Compliance with state and federal employment laws is always an important consideration when an employer merges with or acquires another company. In industries with high rates of consolidation, companies tend to have heightened union concerns and may even draw the attention of lawmakers who want to ensure that employees are being treated fairly during and after the sale of a business.
If you are a bankruptcy trustee, then you have a fiduciary duty to creditors and debtors. That being the case, a mistake at any point in the process could expose you and the bankruptcy estate to liability. Because bankruptcy law and procedure are very complex, it is important for bankruptcy trustees to have legal guidance to ensure that all duties and obligations are met.
When you're starting a business, the decisions you make early in the process are extremely important because your choices now will have effects throughout the life of the company. You'll have to decide how the business will be structured, and the type of entity you choose will have a bearing on a range of matters, including taxation, personal liability and division of profits.