad Street
Cranston, RI 02905
401-941-2088 | Fax 401-941-0017