What is commercial law Sydney and who are commercial lawyers or solicitors? This field of law generally deals with legal issues that arise between business or commercial transactions. The terms commercial and business law are often interchanged, however, there is a difference between the two.
Corporate law and commercial law govern corporation administration and management, while business law encompasses areas such as employment, tax, contracts, and transactions. Corporate and commercial law firms that specialise in commercial law in Sydney typically have clients from corporations, governments, banks, insurance companies, and other large organisations.
The Corporations Act 2001 sets out how companies form and operate whether independently or with other businesses. Commercial lawyers help out whenever there are disputes between companies and businesses. These legal practitioners provide the best legal advice and services to ensure that their clients are well-versed with commercial law in Sydney.
There are also professional standards legislation that exist in different Australian jurisdictions. To read more about this, click here.
The Importance of This Field of Law
The import and export of products contribute greatly to a country’s economy. For instance, let’s suppose a company wants to take their products to France or Spain, or maybe receive products from these countries. They need to make sure they avoid any legal disputes with other countries. They should not violate any regulations.
Therefore, these companies will need to seek legal advice from commercial lawyers for them to feel confident in their transactions. Commercial lawyers in Sydney are in charge of ensuring that economic activity is carried out correctly. Moreover, the law sets the framework for intervention by public authorities if necessary.
It also oversees the financial system, given the large sums of money that are typically handled in commerce. In this manner, commercial law in Sydney governs relationships between legal entities, companies and clients, and sellers and buyers. Seeking legal advice in this field of law can strengthen these relationships and promote fairness and opportunities for improvement.
Consumer and competition laws have an impact on business operations, refunds, and product and service standards. Competition law regulates how companies and people conduct their businesses in Australia and aims to promote healthy competition between them. Almost all industries will require advice on regulating financial services, insurance, or health care services.
For instance, Person A invested in a company and may require advice regarding a shareholder agreement or how the company operates. Person A will also need to understand his rights as an investor. Moreover, Person A will need to understand how to operate his business legally through superannuation funds.
The Legal Professionals
Commercial law in Sydney addresses legal issues that may arise during business and commercial transactions. Its primary concerns are contract law and tort law. Business partners or business entities usually sign a contract in order to formalise or legalise transactions or agreements. On the other hand, Tort law involves damages like:
- Assault (causing someone to fear that they will or might receive imminent harm)
- Battery (making contact with someone in a harmful or offensive manner)
- Damage to personal property
- Conversion of personal property
- Intentional infliction of emotional distress
Commercial lawyers are always helping out businesses and corporations because of commercial law’s strong relations to the economy. These legal professionals also ensure that their clients strictly follow company guidelines and policies to ensure legal conduct and proper behaviour. Here are some reasons why commercial lawyers can help their clients:
1. Ensure Legal Compliance for Old and New Businesses
Successful businesses or companies must ensure that they follow state laws and regulations, regardless of their tenure and size. Laws and regulations are different in every state, so it’s best to consult with a lawyer who understands its differences. Experienced commercial lawyers can also help in developing a long-term sustainable business that avoids any negative legal implications.
2. Drafting Enforceable Contracts
Preparing enforceable contracts is the best way to safeguard a company’s interests. When companies fail to do so, other parties may engage in misleading and deceptive conduct. These legally binding documents are necessary for agreements and transactions. It is a valuable asset to have a commercial lawyer who can expertly write and review these documents. Suppose a person starts a company with a family member or a close friend.
These lawyers ensure that each of their terms and conditions is legally binding, hence avoiding awkward or grave situations. Contracts can also protect a party’s best interests while running a business. It is also important in matters within employment law. However, these might differ depending on whether the client is a service provider or a product seller. Thus, these lawyers can customise contracts that will reflect a company’s legal requirements.
3. Navigating Taxation
One of the most difficult aspects of running a business is complying with tax laws. A lawyer’s legal advice can help companies or businesses avoid future tax problems. They can also locate credits and deductions that could save their clients a lot of money come tax season.
A lawyer can assist in developing a proactive record-keeping system to make tax preparation easier. They will keep their clients informed of upcoming due dates and filing deadlines. As a result, clients can focus more on running their business while their lawyer handles tax compliance.
4. A Commercial Lawyer Protects a Company’s Rights and Properties
It’s essential that business owners protect their assets, properties, and rights over them. Lawyers can assist in protecting two kinds of properties. Real property refers to any land and any structure affixed to the land. For instance, a business owner does his operations in his own commercial property with its own fences.
A commercial lawyer can protect the business owner’s building if anyone attempts to destroy or vandalise the building’s fences. On the other hand, intellectual property is anything that’s intangible like patents, trademarks, copyrights, and trade secrets. For example, anyone who copies a business owner’s logo can receive a charge for copyright infringement. Intellectual property law is an important sub-division.
5. Handling Litigation Professionally
These legal professionals have in depth knowledge of commercial law in Sydney and litigate professionally if there are business disputes. They ensure that employees, employers, business partners, shareholders, and owners receive the right treatment if they are wronged. Indeed, clients may feel distressed when they go through litigation or negotiation procedures.
Contact JB Solicitors
That’s why JB Solicitors is here to help their clients go through these procedures with ease. Our experience in commercial and corporate law proves that we handle disputes professionally on behalf of our clients. Moreover, our fixed fees can help out businesses that are on a fixed budget when looking for advice on legal disputes.
Contact us today to know more about how commercial law Sydney.