Business Attorney in Princeton, NJ
In an ideal world, both businesses and individuals would respect their obligations under contracts, terms and conditions, and other types of transactions. The unfortunate reality is that parties frequently breach agreements. They may be tempted to commit fraud or take advantage of a business partner or party. In that case, it is in your best interest to avail the services of an experienced Princeton business attorney to represent you or your company.
Why Do I Need a Business Lawyer?
When legal challenges arise in a business, looking for a legal representative who will truly serve your purpose may be difficult. In choosing a business attorney, prioritize seeking a legal team who will consider your goals their own, someone who will never fail to alert you when something doesn’t appear right.
Whether you are starting a new business venture, further expanding operations, or preparing for discussions on a tie-up or takeover with another company, our devoted lawyer from Inderjit K. Sidhu ESQ. LLC is here to assist you in any aspect of your business endeavors. Our firm’s over 20 years of experience championing business law cases enables us to
- Smoothly navigate complex business processes,
- Provide a high level of personal attention to every client’s needs, and
- Have a pragmatic approach to every situation.
We take great pride in the work that we do. Reach out to us now!
What is Business Law?
Business law deals with protecting liberties and rights, preserving order, resolving disputes, and establishing guidelines for business entities and their interactions with the government and individuals.
Business law comprises many legal disciplines, including:
- Corporate law,
- Tax law,
- Real estate,
- Employment law,
- Immigration law,
- Intellectual property,
- Bankruptcy, and
- Many others.
Every state has its own regulations and laws that businesses must follow. Similarly, it is also the responsibility of the business entities to be aware of all of the rules and regulations that are currently in effect that are relevant to them.
Among business law elements are contracts, agreements, and court proceedings. Business law can be categorized into two primary groups:
- Civil law – includes any laws governing civil rights and obligations and any regulations affecting civil rights and obligations. Disputes involving property, contracts, torts, debts, and marital relations fall under this category.
- Criminal law – any law that can be used to bring criminal charges against someone who has committed a crime, as well as laws that regulate other types of criminal activity, such as larceny or fraud.
Importance of Business Law
Business law is primarily concerned with maintaining order, establishing a set of generally accepted standards, resolving disputes, and protecting liberties and rights in business and its interactions with customers, government authorities, and other businesses.
- Established a comprehensive set of standards
- Reduced possibilities of fraud
- Helps maintain an equilibrium
- Ethical conduct
What are the Types of Business Entities in the U.S.?
There are different forms that an organization’s legal structure can take form. Whether you are just starting a business or reorganizing an existing one to maximize profits and limit liability, specific benefits and risks are associated with each business form. These risks and benefits include taxation, personal liability, and management/operational control.
To help you understand each business entity and to guide you in your investment decision, it is wise to seek legal advice from a reputable business attorney in Princeton, NJ.
- General Partnership – two or more people own the business. The partners manage the business and are accountable for its debts and obligations.
- Sole Proprietorship – only one owns the company and is responsible for its assets and liabilities.
- Limited Partnerships – according to New Jersey partnership law, limited partnerships consist of limited and general partners. The general partners own and manage the business, while the limited partners invest in it but have limited liability and, consequently, limited input into its management.
- Limited Liability Partnership – often used by licensed professionals such as doctors, engineers, and lawyers. Partners can actively participate in the management of the business. Still, it also allows the individual partners to be free from the debts and liabilities of all other partners.
- Corporations – a legal entity that is separate and distinct from their owners.
- C Corporations – legal structure for a corporation in which the owners, or shareholders, are taxed separately from the entity
- S Corporations – corporations that are taxed on a “flow-through” basis. This means that tax liabilities from income or deductions from losses are passed to the corporations’ shareholders to be declared individually.
- Limited Liability Companies – a form of business organization that combines the liability-shielding benefits of a corporation with the flexibility and tax pass-through benefits of a partnership.
- Nonprofit Corporations – organizations exempt from paying federal and state taxes on their religious, charitable, scientific, literary, or educational objectives.
What Are The Types of Business Law in New Jersey?
Practically, every aspect of the business is governed by some form of law. If you are wondering what specific type of law applies to your business problem, you should immediately consult with a skilled New Jersey business law lawyer.
Here are a few types of business law that may be helpful to you.
These are laws a business must follow to be incorporated and recognized as an official business. A business cannot legally operate unless legally recognized by the law.
Employment law governs the relationships between employers and the workers they employ, including their respective responsibilities and rights.
Labor law spells out the appropriate relationship between employees and employers, pay grades, and other related topics. However, the union’s relationship with the employer and employee is an additional component of labor laws.
Intellectual Property Law
The law of intellectual property enables businesses to safeguard the originality of their concepts. Copyrights and trademarks are two examples of subsets that fall under the umbrella of intellectual property law.
- Copyright – protects original works and is generated automatically by the conception of original works. Computer software, research, and architecture are examples of such items.
- Trademark – covers words, phrases, symbols, or designs that set one brand or source of goods apart from others. Examples of such items include logos, slogans, businesses, and brand names.
