WHY BUSINESS LAW HAS BECOME MORE COMPLEX RECENTLY

Last week the local business law website, www.weigandattorneys.com, received a record number of emails from people with questions concerning business law. The site reported that they have been receiving more questions on a daily basis than it has been possible for them to answer, and while some of the that increased number of traffic through their website can be accredited to the rise in the number of new business which are emerging as the economy improves, people are also seeking more advice for business law topics because recent changes have made the subject more complicated to understand.

One area which has been a major cause for increased confusion with business law is the new tax codes which have recently started to be enforced more strictly by the states. A business tax lawyer is a now needed by almost all businesses, large or small, as the complexity of the tax codes has caused a lot of trouble for businesses which have not used a tax lawyer up till now. State tax offices have recently been instructed to crack down on companies in order to make sure they are in strict compliance with all the tax codes in place today, and that has caused a good bit of chaos for many business owners. You see, it isn’t enough just to be in compliance with tax codes, a company has to have the records to show that they have been in compliance, otherwise they may face sanctions and fines from the government. The only way to avoid losing a ton of money to tax penalties is to hire a good tax lawyer to help a company get their records in order, and if necessary, to represent the company in a court of law if a case has gotten to such a point. While the tax codes are the main driving force behind the increased need for lawyers by companies today, there is yet another cause for the increased demand on the field of business law.

Business law has also been made more difficult for many people in recent years because there are a lot of extra requirements in order to get a new company set up today than there were in the past. Since 2009, the number of requirements for starting a new company has gone up drastically, thanks mostly to the fact that the government want to discourage people from inventing new companies as a means of paying less taxes. Anyone that wants to start a new company today has to prove beyond a shadow of a doubt that the new company is going to be a fully functioning company, which isn’t being operated with the aim of reducing taxes for a larger company. Without the help of a business lawyer, setting up a new company can be very tricky right now, and even if people believe they are able to set up their new company without legal help, they may be making critical mistakes which could cost them a lot of money down the line. Hiring a lawyer when getting a new company underway is always a smart move, especially with the way things are today.

 

Comments are closed.