Just as the scope of business cannot be specified and defined in clear and tangible terms, so is the case with business law. When you talk of business law, you are usually referring to a number of avenues of law that together help in the smooth functioning of any enterprise.
Take the full circle of a business venture. There are laws that govern where and how to start, acquiring property to establish offices, factories or industrial plants, managing and running the business as per laws of the land finally selling and closing the business if you wish to do so. Whatever might be the circumstances, it has to be understood that commercial and business laws are highly complex in nature. Hence, it is always recommended that you take qualified and expert property legal advice to avoid legal disputes and litigation at a later stage.
How is business law closely related with your enterprise from the start and what are the many aspects that come under its broad umbrella? First you have to decide on whether your business will be a partnership, a proprietorship or a private limited enterprise. There are specific business laws covering each one of them. These will be State laws but once you choose one entity, the tax structure will be different. That again will be under the ambit of Federal laws. Next, when you register a name for your business, you have to ensure that yours is unique as otherwise it will be an infringement of patents and trademarks under intellectual property law. All these have to be taken care of even before you open your doors for business.
Carrying on from there, are you taking over an established business or are you building one from scratch? For the first option, you have to abide with employment laws as an employer now and go through the contracts drawn up by the previous owner. Contracts are not negotiable, and you if stray from the clauses it will be a breach of contract, another arm of business law. If you are buying property and setting up your venture, you have to get experts from the field of commercial property conveyancing to take you through the process. .
The last possibility is closing your business and here too you have to follow relevant liquidation laws as per the laws prevailing in that State. This is similar to what property settlement lawyers do in Family Law matters where at the end of a relationship and marriage the assets and financial resources are equitably distributed amongst the stake holders. Only in a business and commercial scenario, the procedure is ridden with legal complexities.
One of the top law firms offering a wide range of legal services is PB Lawyers. Get in touch with them for any form of legal help and advice on major areas of property law, business law and disputes and litigation.