Difference Between Business Law and Corporate Law

Business law and corporate law are two branches of law that deal with legal issues related to businesses. While the two fields of law are related, there are significant differences between them. Understanding these differences can help individuals and businesses ensure they are receiving the appropriate legal advice.

Business law covers a wide range of legal issues related to businesses, such as contracts, employment law, intellectual property, and commercial transactions. It deals with the legal framework that governs how businesses are formed, operated, and managed. Business law is essential for any business owner to understand, as it provides the foundation for all business transactions.

On the other hand, corporate law focuses on the legal issues that arise from the operation of corporations. It covers issues such as corporate governance, mergers and acquisitions, securities law, and tax law. Corporate law is critical for individuals and businesses that are considering starting a corporation or dealing with corporate legal matters.

One of the key differences between business law and corporate law is the scope of their application. Business law is applicable to all types of businesses, from sole proprietorships to partnerships, while corporate law applies only to corporations. Another difference is that corporate law is typically more complex than business law due to the numerous legal issues that arise in the operation of a corporation.

Individuals and businesses seeking legal advice on matters related to business or corporations should seek the services of an experienced lawyer such as those at stonesalluslaw.com. These lawyers have the expertise and knowledge needed to provide sound legal advice and represent clients in legal matters related to business and corporate law.

In conclusion, while business law and corporate law are related, they are distinct areas of law that cover different legal issues. Individuals and businesses should seek legal advice from qualified lawyers.… Read the rest

How To Apply For An Employee Retention Tax Credit?

The Employee Retention Tax Credit (ERTC) is a refundable tax credit available to eligible employers who were significantly impacted by the COVID-19 pandemic. If you’re an employer looking to apply for the ERTC, here’s what you need to know.

First, determine your eligibility. The ERTC is available to employers who experienced a significant decline in gross receipts or were subject to a full or partial suspension of operations due to a government order related to COVID-19. Employers can claim the credit for wages paid to eligible employees from March 13, 2020, through December 31, 2021.

Next, calculate the credit. The ERTC is equal to 50% of qualified wages paid to eligible employees, up to a maximum credit of $5,000 per employee for 2020 and $7,000 per employee per quarter for 2021. Eligible wages include qualified health plan expenses and are subject to certain limitations.

Once you’ve determined your eligibility and calculated the credit, you can apply for the ERTC. To do so, you’ll need to file Form 941, Employer’s Quarterly Federal Tax Return, with the IRS. You can claim the credit on Form 941 for the applicable calendar quarter.

If you’ve already filed Form 941 without claiming the ERTC, you can file an amended return using Form 941-X to claim the credit. You can also request an advance payment of the credit using Form 7200, Advance Payment of Employer Credits Due to COVID-19.

Applying for the ERTC can be complicated, so it’s important to seek guidance from a qualified tax professional. The attorneys at dallolawgroup.com have extensive experience in tax law and can assist you with the ERTC application process. Contact them today to learn more.… Read the rest

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