Insight into Business Law
Business law, also referred to as commercial and mercantile law, involves the start-up and running of a business. Business law solicitors assist businesses with filing, obtaining, and producing legal content that will allow the business to either start or continue working. Legal Career Path states that there are two distinct areas in business law; “regulation of commercial entities through laws of partnership, company, bankruptcy, and agency and the second is regulation of the commercial transactions through the laws of contract.”
Businesses are considered individual legal entities. Business law solicitors need to make sure they are filing and obtaining correct paperwork so the government will view the company as an existing entity. A business law solicitor works as an advisor to the company to ensure the business chooses the entity that is in their best interest. Another consideration for a new business, it needs employees. solicitors will help determine the proper protocols for hiring and firing employees. Other protocols include dispute resolution, payroll, taxes, and benefits. Business law solicitors will teach the business the rules and regulations of managing their employees.
If the business’s primary action is to sell consumer goods, there are more rules and regulations to follow. The Australian Consumer Law lays out the rules for sales, bulk sales, frauds, contracts, credit, and transaction security. An solicitor will go through this Code and highlight what rules the business will have to follow. Other legal responsibilities solicitors can assist a business with include, drafting and negotiating contracts, intellectual property, antitrust, and bankruptcy.
Drafting and negotiating contracts can be a part of a business’s everyday workflow. Whether it is drafting a lease agreement or creating a contract with a third-party vendor, most companies do not know how to draft these documents. They will either use their legal counsel or hire a business law solicitor from a firm. With start-up companies, it will be easy to run into an intellectual property conflict. When creating a new product or idea, the company needs to ensure that they are the ones that have control over the rights of the new product or idea. An solicitor will have to be well practiced to get involved with the IP Australian Government. Most businesses want to grow, business law solicitors make sure the company is conducting itself according to competition law. All companies fear one day they will have to file for bankruptcy. There are different ways to file for bankruptcy, which have different requirements and business solicitors can educate the company on the pros and cons of each.
Business law solicitors do not usually get involved in the court system, they are a productive countermeasure to ensure businesses do not have to appear in a court trial. There are some initial hearings before the company seeks approval of the business entity. If the company finds itself in a legal situation down the line, they typically bring in a litigator and do not use their business law solicitor. A business law solicitor can either work for the company as an employee or they can come from their own firm. Business law firms usually have a niche of cases they take on such as the intellectual property is their main focus and expertise.
**This article is for informational purposes only and is not intended to be legal advice. In relation to your individual situation, always seek advice specific to your circumstances from a lawyer.