While tending to your customers’ needs and keeping costs down are seen as the most important features of a successful business, being in full compliance with the law is just as critical.
It might not sound as glamorous or as exciting, but you simply can’t afford to overlook this aspect of your business.
Fortunately, at IPS Legal Group, we have the experience and expertise needed to represent your business in all legal matters.
We will work with you to make sure you’re doing everything the law requires, and also help you spot any upcoming issues so that you can stay focused on growing your business and moving it forward.
What is Business Law?
Business law is an umbrella term that encompasses all of the legal proceedings surrounding establishing and running a business. It covers things such as the formation of your business, taxes, mergers and acquisitions, and more. Here are some of the areas IPS Legal Group specializes in:
Although you can start a business doing very little, if you’re serious, you should work with a business law expert to help you set it up in the right way.
Depending on the type of business you’re planning to start, it may actually be a requirement that you register first with the government.
But beyond that, there are many different types of businesses you can form, each one with their own set of advantages and disadvantages. For example, a sole proprietorship gives you full control over the business, but it also leaves you exposed to considerable risk should things not work out.
A corporation, on the other hand, requires a little more maneuvering to set up, but it leaves you far more protected. There is also a Limited Liability Corporation (LLC), which combines elements of both.
Figuring out which type of business you should form, and then navigating the legal waters around actually doing it, can be a challenge.
Leave it to the professionals at IPS Legal Group to help you figure out the next move and also deal with all the legal proceedings so that you can get going with launching your business and making it a success.
Contracts are an essential part of doing business. They lay out all the terms of a particular transaction, make it clear what each party is responsible for doing, and provide a course of action to follow should one side not honor their part of the agreement.
If you take the time to iron out quality contracts, it’s going to make running your business much, much easier. And to do this, we recommend you bring in a lawyer or legal team to review your contracts and make sure they’re fair and in compliance with the law.
When you work with IPS Legal Group, we will review all of your current contracts to see if there are improvements to be made. And we will assist you with any future contracts to make sure they’re ironclad and exactly what you need them to be.
If you decide to operate as a corporation, it’s absolutely essential you have strong shareholder and operating agreements.
These documents lay out all the terms and conditions that apply when someone decides to buy stock in your company. Operating agreements are similar documents, but they apply mainly to Limited Liability Corporations.
A good shareholder agreement will outline:
- Corporate structure and an explanation of how it functions.
- Rights and duties for all shareholders, minority and majority, as well as officers and directors.
- Outlines corporate procedures, such as voting.
- Provides a plan for conflict negotiation and resolution
- A plan for dealing with illegal actions
- Employee compensation and benefits
There are other things that may need to be included in your shareholder agreement, something your attorney can help you determine when you work to draft the document.
It’s important to work with an experienced legal team while drafting these documents since you will be held legally responsible for them while your company operates. Taking the time to make sure everything is right before you go into business will save you a major headache and bigtime expenses later on in the life of the business.
Mergers and Acquisitions
If your company grows to the point where you want to merge with another, or even buy one outright, that’s very exciting news. But this is also a complicated legal process that you must navigate correctly if you want the merger to actually go through.
First there’s the actual purchase contract, which outlines the details of the sale as well as any other terms and conditions that might apply. For example, will members from the other company remain on to help with the transition? And if so, what will their role be? And how long will they be expected to help out?
Then there is all the paperwork involved in making this new business an official part of your own.
If you try to tackle this all by yourself, you will soon be overwhelmed with paperwork and you could miss something that will have a considerable impact on your business down the road.
The smart thing to do is to work with an experienced business law attorney or legal team, such as IPS Legal Group, to make sure you’ve done everything right and that the merger or acquisition can go through as planned.
Whenever you hire people to work for you, there are all sorts of laws that you may now need to follow. For example, federal laws mandate that businesses of a certain size provide their employees with health insurance, or the means to purchase it.
As a business, you are responsible for proving you did this, which requires filing paperwork with the related regulatory agencies.
There are also many other employment-related legal issues that can and do arise when you run your business.
Having an experienced legal team ready to assist you can not only save you time and money, but it will make it easier for you to retain your employees, ensuring the long-term success of your business.
What’s the expression? There are only two things for certain in life: death and taxes.
We won’t deal with the first, but when it comes to the second, we’re the experts you need.
The US tax code is notoriously complex and difficult to navigate, both for individuals and businesses. However, as a business, it’s absolutely essential that you file your taxes correctly. If not, you could face serious fines or, worse, be audited and forced to shut down.
We’re here to make sure that never happens. Our decades of experience and commitment to getting the job done mean we’ll make sure you’re in full compliance with all relevant tax laws, keeping you open for business and growing. Just like you’d planned.
No one wants to think it will happen to them, but as a business owner, there’s a chance you may get sued. It could be a customer, another business, or even an employee who thinks they’ve been wronged.
No matter who it is, this is never fun, and it can be a serious detriment to your business.
Fortunately, at IPS Legal Group, we’ve handled all sorts of business lawsuits, and we’re prepared to defend you no matter what comes your way.
Ideally, by letting us help you set up your business and all its related documentation, you’ll be fully protected from any potential lawsuits. But in the event one does come your way, we’ll be there to make sure it has a minimal impact on your business.
Contact IPS Legal Group Today for Your Business Law Needs
Whether you’re just getting started or have been in business for years, you need an experienced business law team to help you legally navigate your journey as a business owner.
Our decades of experience and diversely experienced team is here to help you with any and all your business law needs. Get in touch today to find out how we can help.