Corporate Law

Commercial Law

Also referred to as trade law or mercantile law, corporate law is simply the whole set of laws that pertain to sales, trade, commerce, and merchandise. Specifically, it includes laws on banking, finance, insurance, partnership, sale of goods, contracts and taxation. 

Corporate law also states the right and obligations of parties involved in several kinds of contracts like guarantees, agency agreement and a host of others.

Branches of corporate law

There are several branches of corporate law and they are:

  • Property Law- This law basically concerns all form of transactions that pertain to various types of properties. It solely governs what people own and applies to both personal and real property.
  • Contract Law- Here, the enforcement and formulation of contracts are regulated. It showcases the essentials of a valid contract and also provides remedies to parties involved in case of a breach.
  • Corporate Law- Corporations draw strength from this law. It comprises the formation, management and even the termination of corporations. Legal provisions are also provided for issues regarding mergers and acquisitions, raising capital for businesses, election of directors, redemption of shares, prevention of insider training and distribution of dividends.
Commercial Law
  • Tax Law- This type of law covers the levy of the government on both direct and indirect taxes especially on business transactions. Some types of primary taxes include gift, capital gain, profit distribution and sales taxes.
  • Business Regulations- This law covers governmental rules and regulations, labour, trade unions, and business organizations. 
  • Uniform Commercial Code- Popularly known as UCC, this code brings consistency to corporate law across all the states in the US.
  • Intellectual Property Law- This law covers copywriting of creative work and patenting of inventions. 

What do corporate lawyers do?

Commercial solicitors- 75% of their clients are businesses and most of their work includes reviewing business mergers, reading contracts and amending them for clients or drafting legal papers for businesses.

This type of work involves top notch negotiating skills on behalf of clients over the terms of a contract. Although, this is highly dependent on the area of corporate law you practice.

So many commercial solicitors are also referred to as in-house lawyers. What this means is they only have one client, and they are often engaged with looking after the legal issues of whatever organization they are working for. 

Rather than working for private practices, commercial solicitors are allowed to get super engaged with commercial activities. 

Barristers- These individuals are referred to as commercial barristers and they deal majorly with issues like business disputes in the form of tort claims or contracts. They basically help solicitors to assist their clients through litigation and also prepare them on what to expect from the opposition. 

In commercial cases, documentation is of high quantity because of cases with heavy facts. Thus, to ensure the documentation is properly managed, a barrister works with a solicitor.

There are several areas of specialization especially under the commercial bar which includes tax, banking and finance, contract disputes and so much more.

Simple steps on how to become a corporate lawyer

If you are looking forward to becoming a corporate lawyer, follow the steps below-

Get a bachelor’s degree

This is the very first step to take towards becoming a corporate lawyer. Most employers prefer giving jobs to graduates or persons who have a bachelor’s degree in law. If law isn’t your field of study, its advised you get it because it might take you a longer time to pursue a career in corporate law.

Ensure you do a vacation scheme

A vacation scheme helps you enter the industry specifically to observe how things are being done. They are primarily for gaining experience at law firms and learning all you need to. It  can last from one, two, or three weeks. Just think of it as an internship.

However, before applying for any vacation scheme, endeavour to look for firms offering vacation schemes specifically for corporate lawyers. Also make sure to get valuable insight on the corporate culture of such firms as well as their overall structure.

To make progress, daily test out your abilities and strive to be better. After the completion of the scheme, looking for vacancies and going for interviews will become pretty easy for you.

Commercial Law

Start networking

Building a strong network has a way of making you achieve your dreams faster than expected. It could significantly simplify the whole process of becoming a corporate lawyer. 

Like it or not, a recommendation can make the difference and this can only happen if you know someone who can recommend you. So, build your connections as fast and as early as you can.

A good way to start is keeping in touch with people from past vacation schemes and internships. You never know where your breakthrough can come from. So, stay connected.

Fix yourself a strong CV

Never make the mistake of selling yourself short with a bad CV. It is crucial to create a good impression to your employer from the start. So, make sure your CV shows that you are quite suited for the job. 

Two amazing tips to help you build one that’s impressive are:

  • Make sure it projects all your achievements- Showcase examples that demonstrate your key skills.
  • Ensure your CV is tailored for the role you’re applying for- Highlight your work experience and your problem solving qualities in relation to some cases you might encounter at the firm you’re applying to. This will definitely score you a strong point.

Get work experience

Work experience of at least six months or a year could increase your chances of pursuing a career in corporate law. 

Whether your previous job is in the legal field or not, the experience is necessary for some skills your employer may require. More so, it can also make pitch you higher than other applicants in getting the job.

Complete your legal practice course (LPC)

It is necessary you complete this course before fully delving into the field of corporate law. It is recommended to start the course as soon as you’ve completed your undergraduate studies. Doing this makes it easier for you to apply what you’ve learnt to real-life legal problems.

FINAL THOUGHTS

Corporate law is a gift to businesses and individuals. It evolves constantly to keep up with the changing needs of consumers and business owners.

