Business & Commercial Law
Business law, sometimes referred to as "corporate law,” is the government’s regulation over such matters as employment, contracts, taxes, energy, environmental issues, zoning, asset protection, safety, fair competition, and trade secrets. It begins with determining the most appropriate business organizational structure, as each has various tax ramifications and liabilities to third parties and employees.Business Laws and Regulations
In the United States, federal business law is found in the Code of Federal Regulations (CFR) and in the Uniform Commercial Code (UCC), which governs all business transactions. There are also numerous state and local laws and regulations. These laws differ by state or locality, and any business contract must be written with them in mind. The jurisdiction of the court that would need to hear a potential lawsuit will be determined in the way the contract is written and where it is filed.
Commercial Laws and Regulations
Commercial law is the government’s regulation over commercial transactions between business entities. Commercial law governs the rights, privileges, obligations, and liabilities of business relationships, including financing, managing, and running the business entity. Examples of matters that fall under the jurisdiction of commercial law attorneys include:
- Corporate identity
- Banking; power to incur indebtedness
- Taxes
- Consumer goods
- Antitrust
- Bankruptcy
- Export/import procedures
- Shareholder agreements, rights, and lawsuits
- Officer liability
- Securities fraud and insider trading
- Mergers and acquisitions
- Record-keeping requirements
- Intellectual property rights (patents and trademarks)
- Computer law, e-commerce law
- Privacy and security of data
- Prohibited activities of non-profit corporations
- Reorganizations
- Lawsuit judgments and liens
- The power to sell, lease or convey property
- Termination of business
Hiring a Business or Commercial Lawyer
You will want to consult a business or commercial law attorney in up-front business planning and contracts, and represent your organization as the plaintiff or defendant in lawsuits. An attorney can help you navigate business and commercial laws that have been undergoing a great amount of change in the last decade. One example is the enactment of the Sarbanes-Oxley Act of 2002, which regulates accounting oversight and disclosure of public companies. Another example of evolving law is due to today’s rapid adoption of conducting business over the Internet. As a result, both commercial and business laws are converging. If you plan to operate a business online, you will need to deal with ever-evolving changes to regulations in computer laws, privacy laws, and intellectual property.
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