Taxes are monetary charges imposed and enforced by the federal and state governments. Taxation is not optional, and businesses must pay their fair share or face severe penalties.
- Sales Tax – each state in the United States has a different requirement for the amount of sales tax. Businesses must pay state taxes that vary depending on where they operate. Companies will also be required to pay state tax on transactions made in other states if the business operates across state lines.
- Employment and Payroll Tax – payroll taxes are deductions imposed on employees’ salaries and wages.
- Income Tax – the tax that businesses must pay based on the amount of income they receive. The income taxes will be determined by the previous year’s business profit.
- Property Tax – taxes on all of a company’s property. Property taxes are handled at the state level and consider building type, base property value, and much more.
Contract Law and Negotiations
Contract law covers a broad range of legal activities, including drafting, executing, and managing agreements between companies. The law of business contracts makes it easier for companies and groups to reach agreements with one another.
Antitrust laws are guidelines that aim to help businesses maintain fair competition. Antitrust laws aim to provide a level playing field for all players or businesses in a specific industry. These laws are in place to assist in combating businesses that amass too much power and act unfairly at the expense of others.
- Market Allocation – when two businesses agree that they will not expand into one another’s territory and remain in their current locations. Instead, they devise schemes to limit the distribution of their goods and services to customers in a single region and prevent others from accessing them outside of that region.
- Price Fixing – in most cases, the price of a good or service is determined by how much demand there is in the market for it. Price fixing happens when businesses themselves decide on the price of a good or service. This encourages businesses to work hard to develop a product they can sell at a price that customers will pay.
- Monopolies – a business is considered to be operating as a monopoly if it dominates a single market to such an extent that it eliminates or significantly reduces the scope of the competitive landscape.
Litigation is one of the most disastrous and tangled aspects of business law. A lawsuit is a claim/dispute brought before a judge against another person or party. In addition to being sued, businesses can also file lawsuits.
Frequently, businesses find themselves on the receiving end of a lawsuit filed by a dissatisfied customer.
Some businesses are forced to file for bankruptcy, even though no one wants to do so. A business that declares bankruptcy has several options, each with its own pros and cons. Part of the legal process for declaring bankruptcy is selecting the best option that will aid the struggling business.
Bankruptcy falls under federal law. When a business declares bankruptcy, it must appear in court to declare and restructure its debts.
Securities are assets such as stock market shares and other capital accumulation and growth sources. The securities laws prohibit businesspeople from engaging in fraudulent conduct in the securities market. This section of business law penalizes securities fraud, including insider trading. Thus, it is also known as Capital Markets Law.
How a Business Attorney Can Help
Business law is extensive. Businesses are highly regulated and complex organizations. Business owners and entrepreneurs encounter difficulties daily, if not more frequently.
You should have an experienced and seasoned business attorney in Princeton, NJ, to guide you in navigating business law. We at Inderjit K. Sidhu ESQ. LLC understands your situation because we know you always act in the company’s best interests. We handle a wide range of business law services that could help you protect your business. Here are just a few of them:
Business Legal Structure/Entity
If you are considering starting a new company in New Jersey, one of the first choices you will need to make is regarding the type of business entity you want to establish. What kind of legal framework will the company have? Do you want a sole proprietorship, a general partnership, a limited partnership, etc.?
Considering your goals as an entrepreneur or business owner, you may want to reach out to a Princeton business attorney to discuss the benefits and disadvantages of your preferred business structure.
Corporate structuring is essential for better management of company resources, understanding regulations across jurisdictions, and limiting legal liability. A well-planned corporate structuring strategy anticipates potential risks related to tax structures, cash distributions, succession planning, and cash funds and employs innovative measures to protect investors’ and business owners’ interests.
A solid corporate structure allows business owners and investors to focus on meeting their business objectives rather than constantly pondering the best way to achieve these goals. The core benefits of corporate structuring include:
- Risk assessment and management
- Effective financial management
- Better regulatory compliance
- Business Formation
After deciding what kind of business entity to have, the next step is to draft the necessary formation documents such as articles of incorporation, bylaws, operating agreements, partnership agreements, employment contracts, shareholder agreements, restrictive covenants, resolutions, and so on.
Additionally, registrations for an alternate name or “DBA” must be filed, and the designation of a registered agent must also be filed. Finally, the business must be registered with the Secretary of State. This process is complex and time-consuming. Our Princeton business attorney can take care of all of these concerns on your behalf.
Corporate compliance is the process by which a business or other organization ensures that it complies with all relevant laws, regulations, and ethical standards. In other words, it means ensuring that your company is “acting properly” or “playing by the rules.”
Why is business compliance important?
It protects your employees and demonstrates to your staff that you care about their well-being and are dedicated to protecting them when you have a compliance program. This can contribute to a reduction in the likelihood of accidents and injuries occurring on the job.
- It protects your customers – customers are more likely to do business with a company if they know that it complies with all applicable laws and regulations. This can help you bring in new customers while also ensuring the satisfaction of your current clientele.
