What Is Business Law, And Why Do I Need An Attorney?
Business law in Michigan encompasses a wide range of regulations and statutes governing the formation, operation, and dissolution of businesses. It includes laws related to contracts, employment, commercial transactions, and compliance with state and federal rules.
Business laws are meant to facilitate business operations and reduce disputes by providing a consistent legal framework. However, these laws are complex. You may excel at running your business, but do you know the tax advantages of setting up a corporation versus a partnership? Do you know when Michigan’s Uniform Commercial Code (UCC) applies to your commercial transactions? Do you use legally compliant contracts, documents, and forms?
The professional team at Tina S. Gray, P.C., can help you. They have experience with the multifaceted elements within the lifecycle of a business, such as:
- Choosing an entity structure
- Following state and federal laws and regulations
- Protecting assets
- Drafting and enforcing contracts
- Planning for future succession
- Buying or merging with another business
- Leasing or purchasing property for the business
- Litigating matters related to running your business
Tina S. Gray, P.C., offers counsel backed by research and delivers comprehensive litigation services.
Why Is There A Need For Business Law?
Michigan’s business law aims to create a fair and competitive marketplace, ensuring businesses operate ethically and responsibly. Key components include the Michigan Business Corporation Act, which outlines the legal framework for corporations and the Michigan Uniform Commercial Code, which governs commercial transactions.
By adhering to these laws, businesses can protect their interests, minimize legal risks, and foster trust with their customers, employees, and partners.
What Are Torts In Business Law?
A tort in business law refers to a civil wrong or wrongful act – intentional or accidental – that causes harm or loss to another party. This can include actions that result in physical injury, property damage, or harm to someone’s reputation or economic interests. Torts can arise in various business contexts, such as:
- Negligence: Failure to exercise reasonable care, resulting in damage or injury to another
- Fraud: Intentional deception to secure unfair or unlawful gain
- Defamation: Making false statements that harm another’s reputation
- Breach of fiduciary duty: Failure to act in the best interest of another party when a duty to do so exists
- Interference with contractual relations: Intentionally causing one party to breach a contract with another
- Product liability: Holding manufacturers and sellers accountable for defective products that cause harm
These torts can lead to civil lawsuits where the injured party seeks compensation for damages.
Contact A Business Lawyer Who Verifies Facts Every Step Of The Way
At Tina S. Gray, P.C., there is no room for uncertainty. Obtaining the relevant facts and applying the law to serve the needs of clients that own and operate businesses throughout Michigan. Representing clients since 2002, Tina S. Gray, P.C., provides legal services for business owners throughout Michigan.
The firm is in downtown Williamston, accessible from Interstate 96 between Okemos and Howell, 20 minutes east of Lansing. For a consultation, call 517-275-5240 or reach out online.