Business law is a legal practice that governs business and commerce. It is a branch of civil law that deals with private and public law issues. The state and federal law make the regulation of business law. Some of the topics covered include mergers and acquisitions, forming a company, bankruptcy and insolvency business leases, licensing, property issues, and shareholders’ rights. There are different types of business law and below are six of them.
1. Consumer goods sales law
The regulation of this law is governed by civil code. It regulates financial transactions. It deals with leasing, contracts, and fraud to ensure the transactions are secure. Lawyers spend time understanding the law’s civil code and its complexity to apply to actual business practices. They also help business owners to comply with the rules so that they can be productive. The resources on the Hoffer Adler website might help you learn more and get a better understanding.
2. Employment law
The Canadian Labor Code and the Federal Employment Equity Act governs the employment law. Businesses need to comply with employment law no matter the number of employees they have. Employment law requirements include health insurance and workers’ compensation insurance. Mistreating employees can ruin your reputation. For your business to continue with its productivity, and avoid significant financial liability, ensure your business complies with the employment law.
3. Immigration law
When your full-time or temporary employees are from another country, you need to understand the foreign labor law to be on the safe side. It would be best to learn about immigration law concerning foreign worker certification and employment eligibility verification.
4. Intellectual property law
Intellectual property law secures the legal rights of two business inventions and other intangible assets such as patents. If a business does not protect its intangible assets, anyone in the marketplace can sell products you have invested in for a long time. Understanding copyright laws can help you understand how to file for protection with a unique logo.
There are situations in life that may lead a business to bankruptcy. These situations are beyond control, but there are several options you can consider to solve the problem. Hiring a business lawyer can help you find the best options. He will highlight the advantages and disadvantages of the options. Bankruptcy law governs business owners who cannot pay their debts.
6. Contract drafting law
Small and large business owners need to draft contracts through outgoing concern business. There is a law that guides how these contracts are written for them to be defensible. Find out about the contract terms checklist and writing a business contract by hiring an expert in the business attorney to guide you in the process.
When you encounter a business loan issue, it’s important to consider getting a business lawyer to explore legal options.