Commercial law, also known as business law, is the body of law that applies to the rights, relations, and conduct of persons and businesses engaged in commerce, merchandising, trade, and sales. Commercial law regulates corporate contracts, hiring practices, and the manufacture and sales of consumer goods.
What does a Commercial Lawyer Do?
The Law Offices of Lloyd Lee, PC works side-by-side with entrepreneurs to protect their commercial business interests and maximize their legal positions. From contract negotiations to drafting agreements to providing valuable advice, our law group will protect you from unnecessary risk and maximize your business opportunities without getting in the way of the deal. We will protect your economic rights with aggressive and knowledgeable legal representation.
Current clients include internet start-ups, medical corporations, local businesses, real estate developers, investment groups, and fashion companies. Quite simply, the Law Offices of Lloyd Lee, PC is the primary legal contact for entrepreneurs.
Our law group has handled a number of business transactions and disputes including entity formation of corporations, S-corporations, and limited liability companies, shareholder agreements, bylaws, articles of incorporation, buy-sell agreements, corporate meetings and minutes, acquisitions, dissolutions, sale or transfer of corporate stock or LLC interests, shareholder disputes, joint-venture agreements, operating agreements, management service agreements, partnership agreements, negotiations, deal-structuring, purchase and sale of businesses, dissolution, shareholder buy-outs, promissory notes, contract drafting, contract review, contract negotiations, contract enforcement, breach of contract, 501(c)(3) non-profits, and many other business transactions. When a specialist is required, we utilize a strong network of professionals to supplement the process.
Forms of Ownership
The basic forms of business ownership are:
Sole proprietorship: A sole proprietorship is a business owned by one person for-profit. The owner may operate the business alone or may employ others. The owner of the business has unlimited liability for the debts incurred by the business.
Partnership: A partnership is a business owned by two or more people. In most forms of partnerships, each partner has unlimited liability for the debts incurred by the business. The three typical classifications of for-profit partnerships are general partnerships, limited partnerships, and limited liability partnerships.
Corporation: A corporation is a limited liability business that has a separate legal personality from its members. Corporations can be either government-owned or privately owned, and corporations can organize either for-profit or not-for-profit. A privately owned, for-profit corporation is owned by shareholders who elect a board of directors to direct the corporation and hire its managerial staff. A privately owned, for-profit corporation can be either privately held or publicly held.
Cooperative: Often referred to as a “co-op”, a cooperative is a limited liability business that can organize for-profit or not-for-profit. A cooperative differs from a for-profit corporation in that it has members, as opposed to shareholders, who share decision-making authority. Cooperatives are typically classified as either consumer cooperatives or worker cooperatives. Cooperatives are fundamental to the ideology of economic democracy.