Having a business involves a lot of legal matters. It requires you to create contracts, cover mergers and acquisitions, manage taxes, deal with commercial litigations and more. This is where hiring the service of a business law firm can be a huge help to business owners. They are capable of efficiently handling things when it comes to complex and stressful legal affairs.
If you are wondering what particular services you can get from a business law firm, read on to know the answers to the questions you might have in mind.
What Is Business Law?
Business law is a set of rules that cover all regulations and legal responsibilities related to forming, running or closing businesses of all sizes and types. It involves mergers and acquisitions, banking and finance, restructuring and insolvency, commercial litigation, tax, employment law and other aspects of business ownership.
Business Law, Commercial Law and Corporate Law
In general, business law encompasses every legal aspect that relates to businesses. However, it is broad and can overlap with other areas of legal practice. Looking closer, it is usually seen working hand in hand with commercial and corporate law.
Business law, in terms of employment, includes all legal matters related to hiring, managing and firing people in the workplace. Commercial law focuses on how goods or services are being distributed and how commercial entities are financing certain transactions. Lastly, corporate law includes the formation, management, shareholder rights and business operations of corporations.
Why Do You Need a Business Law Firm?
Business law firms resolve any issues you might have while starting, running or closing your business. They offer valuable knowledge and experience that can make things a lot easier for you, especially if you are dealing with disputes and contract breaches. If you are uncertain about making a decision, they can also give you the appropriate legal advice. They can handle small tasks like creating or reviewing contracts or bigger ones like representing you in court if necessary.
What Is Covered Under Business Law?
Here are some of the common types of law handled by business law firms.
Employment Law
This law makes sure that employees and employers are working under their agreed terms and conditions. It protects employees’ rights and gives employers a clear picture of what they can ask their workforce. This law compels businesses to give the correct salary, working hours and leaves. It also prohibits bullying or harassment, discrimination and other unfair treatment.
Consumer Law
According to the Australian Trade and Investment Commission, the Australian Consumer Law enforces regulations with regard to consumer rights guarantees, product safety and more. It has been created to combat unfair marketplace practices like fraud or misselling.
Competition Law
This law enforces fair market competition among companies. It prohibits predatory pricing (monopoly or oligopoly) or other deceptive means to influence the market and get a larger share of profit.
Tax Law
It is a part of public law that compels individuals or businesses to follow the rules and procedures of declaring or collecting taxes.
Intellectual Property Law
This protects assets created by the mind, such as patents, business strategies, composition, image, symbol or name.
In addition to these types, business law covers corporate governance, mergers and acquisitions, asset protection, shareholder rights, capital raising, corporate structures and bankruptcy.
What Specific Services Do Business Law Firms Offer?
Business formation/structure
Having the right business structure significantly affects how a business runs and how it will grow in the future. A business law firm can thoroughly explain the pros and cons of each structure and what will be the best fit for your business.
Contracts
Contracts are an integral part of the business field. It promotes a mutual agreement between business owners and their potential clients, partners or employees, as well as protects each party’s rights. By hiring the service of a business law firm, you will be able to create a contract that is fair for all sides. In addition, you would not find yourself in a difficult situation if you have a business lawyer to read a contract before you sign it. In case of contract breaches, a business law firm is capable of resolving them for you.
Mediation, arbitration and dispute resolution
Having disagreements with clients, organisations or other business owners often happens. A business law firm handles the process and terms necessary to settle these disagreements. This can be in a way of negotiation or court proceedings.
Consultation or advice
A business law firm also provides counsel when you need it. They can educate you on the legal regulations you need to know as a business owner or they can suggest the most favourable action when you are facing an issue.
Can Law Firms Offer Other Services?
Yes, they can. Most law firms are not just focused on business law. They may also offer assistance for other areas like real estate, family law, immigration and more.
How Madison Marcus Can Help You
If you are looking for a corporate and commercial law firm in Sydney or Melbourne, Madison Marcus can assist you. We are an award-winning law firm with experienced lawyers who are experts in corporate and commercial law. We provide legal service for small businesses and high net-worth individuals in relation to gaining outstanding commercial outcomes, negating risks and protecting interests.
We can assist you in these areas:
- Advising
- Drafting business contracts and commercial agreements
- Corporate governance
- Director’s responsibilities
- Asset protection
- Unit and share sales
- Corporations law
- Corporate structures
- Share sale agreement
- PPSA and PPSR
- Competition and Consumer Act
- Mergers and acquisitions
- Capital raising and IPOs.
We also specialise in the following fields:
- Mergers, acquisitions, and corporate
- Banking and finance
- Restructuring and insolvency
- Commercial litigation
- Employment law
- Tax law
- Leasing law
For all enquiries or for a free 15-minute consultation, contact us today.
