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Posts Tagged ‘Business law’

Commercial Law is law relating to business, and often referred to as Business Law. There are many areas of Commercial Law and other areas of law that also affect business. Below is a summary of some of these.

ARBITRATION LAW

This is a way of settling legal disputes without entering the courtroom, something that can be helpful to many businesses. It involves someone, or a committee, acting as an arbitrator and independently looking at a case before making a decision as to a way forward. Usually in these cases the two parties will agree (and sign a legally binding contract) to go by whichever decision the arbitrator makes.

CONTRACT LAW

Throughout business, there are obviously many contracts of all types. There are contracts between employers and employee, stating details such as employees pay, holiday, working hours and what the job entails. There are also contracts between businesses and their clients stating what the business will deliver and how much they will be paid, and then there are contracts between businesses and other institutions, such as banks. Contract Law states the way in which contracts must be formatted and what should be included. Whether or not a contract is legally binding is sometimes argued. Contracts might be unreasonable or the contents illegal. There can also be disputes as to whether the terms of a contract have been broken, something that is illegal.

BANKING LAW

This includes and dealings involving banks and their relationships with a business. There are many regulations around banking so it is important for financial institutions to make sure they are following the law. There are regulations stating what banks are obliged to do, and what they must not do. There can be disputes between banks and businesses that go to court such as non-paid loans or banks acting unreasonably.

DISPUTE RESOLUTION

Unsurprisingly there are often disputes between businesses, or between and business and an individual. If clients are unhappy with the service they have received they may contest it. This means it is important that businesses fulfil their obligations; if they don’t they could be legally challenged.

EMPLOYMENT LAW

There are many laws around this area, which both employers and employees must fulfil. Employees must be paid at least minimum wage and are entitled to at least 4 weeks paid holiday (pro rata) per year. Employees must show up for work and do the job they are being paid for. There may be many other terms in a contract.

TAX LAW

All individuals and businesses who earn over a certain amount must pay tax. Employees who earn over the tax threshold must pay income tax. This is automatically taken from their pay as a percentage of their earning, which varies depending on what they are paid. Those who are self employed are responsible for working out their own tax, and will be held accountable should they fail to do so. Corporations must pay corporate tax on a percentage of their profits, although they can deduct money from their profits used for business expenses. This can be complex, and the law deals with those who break the law.

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Having an idea and taking it into your own hands is what millions of people do when they open their own business. Owning your own business can be a dream come true. It’s an opportunity to make something from nothing, to take charge of your own destiny. People may open a small business for a number of reasons, the opportunity to be in charge of their income, set their own schedule, or just work for themselves. Opening a business is a stressful and time consuming process. When planning a business, most entrepreneurs consider things like location, logistics, product, accounting, and staffing. All of those things are crucial to a successful business. Something many entrepreneurs forget to take into consideration is legal help.

A small business may seem like a relatively simple undertaking, but there are actually a lot of details that can really get you into trouble. To start with, you have to decide whether or not you will incorporate your business. This can be a complicated process, and there are a lot of factors you need to consider before making your decision. You also need to know labor laws for any employees you will hire. Even if you employ one person, there are laws and requirements that must be met to stay in compliance with state and federal laws. Contracts will probably come into play at some point too. Whether it is a simple lease agreement for your office space, or a complicated document for a purchasing contract, chances are you will need some help sorting out what you are agreeing to. Depending on the business you are in, liability may become an issue at some point as well. For all of these scenarios, you need someone knowledgeable in business law to help you navigate the details.

Finding the right business attorney doesn’t have to be a hard process. You should check their credentials, and ask around about their reputation. See how long they’ve been practicing, and ask if they specialize in any particular area. Ask if they have any specialized training that might give them an advantage over other attorneys. Finally, consider the scope of your business and decide if this attorney will meet all of your needs.

Starting your own small business can be a rewarding process. You get to see something from start to finish, and you get to put your own touch on everything. A small business allows you to be in control of your own future, and be your own boss. Finding a qualified business attorney will help you maintain a good grasp on the needs of your business, and protect the fruits of your labor.

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