If you’re in a leadership position in any company, it’s important that you have a feel for the law. This will help you navigate your company in the right direction, while also handling obstacles as they come along.
Today, there are more than 200,000 people working as chief executives. These executives need to have a feel for business law and its many different categories.
Here’s what you need to know about the different types of business law as you navigate your life and responsibilities as a CEO.
Intellectual Property Law
Today, more than ever, we live in the idea age. This is the case because digital content reigns supreme, and people and companies are able to take their best ideas and monetize them.
You will need the help of attorneys that can offer you business legal services for your intellectual property. You’ll be able to get patents, trademarks, copyrights, and other types of legal protections for your intellectual property.
As a CEO, you will also know when your property has been infringed upon, at which point you can file a cease and desist order and take advantage of any other legal proceedings that become necessary.
Commercial Real Estate Law
Many forms of law boil down to property and ownership. If your company has an office building, land, or other types of real estate, you’ll need the help of a corporate law firm that understands real estate.
These professionals will be able to protect your rights as a property owner, investigate liens, put in offers on property acquisition, and perform a variety of other transactions. Having real estate in your portfolio helps you build equity in your company.
You’ll also have legal help for any property sales that you’re pushing forward. Real estate attorneys can also help if you’re an executive in a property management company that leases out property to tenants.
Real estate law has so many different details and clauses and is subject to change. It’s an area of law that a CEO will want to consistently study up on, while also having the help of commercial legal services that can assist you.
Tax Litigation
A corporate lawyer can also help you when you want to keep your tax issues under control. These attorneys will help you with your annual filings, calculating your estimated taxes, and staying abreast of tax law changes.
These pros will also assist you if your business is ever audited or investigated. They can assist you with any Internal Revenue Service (IRS) queries, while also offering guidance that helps you avoid such problems.
Legal Entity Issues
One of the best times to hire a business law firm is when you are first forming a company or entity. They will help you make sure that you choose the right type of entity so that your company is protected.
Some examples of the entities that you might use include Limited Liability Companies (LLC), S-Corporations, and joint-stock companies. Your attorney will provide advice on which type you should file for and will assist you with the paperwork.
They can also help you with any types of litigation issues that are common with these entities.
Contract Law
Contracts and business are virtually synonymous. The days of the handshake agreement are long gone, and you need to do everything in your power to get all of the details of an agreement hashed out in full, and in writing.
There are attorneys who specialize in creating and reviewing contracts. You’ll lean on these attorneys anytime you’re looking to enter an agreement with another party. The attorney can either draft you a contract from scratch or can offer you oversight on a contract that you are presented with.
It’s always useful to have the eyes of a legal professional in your CEO duties. You’re constantly reviewing contracts and entering agreements. Having a lawyer on retainer can help you note any clauses or language that you are unsure about.
Employment Law Issues
Of course, you need to also be mindful of all things related to employment law. CEOs typically preside over large companies with several employees and independent contractors. Having the help of a lawyer will let you manage everyone’s employment contracts.
You’ll also have assistance when it’s time to offer raises, terminate employees, address worker’s compensation situations, and more. Having access to one of these attorneys helps you create a transparent and trusting work environment, while also protecting your company’s interests.
Civil Litigation
Society is very litigious, so it always pays to be prepared for civil lawsuits. This area of law is broad and requires an attorney that has logged plenty of hours and years.
They will help you if you’re being sued by another party, and can also help you file suit against another party. You’ll want your attorney to be skilled at negotiation since many civil cases get settled out of court.
Vehicle Accident Law
Finally, keep in mind that vehicle accidents are always a possibility if you have company cars. Whether you have a couple of vehicles or a fleet, it’s likely that you’ll need the help of a vehicle accident attorney at some point.
These pros will help you build your case, whether it’s a matter of defense or liability. You’ll definitely need one of these attorneys if a vehicle fleet plays a big role in your company’s logistics.
Understand the Different Types of Business Law
These strategies are helpful when you’re dealing with different types of business law and want to know how to differentiate between them. You wear a lot of hats as a CEO, so make sure that you stay up-to-date on all of the areas of law that matter.
Begin with these tips and check out our other articles when you’d like to learn more about mastering your life as a CEO.
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