9 Things an Entrepreneurship Law Clinic Can Teach You About Business Law

Different types of business entities offer different advantages for clients. By learning about entity selection and business formation you can guide your clients through the process of choosing and establishing the proper business structure. 

In an entrepreneurship law clinic, you may run into clients who need help with:

• Sole proprietorship
• S-corp
• Limited liability corporation
• And more

Each one is a valuable learning experience for your future business law endeavors.

Securities and financing law covers stocks, mutual funds, bonds, and more. These laws are designed to prevent:

• Investment fraud
• Market manipulation
• Insider trading

In addition, these laws also cover the steps a business has to take in order to offer shares of the company publicly or obtain other forms of financing. 

Learning about securities and financing helps you advise clients on legally obtaining the investments they need to grow their companies.

All businesses have tax obligations - governmental assessments on income generated by any given business. Tax attorneys work to keep their clients out of legal trouble by compiling documents that relate to the individual or entity's tax liabilities. 

Tax law is an essential tool for every business lawyer.

Just like the law protects the ownership of personal property, physical items, and real estate, it also protects intangible assets. The term intellectual property typically refers to any product of human intellect that’s protected by law from unauthorized use by third-parties. 

In an entrepreneurship law clinic, you’re likely to encounter issues with:

• Patent
• Copyright
• Trademark
• Trade Secrets
• Licensing

Intellectual property laws can be tricky, and you’ll be a more valuable asset to your clients if you have IP law experience.

Social enterprise is a business practice that focuses on reinvesting in the financial, social, and environmental well-being of others, rather than solely focusing on maximizing shareholder value. 

By studying social enterprise law you can help your clients bring about change in financial, social and environmental spheres.

Many businesses must provide their customers with terms of use agreements and/or privacy policies. Both of these legal documents must be crafted carefully and must include the proper protection for both the customer and the business. These documents are necessary for most websites, so learning how to construct these documents is a valuable skill for modern business lawyers.

Small businesses can’t do everything on their own, and often need specialized legal advice. Business lawyers need to be equipped to provide small business owners with competent, effective counseling so they can make the best choices for their companies. 

Without proper legal counsel, small businesses can face steep legal penalties and risk having to close their doors for good.

Most businesses will hire one or more employees and, thus, must abide by all relevant labor and employment laws. Examples of some of the laws that you must help companies and clients understand are:

• The Fair Labor Standards Act
• The Employee Retirement Income Security Act (ERISA)
• The Family Medical Leave Act (FMLA)
• The Occupational Safety and Health Act (OSHA)

Applying these laws properly helps your clients maintain compliance and/or effectively address disputes.

These are just a few of the business law issues you’ll encounter if you enroll in an entrepreneurship law clinic. Studying each of these topics will help you to build your knowledge base before entering the field.