Attorney Truong provides legal representation to those who wants to form a business entity, to create, to buy and to sell a business. Business law covers all aspects of creating, operation and closing of a business.
Summary ¹
Creation of a Business Entity
The legal composition or legal structure of a business can take several forms. The most common forms are sole proprietor, Limited Liability Company (LLC), Limited Liability Partnership (LLP), Limited Partnership (LP), Partnership, Professional Corporation (PC), Professional Association (PA), Corporation (Corp. or Inc.) Each type of business entity has its advantages and disadvantages. By consulting with Attorney Truong, you can decide upon the most appropriate legal structure for your business.
Sometimes disputes arise between the co-owners of a business over there respective rights within the business. These often can be prevented or resolved by a written agreement. If no prior agreement exists or can be reached between the parties, then a law suit may become necessary to have the court resolve the dispute. Attorney Truong can help you decide the best course of action to prevent or resolve such disputes.
Business Operations
Whether starting a new business, taking over an existing business or continuing to operate an ongoing business, business law covers all aspects of business operations. Most businesses either buy or sell to its customers goods, property or services to their customers. There are two main sources of the laws that govern a business: 1) statutes and 2)case law. Statutes are written laws which are enacted by the state or federal government to regulate business. These statutes cover among other things: employment laws and regulations, safety in the workplace, safe products, unfair or deceptive business practices, contracts between the business and its customers or vendors. Both the state and federal governments have created agencies which create regulations which a business must comply with.
Some of the statutes and regulations which affect how a business may be run are:
The Uniform Commercial Code covers many agreements entered into by a business.
General Laws chapter 93A covers unfair or deceptive acts or practices of a business both with consumers and other businesses. The Attorney General of the Commonwealth of Massachusetts has created many regulations under this and other statutes.
State and Federal Tax codes.
Employment laws and regulations.
Licenses and permits
Health and safety laws and regulations
Failure to comply with these laws and regulations can lead to increased costs of operation through fines and other penalties including payment of multiple damages, interest and attorneys fees. There are many other statutes and regulations which may affect your business. These are just a few of the important ones.
Common Law is a body of law based upon prior decisions of judges in the state court. This body of law is also called “case law”. The two main areas of common law that may affect business operations are contract law and tort law. Contract law covers agreements between two or more people or entities. Tort law covers wrongs done by one or more parties to another party or parties. The common law is often supplemented by statutory rules and regulations.
Case law includes not just common law but also court decisions, both state and federal, interpreting what a statute or regulation actually means and whether or not the regulation or statute is appropriate and enforceable in the first place.
Closing a Business
Closing a business may require more that simply ceasing operations. There may be outstanding obligations that need to be fulfilled to the state and federal government as well as employees, vendors and co-owners. The assets of the business, if any, will need to be disposed of according to the law. Business law covers this important aspect also.
¹The information contained in this website is not legal advice but for general information purposes only. Please contact Attorney Truong for a consultation regarding your specific circumstances.
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