What is Commercial Law?
In a simple term, commercial law is defined as the body of rules whether by agreement, convention, local or global legislation governs the activities of persons in commercial and other allied matters. Another name for Commercial law is Business Law.
Two distinctive types
There are two kinds of Commercial law namely:
- The regulation of commercial issues by laws of bankruptcy, partnership, company and agency and
- The regulation of commercial transactions via laws of contract.
In civil law countries, commercial law is made up of common law, statute law, equity law, the theory of limited liability, legal personality etc. The role of all the statutory rules and regulations is intended to protect either investors or creditors.
Commercial law is a broad concept in law. It cuts across many areas of law- how to conduct or run a successful business. This includes all the law that governs how to kick-start, manage, buy, sell or close any kind of business.
A seasoned business person or an entrepreneur knows when to seek the services of a licensed attorney. Commercial law also includes administrative regulations, state and federal laws.
Starting a business
Business laws in general terms addresses different kinds of business organizations. It stipulates how to properly run every type of business. It includes various entities like limited liability companies, partnerships and corporations.
If you want to start your business in Melbourne, you really need to know whether it will be a partnership, or sole proprietorship. Whichever one you choose, there are processes that go with it.
Another thing would be choosing the name of the business- the name you choose must be unique, no one must have answered the name. If you are answering a business name that has been taken by another party, you will be guilty of intellectual property law. Keep in mind that patents, trademarks and copyrights are all within the intellectual property law.
Buying a business
If you want to buy a business in Melbourne, then you need to know the laws that govern buying a business here. To successfully transact a business, you must be versed law of contract, intellectual property law, employment law and real estate law.
If you are entering into a contract with anyone, make sure you keep to the end of the bargain. If you feel the other party has failed to keep the terms of the agreement, you have the sole right to dispute it in a competent court of law. There are many industrial law courts in Melbourne that can handle this issue successfully.
Managing a business
Management cuts across so many dimensions. To run your business in Melbourne, the business person should know contract law and employment law. For instance, you need to know how to hire, when to hire, how to pay employee taxes and insurance, and even how to fire an employee without issues. These benefit laws, tort law, debt collection law and employment discrimination laws are regulated by competent government agencies, so you should be aware of this fact.
The owner of the business or entrepreneur takes home all the profits and bears all the risks involved in the day to day running of the business. For you to succeed in your business in Melbourne, you need to acquaint yourself with vital aspects of commercial law. For more information speak to Rosendorff commercial lawyers based in Melbourne and they will be able to assist with most legal matters.