What is Transactional Law?
What is Transactional Law?
Transactional law covers all aspects of business dealings between companies and/or individuals. There are numerous transactions as well as obligations involved in doing business. Successful business owners understand a solid business foundation is built on implementing effective, efficient processes, in addition to legal compliance. Transactional attorneys assist with the numerous transactions that affect business, money, and commerce. The following is a transactional law overview, including basic categories of transactional law and how it’s essential for business.
Transactional Law Overview
Transactional law refers to the legal transactions and communication that are inherent in conducting business. The following are a few basic and broad areas of transactional law our firm handles, for example:
Corporate Law
Commercial / Business Law
Intellectual Property Law
Entertainment Law
Different types of business require a myriad of distinct types of contracts, agreements, and regulations. Additionally, different business types are susceptible to certain kinds of legal issues. Transactional law is a broad area of law covering all business industries. Therefore, business owners should pursue attorneys with transactional law experience handling the specific type of transactional law issues involved.
The following transactional law overview includes information related to the various categories of law involving business transactions.
CORPORATE LAW – A TRANSACTIONAL LAW OVERVIEW
Corporate legal services focus on the formation of and management of entities. There are many different entity types. Selecting the best entity type may require consultation with an accountant as well as a corporate law attorney. Some types of business, especially professional businesses that require licensed professionals, can only be legally formed as certain entity types. In addition, there are various tax benefits in choosing one jurisdiction over another for formation of an entity. Furthermore, the government offers incentives and tax breaks for businesses owned by veterans, woman-owned businesses, and non-profits. However, business owners must take care to apply for and get approved for such tax breaks.
Getting everything set up correctly at the beginning can become complicated. Therefore, potential business owners should seek the advice of attorneys with an understanding of corporate and general transactional law.
Our corporate and IP business lawyers offer comprehensive legal services covering areas, such as:
Entity Selection
Drafting and Review of Company Agreements
Annual Minutes and Reporting
COMMERCIAL LAW AND BUSINESS LAW – A TRANSACTIONAL LAW OVERVIEW
Commercial and business legal services focus on the wide array of transactions that affect business. Once a business is established and starts operating in commerce, business owners should ensure they are legally compliant. In addition, certain laws apply to different types of businesses. Therefore, business law attorneys provide guidance to business owners involving a myriad of legal transactions.
Our commercial and business lawyers provide comprehensive transactional legal services covering, for example:
Contract and Commercial Agreements
Business Transactions
Corporate Governance and Counseling
Franchising and Franchise Agreements
Indemnity and Hold Harmless Agreements
Non-Disclosure Agreements
Non-Solicitation Agreements
Non-Compete Agreements
Confidentiality Agreement
INTELLECTUAL PROPERTY (IP) LAW – A TRANSACTIONAL LAW OVERVIEW
Intellectual Property Rights (IPR) attach to creative expressions, such as inventions, trademarks, copyrights. IP rights can be found throughout businesses as extremely valuable assets. Therefore, understanding how to protect the various forms of intellectual property rights is imperative to maintaining those rights. Entering into general business transactions can greatly affect intellectual property rights, so business owners should be mindful of IP protection.
In a transactional law overview of a business, IP attorneys identify IP and advise on options for protection as well as enforcement of intellectual property.
The following are general intellectual property rights that owners should take care to protect in business transactions:
Our intellectual property attorneys assist with protection and enforcement of IP rights through, for example:
Licensing Agreements - Trademark Licensing, Copyright Licensing, Patent Licensing
Review, Draft, and Negotiation of Contracts Involving IP Rights
IP Portfolio Management and Maintenance
Intellectual Property Oppositions and Cancellations
Creation of Custom IP Rights Monitoring as well as Enforcement Programs
IP Infringement Litigation
ENTERTAINMENT LAW – A TRANSACTIONAL LAW OVERVIEW
The entertainment industry encompasses a wide array of categories and involves many different kinds of legal transactions. From sporting events, to music, to film, each sector of the entertainment industry can have complex requirements specific to it. Therefore, one seeking legal service advice in the entertainment industry should seek attorneys with experience handling the specific type of entertainment issues involved.
In a transactional law overview of a business involved in entertainment, attorneys review numerous substantive areas, including, for example:
Contracts
Labor and Employment Law
Securities
Our intellectual property attorneys assist clients with entertainment law through the following services, for example:
Assistance with Financing Agreements
Draft and Negotiate Development Agreements
Draft and Negotiate Production Contracts
Create Custom Appearance Releases
Secure Trademark and Copyright Protection
IP Licensing
Royalty Agreements
Intellectual Property Rights Assignments
Create IP Monitoring as well as Enforcement Programs
Klemchuk PLLC is a leading intellectual property law firm focusing on litigation, anti-counterfeiting, trademarks, patents, and business law. We help clients protect innovation and increase market share through investments in IP.
This article has been provided for informational purposes only and is not intended and should not be construed to constitute legal advice. Please consult your attorneys in connection with any fact-specific situation under federal law and the applicable state or local laws that may impose additional obligations on you and your company. © 2023 Klemchuk PLLC