Business Law Basics for Entrepreneurs 

Business law is a field of law that governs the legal aspects of running a business. It is a broad term that covers many different areas of the law, including corporate governance, commercial law, securities regulation, employment law, and intellectual property.

The purpose of this article is to provide an introduction to the different types of business laws and what they entail. This will help readers understand how these laws affect their businesses.

Types of Business Law and How They Affect Your Company

Business law is a broad term that covers many different areas of law. It can include anything from intellectual property to employment law.

The type of business law that you need to be aware of will depend on the type of company you are starting up and the type of industry you are in. For example, if you’re thinking about starting a restaurant, then employment law is something that you’ll need to pay attention to. If your company is an online marketplace, then intellectual property and commercial law will both be relevant.

A local business lawyer can help you with any legal questions or issues that arise during the course of running your company. It’s important to have a good understanding of what kind of business lawyer you need before making this decision.

Contracts: What You Need to Know About the Basic Types

Contracts are a very important part of business. They are used to establish the terms and conditions of an agreement between two parties. These agreements can be anything from a contract for the sale of goods to a contract for employment.

There are four basic types of contracts that you need to know about:

  1. Sales contract – This is used when one party (the seller) sells goods or services to another party (the buyer).
  2. Service contract – This is used when one party (the provider) agrees to provide services or labor for another party (the recipient).
  3. Lease agreement – This is used when one party (the lessor) leases property, land, or equipment to another party (the lessee).
  4. Joint venture agreement – Joint venture agreements are a great way to expand upon your business. They can be used to leverage each other’s resources, marketing reach and talent pool, while also reducing risk.

Legal Documents That Every Entrepreneur Needs to Understand

A legal document is a written agreement that defines the rights and obligations of the parties involved. The following are some of the most important documents that every entrepreneur should know and understand.

  • The Articles of Incorporation: The document that establishes the ownership, management, and control of a company.
  • The Bylaws: This document outlines how the company should be run and what its rules are.
  • Noncompete Agreement: This agreement prevents employees from working for competitors or starting their own competing businesses for a specified period after they leave their current job.
  • Employment Contract: This contract is between an employer and an employee. It outlines what each party’s responsibilities are, how much they’ll be paid, when they’ll start work, when they can take time off, etc.

Operating a business in NY can be a tricky matter at times, but with the assistance of an experienced business lawyer, you can have an advantage over your competitors and make sure you are complying with the laws you need to and protected against litigations.

Contact us today for a free consultation regarding your company, whether it is a small business or corporation we have you covered!

Fisher Stone Small Business & Real Estate Lawyers Of Brooklyn, P.C. 88 Suydam St, Suite A, Brooklyn, NY 11221 (718) 285-9404

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