Business Law refers to that body of law addressing business formation, operation, and transactions. For example, business formation always involves questions of liability and taxation. But business formation often involves questions about the structure of how the business is managed and relationships between multiple owners. Who has what control? Who is responsible for what tasks? Who has the authority to act on behalf of the business? What happens if one of the owners wants out? What happens if one of the owners becomes incompetent, or dies? May new owners be admitted and, if so, how?
The operation of a business does not happen by itself. Someone has to sell the business’s products or services. Someone has to manufacture or supply those goods and services. Someone must answer the phone, send statements and collect money, do banking, order supplies, manage employees, and so on. This is often where businesses fail. A mechanic may be a very good mechanic, listen to the advice of family and friends and open a garage, and then fail because the operation of the business is something the mechanic did not think about.
Many business transactions are governed by a statute called “The Uniform Commercial Code”. The advice of a lawyer acquainted with the UCC can be invaluable in helping the business avoid transactional pitfalls. Transactions not governed by the UCC are likely governed by other statutes. Compliance with legal rules in conducting transactions is essential to the successful conducting of your business.
Contact an Experienced Northeast Ohio Business Lawyer Today
If you have questions concerning business formation, operation or transactions, call Attorney Grundy today at 330-637-9030 for an appointment.