Most businesses need to interact with other businesses, the general public and government agencies on a daily basis. However, many legal issues can arise through these interactions and require assistance from business lawyers. Business law involves many different legal disciplines, including taxes, intellectual property, real estate, employment and bankruptcy, among others. Business law is transactional, so business lawyers will rarely see the inside of a courtroom. They primarily deal with contracts, mergers and acquisitions, shareholders’ rights, and other business transactions. Here are some specific areas they can help you with.
Business and the Law
In the Australian legal system, businesses are viewed as separate entities from its owners and employees. Laws pertaining to business activities are designed to help create an even playing field to give all businesses a fair opportunity to succeed. These enforceable laws help protect business owners and consumers when transactions are made, which benefits the whole economy. As an entrepreneur, you must take the necessary steps to follow the law before you establish your business. Business lawyers in Melbourne understand all aspects of business law and can help you avoid any legal issues in running your business.
Business lawyers in Melbourne can help you establish a business entity such as a corporation, a limited liability company, a partnership, or some other form of business entity. Each of these entities has different benefits when it comes to taxes and individual liability. As an entrepreneur, you’ll want to take advantage of all the tax benefits that are afforded to you as a business owner while protecting your assets by limiting your personal liability when things go wrong. A business lawyer will be able to help you select an appropriate business entity for your business to ensure you’re receiving all possible benefits.
Changing Business Regulations
Internet commerce, securities regulations and heavily regulated industries involve complicated areas of business law that require the constant presence of a business lawyer. You may know a lot about your business and the industry you’re in, but chances are that you may not know much about the laws that regulate your business. Laws are constantly changing in these industries, and a business lawyer will be able to provide the objective advice you need to deal with these legal changes.
Specific Areas of Business Law
Business lawyers in Melbourne can also assist business owners in specific areas of business law, including:
- Distributorship law – This law covers supply chain legal issues with wholesalers who sell products to dealers.
- Manufacturing law – This law explains your rights, responsibilities and liabilities as a product manufacturer.
- Franchising law – This law involves rules and regulations if you intend to franchise your business. This includes licensing, intellectual property, financing and corporate goodwill.
- Mergers and acquisitions law – This law will affect you if you plan to merge another business into your own business or if you plan to purchase another business.
- E-commerce law – Almost every business has an online presence. E-commerce law covers the rights and obligations of online retailers as well as consumers who buy and sell products and services online.
There are dozens of different laws that can affect your business, including local, state and federal laws. Obtaining the right legal advice is crucial to your success if you plan on starting a business or you already operate a business.