Business Law
What Do Business Law Lawyers Do?
Business law attorneys can help you with every aspect of highly diverse business law including banking and finance law, business formation and organization, business negotiations, business planning, transactional business law, acquisition, merger, divestiture and sale of businesses, and business litigation, as well as environmental, intellectual property, labor and civil law areas.
What is a business?
A business is an activity run in a systematic, continuous and regular businesslike manner with an expectation of profit under commercial principles, such as keeping business and accounting records. A business is different from a hobby in the respect that a profit is expected from the activity. This distinction is important particularly for tax purposes because losses from a business are tax-deductible, whereas losses generated from a hobby are not.
What are some of the common types of business organizations?
The most common types of business organizations include:
Sole Proprietorship – you are the only owner of the business.
Partnership – This can take on the form of a regular partnership, a general partnership, limited partnership or limited liability partnership.
Corporation – the default form of a corporation is a C Corporation (also known as Subchapter C Corporation). Smaller corporations typically file for the S Corporation (Subchapter S) tax election so they are not double taxed.
Limited Liability Company (LLC) – a hybrid formation that provides personal liability protection similar to a corporation, with the flexibility and tax advantages of a single proprietorship or partnership