More to read: Concepts of commercial law sydney you should know

Concepts of commercial law sydney you should know

Concepts of commercial law sydney you should know

You need to have a basic awareness of the legal ramifications of operating a company as a small business owner. Small firms must make sure they are aware of the commercial law repercussions of doing business in certain states or nations.

Since the internet has made it simple to do business with anybody in the globe, it is always advisable to be aware of the regional commercial law sydney legalities in each location. An entrepreneur has to be aware that the regulations for doing business in Nigeria and New York are different. A small company owner must make sure they thoroughly evaluate and research the commercial law terms and ordinances of every nation they want to do business in.

Before doing business in various nations throughout the globe, keep the following in mind:

  • Have a basic awareness of the commercial law and ordinances governing conducting business in that nation.
  • Ensure that you have all the necessary documentation and permits to do business in the nation.
  • To make sure you are not breaking any commercial law or engaging in any unlawful activities, it is a good idea to contact a local company attorney in that nation.

Having a business contact in the nation you want to conduct business in is always a smart idea. Customers may get in touch with that person as the representative if they have any questions or difficulties. The business contact will also make sure that all business activities are legal, that the firm is up to date with local business regulations, and that any payments associated with doing business (such as license renewal costs and business taxes) are paid promptly.

Concepts of commercial law sydney you should know

You do not need a master’s degree in business to be an entrepreneur, however it is advised that you take some business courses. As a result, you will be guaranteed to have some understanding of what it takes to manage a successful company. The best thing about starting a company in the twenty-first century is that one may attend business lessons online from the convenience of their home. Additionally, there are several organizations that help people launch their own enterprises. As a result, it is advised that all aspiring company owners get the essential training. You may guarantee that you can continue in business for a long time by enrolling in courses that are tailored to your industry. Additionally, you’ll make sure that the company can continue operating and won’t have to shut down for lack of information. Anyone may start a small company, but in order to succeed as a business owner, you must have some kind of education.

The most crucial need for becoming a successful company owner is having a basic knowledge of commercial law. Even before starting a company, you must be familiar with the fundamental principles of commercial law.

Any entrepreneur should be aware of the following eight fundamental principles of commercial law:

First Fundamental Concept: 

What is intellectual property? Any concept that is created to create goods and services that will be sold to consumers and bring in money for the creator is considered to be intellectual property. Business concepts, goods, services, innovations, trade names, and trademarks all fall under the category of intellectual property. Businesses must take all necessary precautions to prevent third parties from stealing or violating their intellectual property. The best option for an entrepreneur to safeguard their intellectual property is to submit applications for patents, copyrights, or trademarks to their local government.

Second Basic Concept

What are the requirements for contracts or commercial agreements? A contract’s primary purpose is to make a single or a series of commitments that are legally binding. Offer and acceptance are the two elements of every deal. Since the conditions of the agreement are outlined in the offer, it is the first stage in the contracting process. The individual who makes the offer is referred to as the offeror, and the recipient is referred to as the offeree.

The following three conditions must be completed in order for anything to qualify as an offer:

1. The offeror must now be intending to enter into a contract, as shown by an objective indicator.

2. The purported offer conditions must be clear and detailed, according to requirement number two.

3. The offeree must have been informed of the purported offer in some way.

The acceptance is the second part of the agreement. According to Restatement (Second) of Contracts 50, “An acceptance is a display of acquiescence to the conditions of the offer delivered by the offeree in the manner encouraged or required by the offer” (1981).

Concepts of commercial law sydney you should know

The following three criteria will be considered by the court to decide whether the offeree has accepted the offer and created a contract:

1. The offeree’s desire to sign a contract with the offeror.

2. Whether the offeree accepts the conditions put out by the offeror.

3. The third consideration is if the offeree informed the offeror that they accepted the conditions.

The offeree must wish to do business with the offeror, which is the most crucial feature of the acceptance component. The terms of a contract or agreement might be accepted in a variety of ways.

The following are a few methods to consent to the conditions of a contract or agreement:

1. Has the option to accept the conditions orally or by a handshake and verbal agreement.

2. You have the option to accept the conditions by mailing a notification (mailbox rule).

3. Acceptance via shipping.

An offer and acceptance of the conditions of that offer are essential components of any commercial law agreement or contract.

Third Fundamental Concept: 

What is Product Liability? When a client sues a company for a faulty product that led to their loss or injury, this is known as product liability.

The following list includes a number of hypotheses addressing compensation under product liability:

1. Goods warranties, which deal with claims about the nature of the product provided to consumers, are covered under contract theories. In these civil warranty claims, the plaintiff often alleges that the goods fell short of the seller’s guarantees. In most cases, the defendant is charged with product negligence. The implied warranties for the products are the implied warranties of fitness, merchantability, and express warranty.

2. Tort theories deal with the plaintiff’s allegation that the defendant was negligent and as a result caused the plaintiff either physical injury, emotional distress, or financial loss. Due to the plaintiff’s exposure to the product, they sustained severe physical harm, massive property damage, and significant financial loss. Negligence, strict responsibility, and actions committed in accordance with the Restatement (Third) of Torts are examples of tort liabilities that may be applied.

