Business law can be generally defined as the laws that regulate commercial dealings between individuals and commercial entities. It is also synonymously referred to as mercantile law or commercial law.
Any business lawyer should familiarize with the two main areas regulated by business law. These are regulation of commercial entities through practices like partnership, company and bankruptcy, and regulation of business transactions through contracts. To help you understand what business law entails, here are the major components explained in order.
1. Business Information
This is the general process of setting up a business. It entails all the paperwork that will render the business officially existing within government records. Here, we consider the business entity in which you will operate. Most business entities are similar on a global scale.
2. Employment Law
This involves the process of hiring employees. It entails practices such as hiring and laying off and maintaining the required business turnover. This also covers employee payment procedures and payroll management.
3. Immigration Law
This mainly entails foreign labor management. If employees and expatriates are required to work on full-time or part-time basis, it will be covered in this section. As a business, understanding what your geographical distinction requires for foreign labor will help you in choosing the best type of foreign employees, whether long or short term. There is more information on the Hoffer Adler website that you may find helpful.
4. Consumer Sales Law
These are laws governing transactions involved in any trade. It also involves regulation of prices and the quality offered to the consumer. The Consumer Protection Act and The Canada Consumer Product Safety Act (CCPSA) are examples of common entities that regulate trade in Canada.
5. Contract Drafting
Helps align the expectations of every entity involved. This may include a lease of purchase agreement. It is important to mention that contract drafting falls under common law. Which means they may not be determined by the abstract judicial system of law, rather laws adopted within the history of the business.
6. Antitrust Law
Is mainly to maintain a level ground in the business market share. However professional, companies may want the extra bite across their market niches. It curbs any deceptive measures that companies take to increase market share beyond their business level. A business lawyer will help in developing antitrust policies.
7. Intellectual Property
This involves protection of creative works. This is key in making sure that any company will profit from their product or service. The business lawyer will help by helping a company in registration and enforcement of copyright laws.
Tax burdens can become overwhelming to any business, and so the business lawyer will progressively follow up with any waivers or tax offers that might be available in their market niche. Common types of taxes commercially include:
- Sales Taxes
- Property Tax
- Employment Taxes
- Dividend and Shareholder Taxes
- Income Taxes
- Self-employment Taxes
This will help a company file out of messy financial situations that render the business unable to operate further. Common types of bankruptcies include liquidation, which applies to individuals as well as organization, and reorganizations which apply to sole proprietors.
Business lawyers are not limited to the walls of a courtroom, which means they can operate significantly independent of geograhical boundaries. This is mainly because business law will deal more with business transactions.
Not to mention, the demand for business lawyers is significantly high and hence the endless window of career exploration.