The 5 types of law with a big impact on small business There are a lot of types of law. Pretty much any area of life has an area of law governing it. But luckily for you, there are only a handful of types of business law most SMBs need to know: (1) Business formation and governance Done! See above. Plus, this area becomes super important if you want to sell your company, or if you and your business partners want to part ways. In' A :25 Conlract law How contracts (or agreements) are drafted and interpreted is a key area for any business. Whether it's a consulting agreement, a bill of sale, a master services agreement or statement of work, terms of service, a privacy policy, or anything else, if it's an important relationship with a customer, supplier, vendor, or team member, put it in writing. And better yet, consider getting a lawyer to help you. (3) Employment law Consider this contract law's boring friend. Boring, but with a super important job. Employment law may sound like a snore, but making sure you take care of your team while making sure no one can take advantage of you is another critical ar for your business. :25 Conlract law How contracts (or agreements) are drafted and interpreted is a key area for any business. Whether it's a consulting agreement, a bill of sale, a master services agreement or statement of work, terms of service, a privacy policy, or anything else, if it's an important relationship with a customer, supplier, vendor, or team member, put it in writing. And better yet, consider getting a lawyer to help you. (3) Employment law Consider this contract law's boring friend. Boring, but with a super important job. Employment law may sound like a snore, but making sure you take care of your team while making sure no one can take advantage of you is another critical ar for your business. (4) Intellectual property law _ IP sounds like something only tech companies do, but that's a misunderstanding. Everyone has IP. Your customer lists, your ideas for new products or services, your internal ways of conducting business it's all IP you need to protect, even if you never register any of it with the government. Then there's your brand. Virtually every business should consider trademarking their brand. If you have an app or a custom-built website, think about registering a copyright for your code. Even if what you do isn't high-tech, if you have a unique design, a design patent may be right for you. And while patents may sound expensive and often are at a lot of other law firms there are budget-friendly alternatives. A (4) Intellectual property law _ IP sounds like something only tech companies do, but that's a misunderstanding. Everyone has IP. Your customer lists, your ideas for new products or services, your internal ways of conducting business it's all IP you need to protect, even if you never register any of it with the government. Then there's your brand. Virtually every business should consider trademarking their brand. If you have an app or a custom-built website, think about registering a copyright for your code. Even if what you do isn't high-tech, if you have a unique design, a design patent may be right for you. And while patents may sound expensive and often are at a lot of other law firms there are budget-friendly alternatives. A (5) Regulatory law Do you need a license to operate your business? The answer is pretty much always yes, even if it just means registering with your state. Then if you conduct sufficient business in any other state, you need to register in that state too. Plus you may need other licenses depending on your business. Those are the big ones to know. There are plenty of others like, say, litigation, which you hopefully can avoid but the 5 listed above are the ones to think about on an everyday basis. What about types of business law specific to your space or vertical? Glad you asked! (5) Regulatory law Do you need a license to operate your business? The answer is pretty much always yes, even if it just means registering with your state. Then if you conduct sufficient business in any other state, you need to register in that state too. Plus you may need other licenses depending on your business. Those are the big ones to know. There are plenty of others like, say, litigation, which you hopefully can avoid but the 5 listed above are the ones to think about on an everyday basis. What about types of business law specific to your space or vertical? Glad you asked