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Commercial Law or Business Law as it is often called is the part of law that deals with anything and everything that is associated with business. There are various aspects of a business and hence various areas of law in commercial law too. The different areas of commercial law can be listed as below.
- Contract Law
Every business has different types of contracts and deals. It could be with an employee regarding the job profile, working hours, entitled holidays, payment etc. Contract could be with clients and customers regarding the details of the work to be done and the payment procedures. Even in case of a retailer selling something to a customer, it is a type of contract whereby the customer is entitled to get a refund in case of a defective item. Contract law helps in preparing the documents to be signed by both parties involved in the contract. Contract law also comes into force when a particular party becomes a defaulter and does not abide by the signed contract.
- Tax Law
Every citizen and business is supposed to pay tax if the income is over and above an amount specified by the government. An employee is supposed to pay income tax, which very often is deducted from his salary. Corporations, on the other hand, have to pay corporate tax, which is a percentage of its profit. The tax law deals with all these types of taxes, their complex break ups, and also the various ways and means to save tax like giving donations etc. The tax law also comes into force where any person or business becomes a defaulter and does not pay the tax that is due.
- Employment Law
This law revolves around both employer and employee. This law protects the legal rights of the employee whereby the employer has to pay the employee correctly and also give benefits like holidays without any discrimination. It also specifies the working hours. The employee, in return, has to show up regularly and deliver the work assigned that he/she is being paid for.
- Banking Law
Banking law or financial law is related to any area of finance and banking that is associated with business. Every business will have some transactions with banks or any financial institutions. This law regulates the various processes involved in these transactions. There are specific regulations that the banks need to do or things that they are not supposed to do. This law is also enforced when there is some conflict between the banks and businesses.
- Law related to mergers and takeovers
Whenever there is a merger of businesses or takeover of a business, there are lot of legal issues like contracts and agreement involved. A lot of change in scenario takes place in terms of employee, management, and finance. All these changes must be in accordance with the law.
- Law in case of disputes
Disputes are definitely a part of business. You might have an unhappy customer who wants an explanation or an unsatisfied partnership. In all such cases, the business is legally confronted and has to abide by the obligations.
- Arbitration law
This law enables businesses to settle disputes outside the court. An arbitrator looks into the case and takes a decision, which is agreed upon by both parties and contracts are signed based upon the decision.
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Hire the best California Lawyer:
McFarlin & Geurts LLP
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Suite 1025
Irvine , CA 92614
(949) 206-0400