There are so many areas of practice in law. The most popular ones have to be personal injury, criminal and traffic law. This is because they are the ones that make it to TV shows and films most frequently. There is also corporate law, which involves the relationship between a business and other entities including individuals, the government, other businesses, and the society in general. How should your business be relating to these entities? This is what corporate law is all about. Hiring a business law firm will help greatly to keep your business performing at its best especially in ensuring compliance to regulations.
It is very easy to downplay the role of a business lawyer especially if you do not have one. It is always great to have these lawyers to back your business in the event of any kind of legal tussle that you find yourself in. Remember, a business is an entity on its own and entirely separate from you as the individual. However, there are times when the legal problems in a business might extend out to you. The business does not make decisions for itself; there are people who make decisions and drive all business activities. How do you separate yourself from some of these responsibilities? This is where the business lawyers come in.
What do business lawyers do?
As you might have already picked up by now, business lawyers do a whole lot of things. Generally, as long as it has to do with business legal issues, then these professionals might help you out with it. Some of the tasks that they handle include:

Permits and licensure
Every business needs permits and licenses to engage in various activities. You cannot run a business that does not have a license. It is illegal. The unfortunate thing is that sometimes getting these permits can be extremely difficult and costly. For instance, you need a liquor license for your wine and beer store in Texas. Getting it might require the services of an experienced TABC licensing attorney. The same is the case with a food and beverage license.

Memoranda of agreement
There are multiple agreements that you will be making in your business with different parties. A lawyer will be required to draw up the contract. It could be with your partner, employees or even your suppliers. It must be legally developed and a lawyer will be needed for that.

Tax obligations
They will not help you file your taxes but a business lawyer will come in very handy in understanding your tax obligations. A business’ tax obligations are quite different from personal taxes. Find a lawyer and you will get proper guidance in regards to your tax filing.

Business dissolution
When it comes to dissolving a business, there are several legal matters that must be fulfilled. These might pertain to division of assets and such things. The lawyer will help you figure out the responsibilities of your business to each and every party involved.

By Kar

Dr. Kar works in the interface of digital transformation and data science. Professionally a professor in one of the top B-Schools of Asia and an alumni of XLRI, he has extensive experience in teaching, training, consultancy and research in reputed institutes. He is a regular contributor of Business Fundas and a frequent author in research platforms. He is widely cited as a researcher. Note: The articles authored in this blog are his personal views and does not reflect that of his affiliations.

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