Considered as a branch of civil law, business law and commercial law deal with both the business and commercial transactions. It encompasses the formation of consumer transaction, business management and commerce.
Commercial law covers secured transactions, distribution of goods and sales. On the other hand, business law emphasizes on different aspects such as forming a company, mergers and property issues such as renting office or storehouse space.
Secured transaction and Negotiable instruments are the two core areas of commercial and business law. In secured transaction, there is a collateral contract between the borrower and the lender. If a business borrows money from a bank or any financial institution then the lender needs more than just a promise to repay the loan amount. Hence, there exists the law of collateral interests between the lender and borrower.
Business law explains how individuals businesses can be set up, their registration methodologies, documentations and requirements. Each country has their own set of regulations, law practices which define how the business or commerce is to be conducted. Laws and regulations are designed to ensure that institutions are run ethically and remain in order in the society.
A company or a business which sells products generally requires assistance of an attorney, having an experience in both of these fields. Each sector has its own set of issues. A lawyer with good experience in the type of business that your company operates in, can provide better practical solutions and advice in relevance to your legal issues, that also pay attention to business ethics and industrial practices as well, as per the experts at Bharati Vidyapeeth Deemed University, best new law college in Pune.
It is often observed that many businesses or sectors hire the attorney when it’s too late for the attorney to be of help. Business owners at times negotiate deals without paying any heed to the legal requirements in their respective regions, which leads to lost profits, canceled contracts and legal penalties. Business owners therefore, must seek a legal professional help to ensure that their rights remain protected.