Business law refers to the rules that dictate the dealings between consumers, businesses and commercial matters. It is also referred to as mercantile law or commercial law.
Business law has two distinct areas:
The establishment of these laws dates back several centuries ago. These laws may be observed in peace-guilds where members come together and pledge to stand by each other for protection.
Many business laws exist to protect the business or avoid legal disputes. Business law may include any of the following:
Each business is its own legal entity. For a business to legally exist in the eyes of the government, the owner should start working on the requirements and paperwork. The process is different from one state to another.
Business lawyers can assist the decision-makers, or the owners, to understand the advantages and disadvantages of each entity. The information that business lawyers in Sydney have, or the state where the business is, ultimately can help business owners decide as to what kind of entity best works for them.
A business needs employees for it to operate. There are some legal concerns that a company should be aware of before hiring or firing employees. The company needs to know how to handle any employee disputes and issues. Aside from that, the company should know what they need to offer employees in terms of pay and benefits.
Business law and immigration law often cross paths. This happens when a company wants to hire international employees on a full-time basis, need temporary workers, or need to bring in a worker just for a short period for a special event.
Business law governs how companies make products and how they sell them. There are some rules that businesses need to follow concerning the working conditions in a factory to distribution requirements to price controls.
Businesses deal with contracts and negotiations all the time. The contract can be anything from a lease agreement to a purchasing agreement. Business owners, or decision-makers, will need a lawyer in Sydney to help them decide whether the deal stated in the contract is fair, etc.
Businesses own the exclusive right over a product that they have invented. However, the owner should have the initiative to make sure they protect their ability to profit from their invention. A business gets to keep and use their original products exclusively; this rule falls under intellectual property and copyright law.
Much like individual citizens, businesses pay taxes. There are many types of taxes that a business owner should understand such as estimated taxes, employee taxes, and deductions. Business lawyers in Sydney, and all over Australia, can help businesses comply with tax requirements and take legal steps to minimize their tax burden.
Business law also covers the bankruptcy of a business. A lawyer can help a company determine what options they have once the business starts having financial difficulties. In some cases, filing for bankruptcy might be the only or the best choice for a business.