Commercial laws also known as business laws are fundamentally directed by Uniform Commercial Code (UCC). The Business and commercial laws were initiated in India under the Indian Contract Act, 1872. These laws deal with the issues faced by public or a particular individual. Commercial laws are the set of laws that organize business exchange practices which focus on the terms and conditions, permits, affiliate understandings and so on with respect to the businesses.
Business and commercial laws are closely related to the sectors like E-commerce, Real estate, Income Tax etc. Being a branch of civil law, it is also applicable to the individual who plans to start a business on his/her own.
Main Objectives of Business and Commercial laws
Business laws are helpful for an effective trade between the businesses and customers. It creates a seamless system which is fair for both the parties so that the trade can be managed rationally. Commercial and business laws as a whole signify legal services that are implemented to support the business economy as per their products and services are concerned. Also, in addition, commercial laws incorporate the business expenses and security interest. Business and commercial laws are the laws that govern how to start, buy, manage, along with close or sell any type of business.
The Role of Commercial Laws in Business Development
Commercial laws let businesses to handle taxation in a sensible and logical manner. The laws create a competition that is healthy for an economy which leads to the betterment of products and services at fairer prices which will indirectly help in the development of the business. The business and commercial laws play an essential role in guiding and legitimizing the process of change. The employment laws epitomize certain commercial laws which highlight the interaction of employers with the employees. Many of the relevant business laws witnessed several changes to bring more transparency, disciplined governance, and simplification which play a key role in developing the business ethics.
The Commercial Lawyers
Commercial Lawyers are the counselors and legal advisors who are specialized in the business laws. They conclude and draft contracts reviewing the employment agreements or company mergers. Some of the commercial lawyers work for a particular law firm while others are appointed by a company and represent its legal interests completely. Commercial lawyers handle the business transactions while some work for a particular corporation called as in-house attorneys. They are appointed by the government or international agencies to deal with the international business transaction practices and also review agreements related to the trade and employment.
Legal Compliance Audit
A legal compliance audit is the analysis of a company’s processes and methods about dealing with the present federal, local, and state laws. A legal audit allows assessment and prediction of the serious issues which create a distraction in the company’s point of view about the future growth. A company’s operational performance is taken into account with respect to the standards of the legal compliance audit. The proper and secure legal audit is necessary for smooth running of a business. The legal audit leads to the betterment of business entity and its organizational and managerial structure. A detailed analysis of the production, distribution, and marketing methods can be successfully attained with this legal audit.
Organizations Engaged in Commercial and Business Laws
ITechLaw (International Technology Law Association), was founded in 1971, which highlights and organizes conferences that explore issues and trends in both information technology and intellectual property law. This organization works for the betterment of a business with respect to the technology. Student Intellectual Property Law Association (SIPLA) deals with the curriculum on properties related to intellectuality, patents, trademarks, and copyrights with respect to the student body. It provides networking and learning opportunities to students. SIPLA deals with creating awareness in the student body about employment. The US organization founded an American Law and Economics Association (ALEA) in 1991 to focus on public policies and their issues related to the economy. ALEA also focuses on laws that support the economy of a business.
Laws are necessary to build, run, and empower a business firm. . Business and commercial laws are providing complete legal solutions for the growth of a business as these laws are vitally supporting the business economy. Predictability to legal decisions with respect to a business can be attained by knowing the business and commercial laws. These laws have initiated a wide body of laws that govern business transactions.