More to read: Crucial commercial laws every business owner should use

Crucial commercial laws every business owner should use

Crucial commercial laws every business owner should use

Are you prepared to launch your company concept at last? As you are aware, starting a company requires extensive planning. On the startup to-do list, writing a company strategy and finding capital are typical tasks. You should also take the time to examine any applicable business legislation that can have an impact on your company.

We’ve combed through many government websites and prepared a list of commercial law rules and regulations that apply to every company to help you with your study.

Licensing

Licenses for businesses

You’ll probably require a business license in order to formally launch a firm. Make the first call to the city hall in your area. Check to see whether you need a license and if you need to be aware of any zoning regulations. Visit the Small Business Administration website and click on the pages that apply to your company for information on federal and state licensing.

Crucial commercial laws every business owner should use

Employer regulations

The Fair Labour Standards Act

This commercial law governs the federal minimum wage, overtime regulations, restrictions on child labor, and documentation requirements. To make sure you adhere to the most recent rules, you should carefully study it.

Federal legislation governing equal employment opportunities

Discrimination based on race, color, religion, sex, or national origin is illegal under this collection of commercial law terms. Men and women are paid equally, and those with impairments are protected.

Family and Medical Leave Act 

There are regulations that a company must abide by if an employee or a member of their family has a medical problem. You should study this guide to learn how this legislation impacts your company, from time off to pay.

Act on Occupational Health and Safety

This legislation ensures that the working environment is secure and free of known health risks.

Compensation for workers

Most states mandate that businesses get an insurance plan that will reimburse staff members who are injured or sick due to exposure at work. Visit the Department of Labor website to learn more about your obligations as an employer and the rights that each employee is entitled to.

At-Will employment policy

There is an at-will employment statute in existence in all states except than Montana. This implies that, unless it’s against the commercial law, an employer may terminate an employee at any moment for any cause. An employee has the same flexibility to quit at any moment.

Tax laws

Get an employer identification number (EIN).

You’ll need an employment identification number in order to submit your company taxes. You may get your number by visiting the IRS website, and you’ll receive it right away after completing the required documents online.

Be aware of the taxes you must pay

You must pay some taxes, according to Uncle Sam, whether your company employs one person or 100. Review the criteria for federal taxes, social security, Medicare, and unemployment insurance. The IRS offers a breakdown of your owner-related tax obligations. Additionally, you should create a budget and discuss these commitments with an accountant.

You’ll likely have to pay state taxes in addition to federal ones. To learn more about your state’s tax regulations, see this page.

Employing people

You must consider how hiring an employee may affect your taxes. Before making any recruiting choices, learn the distinction between a W-2 employee and a 1099 employee since the length of time a person works for you will have an impact on taxes.

marketing and advertising regulations

Integrity in Marketing and Advertising

This rule mandates that all advertising and marketing materials must be honest, just as it sounds. Furthermore, any statements you make in an advertising must be supported by evidence. You can never be unfair or deceptive. When you sell to youngsters or utilize endorsements, this prohibition is much more definite.

CAN-SPAM Act

A legislation prohibiting the use of email. It is real. Commercial email is subject to CAN-SPAM Act regulations. Deceptive topic lines are prohibited by a commercial law, and honesty is required. Additionally, you must provide recipients with your location information and a simple mechanism to unsubscribe from your emails.

Crucial commercial laws every business owner should use

Commercial law governing Telemarking Sales

You should review the FTC’s telemarketing regulation if you intend to offer things by mail, phone, or internet. According to this regulation, copanies are required to ship goods within 30 days, notify customers of any delays in delivery, and provide refunds in the event that an order cannot be met. You should also review the guidelines for the Do Not Call Registry.

Commercial law terms governing online businesses

Collection of Sales Tax

If you run an internet company, are you still obligated to collect the local sales tax that brick and mortar shop owners must? According to the FTC, you are required to collect any relevant state and local sales taxes if your company has a physical presence in a state, such as a shop, office, or warehouse. Obviously, there is no sales tax in certain states. To be sure you adhere to the commercial law, you should study the FTC recommendations and verify with your state’s revenue office.

Commercial law governing global commerce

Any company may sell their goods globally using a website. It immediately exposes your company to a new market, but that exposure is subject to rules. It raises issues with customs, shipping, and different taxes. You may use the FTC’s advice to assist you navigate the global seas.

Should I Work with a Commercial Attorney?

A business lawyer should be retained for a variety of reasons. Every sector has unique business and commercial legal issues. When helping you come up with a solution to your legal issue that takes into account ethics and accepted industry practices, an attorney with expertise in the kind of business that your firm does will be able to provide more precise and practical guidance.

Owners of businesses often wait until it is too late to obtain legal counsel before doing so. Additionally, a lot of business owners attempt to negotiate the sale of items without being aware of or comprehending the legal criteria established by their state’s acceptance of UCC laws. Contracts may be broken or terminated as a consequence, and earnings may also be lost.

Legal repercussions and litigation may follow if one party to the contract chooses to sue the other side. Instead of trying to negotiate the law on their own, business owners would be advised to enlist the help of a commercial law attorney throughout the early stages of the agreement negotiating process. Their legal rights will be protected as a result.