Hello, my name is Robin and I own a medium sized business which is based in a suburb of Perth, Australia. Many business owners do not understand the importance of commercial law on their operations. I know that I certainly didn't when I set out. At first, this wasn't an issue but as my business grew, I realised that if I didn't teach myself about the legal rules in place and seek expert help, I would find myself in serious trouble. I got in touch with a great law firm who helped me to understand exactly what I needed to know. I decided to start this blog to help other business owners.
If you own a business or are planning to start one, you should get acquainted with what commercial law means and entails. Here is a simple guide to commercial law:
What Is Commercial Law?
Commercial law deals with all legal concerns that may affect a business, which may include drafting legal paperwork, drafting contracts, advising you on legal details about tax and what is required of your business by the law, solving disputes, etc.
Where Do You Start?
When you are starting or are in the planning stages of your business, you should have already found a commercial lawyer who works in your industry. The commercial lawyer should be consulted about different legal requirements for your business so that you don't start a new business by getting on the wrong side of the law.
The good thing about a commercial lawyer who works in your industry is that he or she has vast experience about your type of business. He or she can act as a guide to your business's legal requirements including those that you might not be aware of.
What to Expect
Your commercial lawyer helps you draw up request letters and collect documents or permits required to legally run your business. He or she also helps you lodge these documents to the necessary legal offices.
Since you might require employees for your new business, a commercial lawyer helps you draw up employee contracts. From experience, the lawyers know the kind of situations that can land you into problems with your employees, and they can help draft clauses that prevent such situations from happening.
Contracts, agreements and invoices are also required during a transaction with clients or customers. Your commercial lawyer helps draft these agreements as well to ensure your transactions are protected by the law in case of any dispute.
Commercial Lawyer Fees
You might have questions about how much the services of a commercial lawyer cost. This mostly depends on the size of your business and what you need help with. If you need a lot of help because you might not have a lot of information about the legal requirements of your business, it means you require more than one service. More services mean higher fees.
Sometimes, you might only require one service; for example, if you are facing a dispute or you want to sue a client, you might only need dispute resolving services. Commercial lawyers may charge a percentage of the amount you are suing for.