Business corporation law refers to an area of law that deals with business and commercial transactions. Business corporation law may be considered a branch of civil law that deals with both private and public matters. These matters may include contracts and tax obligations. This area of law may focus on a business or corporation's compliance with local and regional law.
Many of the transactions that businesses and corporations perform include contracts, legally binding agreements between two or more individuals or companies. They are commonly negotiated, and their terms are drawn up by attorneys who represent the parties entering into the contract. Those who practice business corporation law must have effective communication skills and the ability to work as part of a team to come to an agreement that is beneficial for everyone. This may be contrasted with other areas of law, such as litigation, where the parties are adversarial and matters typically end with a winner and a loser.
Businesses may commonly be structured in a variety of ways under business corporation law. A sole proprietorship might be one in which the owner and the business are one and the same person. A partnership is a business structured with more than one owner that is either general or limited in liability. A corporation may be formed when the owners of a business wish to have limited liability and maintain separate legal status. A limited liability company (LLC) is a separate legal entity not commonly allowed in all areas, and owners are typically protected from liability.
Online businesses may have additional legal and financial issues that require the expertise of a corporate attorney. Some of the considerations that may be unique to an online business include privacy, security, and copyright issues. There are also rules regarding taxation and fair advertising that are specific to online businesses. Online merchants who sell products internationally typically must be informed about laws regulating export procedures.
Business and corporate attorneys sometimes assist small and large businesses as well as domestic and foreign corporations and online companies. Attorneys who practice business corporation law may work with small and large businesses regarding the requirements to start a new business. Some of these regulations may apply to registering, obtaining the proper licenses and permits, and following current tax laws. Businesses are also required to comply with applicable labor laws, such as providing a safe workplace and fair wages and procedures regarding workplace injury.