- It protects your company – you can save money on expensive fines and penalties by implementing a compliance program. It can also help you build a positive reputation, which can lead to more opportunities in the business world.
- It helps you create a culture of compliance – when workers see that their employer is committed to compliance, they are more likely to comply with the rules on their own. This can help create a positive work environment and reduce the risk of misconduct on the part of employees.
No matter how large or small a company is, or whether it is owned and operated by a sole proprietor or a multinational conglomerate, there is always the potential for a dispute to arise. A dispute in the workplace has the potential to ruin an organization’s reputation, impede its productivity, and adversely affect the health and happiness of its workforce.
A business contract is frequently the root of major disagreements in the business world. The terms of the agreement outlined in the official business document are not being adhered to by one of the parties. If your company is involved in any kind of legal conflict, an experienced New Jersey business law lawyer with extensive experience in business litigation may be able to assist you in swiftly resolving your situation.
The most important rule of contract law is that all agreements must be written. Every commercial transaction should be memorialized in a legally binding business contract. However, not all contracts are equal. Some leave room for misunderstanding. Others simply do not provide adequate protection.
Contracts that govern a company’s transactions and the business relationships it maintains are the single most important factor in determining how successful a company will be, regardless of the size of the company or the number of employees it employs.
Doing business contract drafting and reviewing on your own is not a recommended course of action. A seemingly insignificant omission in a contract may end up costing you a considerable amount of money. If you want to ensure that your legal rights are protected, that all of your available options are maintained, and that any potential for legal conflict is eliminated, reach out to a business attorney in Princeton now.
Mergers and Acquisitions
Mergers and acquisitions can be an important tool for an acquiring company to diversify its business and create new synergies, as well as an important “exit strategy” for a target company’s shareholders. However, such transactions raise critical issues that acquirers and target companies must address.
These and other types of corporate transactions require lengthy, detailed, and complex agreements and a review of the parties’ operational and financial documents to ensure the deal is a good fit for both parties.
The process can be intimidating if you’ve never done one for your company. You may also be concerned about missing key details, which could mean the entire transaction is bad for your company. It is highly recommended to seek legal help from a competent Princeton business law lawyer To help you address these worries.
Asset Purchase Agreements
In the state of New Jersey, asset purchase agreements are a form of business sale in which, rather than purchasing a company’s stock, a buyer purchases specific company assets and assumes specific legal and business liabilities. This sale is common when a buyer does not wish to buy a company’s stock.
Several one-of-a-kind concerns can arise during this purchase agreement, such as inventory, accounts receivable and payable, asset conditional issues, and premises leases, all of which need to be addressed. A qualified business attorney in Princeton can help eliminate these concerns.
A buy-sell agreement is a contract between the owners of a company that determines what will happen to the company’s ownership in a predetermined event, such as the owner’s death, retirement, the company filing for bankruptcy, or the sale of the company. A buy-sell agreement can reduce the likelihood of misunderstandings and help owners of businesses and their families avoid becoming tangled up in highly controversial disputes and complicated legal battles.
The general purpose of a buy-sell agreement is to:
- Restrict the transfer of shares
- Institute the value of shares for estate tax purposes
There are two basic types of buy-sell agreements.
- Redemption Buy-Sell Agreement – a contract in which the business entity purchases the interest of the owner who is leaving the company.
- Cross-Purchase Buy-Sell Agreement – involves the remaining owner/s acquiring the interest of the departing owner/s on an individual basis.
When Do I Need A Business Attorney In Princeton, NJ?
Most business owners, especially small business owners, are focused on attending to their day-to-day operations, such as marketing and advertising, supervising employees, and attending to customers’ needs. Legal considerations are often neglected, which is one area that should not be the case.
If you do not take the appropriate precautions for the protection of your business legally, you may be putting all of your hard work in vain. So when exactly does a business owner require the services of a business law lawyer?
The short answer is that you need a Princeton, NJ business attorney in every step of your business. But we understand that you may not be able to keep an attorney all the time because of high legal fees. So here are the most crucial scenarios where you need legal representation.
- Business legal structure
- Business formation
- Business agreement drafts
- Company documents
- Compliance with laws
- Tax returns
- Mergers and acquisitions
- Copyright and trademark
- Leasing and licensing property
- Employee management
Call Our Team Today!
Business disputes are inevitable, and it poses an unavoidable expense when running a company. Contractual disagreements are common for businesses that outsource work or collaborate with third parties such as customers, vendors, contractors, or business partners. But regardless of the circumstances, most disagreements in the business world involve contracts. And disputes that arise in the course of business can be extremely challenging, time-consuming, and difficult to resolve.
Whatever your specific situation involves, Inderjit K. Sidhu ESQ. LLC, a law firm based in New Jersey, experience and understanding of business law can help provide you with a unique perspective and valuable knowledge of your business.
If you are facing a business dispute, you must consult with an experienced New Jersey business attorney as soon as possible. Give us a call now!