Understanding Commercial Law

When starting, running or dissolving a business or company, you may come across legal requirements and problems. Both a corporate or commercial lawyer can assist you, but there is a difference between the two lawyers.

A corporate lawyer can only help with things like starting or dissolving a company/business, mergers, acquisitions and shareholders' rights. A commercial lawyer offers broader services. They can offer the same services a corporate lawyer offers and more. For example, a commercial lawyer can help with legal matters related to your business transactions, employees' contracts, product user suits and more. Here are the kinds of legal matters you might need a commercial lawyer to help you with.

Starting A Business

When starting a business, you need to find out the different legal requirements concerning your particular business. They can be related to tax obligations, drawing of employee contracts, accounting and auditing, environmental protection from harmful emissions, application of permits and more.

It is not recommended to handle such matters on your own because you might leave out something important. Find a commercial lawyer specialising in your line of business; they have years of experience and know everything you might require legally.

The commercial lawyer might also be aware of any legal amendments or revisions made recently because they are usually up to date with the law. This means that your commercial lawyer may accomplish your legal affairs easily and quickly since they might not run into problems. You are also less likely to find your business with legal problems that cost too much to settle and those that can lead to business bankruptcy.

Running A Business

Running a business involves multiple monetary transactions. It also involves how your employees conduct business because a simple financial mistake can land you in legal problems. Your commercial lawyer should draw up transaction contracts and agreements that do not open your business to legal issues.

You should also ensure that your employees' contracts are solid, take care of your employees' interests and provide everything you promised on the contract. Let your commercial lawyer inform you of the common scenarios that lead to employees suing their bosses and prevent them from arising.

Dissolving A Business

This mostly depends on whether your business is private or public. A private company may not have a lot of legal requirements, but a public company may have various requirements. Let a commercial lawyer guide you to avoid fines or jail time. You need to inform all your stakeholders of the intent to dissolve the company, and then the stakeholders should vote. You are then legally required to notify the public and comply with tax regulations.

For more information, contact a commercial law service.