Business Law Essentials

Contracts

A well-run business has solid contracts at its core that clearly define the rights and responsibilities of the business and its clients, and address liability before it is an issue. Any business, big or small, will quickly find the need to review and enter into contracts, including, for example, employment contracts, commercial leases, and service agreements. Once contracts are in place it is important to abide by their terms and update as necessary.

Regulations and Compliance

Businesses in Arizona must comply with applicable regulations pertaining to their Limited Liability Company or Corporation. In addition, as of January 1, 2024, certain businesses will have to comply with the Corporate Transparency Act (“CTA”). The CTA requires some businesses to disclose identifying information about those who formed, own, or control the business.

Intellectual Property

You’ve worked hard to create the product or service that is the core of your small business and you’ll want to protect that knowledge. Intellectual Property Law (IP) is an area of law that covers intangible property. When we think about IP, we often think about patents, trademarks, copyright, and trade secrets.

Employment & Independent Contractors

As a business owner, you’ll need to have a basic understanding of labor and employment law, which compose the general set of rules that apply to businesses with employees. Labor and employment laws establish employer and employee rights and responsibilities and include both federal and state laws such as the Fair Labor Standards Act, Equal Opportunity Laws, Workers’ Compensation, Family and Medical Leave Act, Occupational Safety and Health Act (“OSHA”), Americans with Disabilities Act, and the Equal Pay Act.

Business Foundation, Buying & Selling

When considering the purchase of a business, due diligence will help prospective buyers gather critical information about the business’s background, operations, financials and management. Planning for the eventual sale or transfer of your business can drive development and implementation of profitable processes from the beginning. Starting your business may involve creation of articles of incorporation, drafting of by-laws, and an operating agreement.