What is Small Business Law?
Small business law is a type of law that applies to businesses, rights, privileges, conduct of persons and relations of people engaged in trade, sales, merchandising and commerce. It is also known as commercial law.
Business law is a branch of civil law, which deals extensively with issues relating to both public and private law. There are many colleges or institutions that offer specialization courses on business law in Melbourne. Get enrolled in any of them, if you really want to major in business law.
Business law cuts across the following:
- Employment law
- Law governing contracts
- Business organizations
- Commercial paper
- Estate planning
- Starting and managing businesses
- Dealing with contracts
- Dealing with employees
- Consumer and creditor protection etc
There are many agencies in Melbourne that specialize in business law issues including consumer and credit protection, and employment affairs. This firm www.rosendorff.com.au small business lawyers are in Melbourne and are considered experts in their field. In most of these agencies, there are business lawyers who will give you legal advice on any issue relating to your business or organization.
Benefits of Business Law
- One of the goals of a business lawyer is to protect due process rights and fair business practices for aggrieved employees or employers. Experience has shown that your business can never go far until you contract the services of a business lawyer.
- If people try to play with your business, the right and most effective thing to do would be to sue them. Business lawyers are there to protect your firm or organization from being vandalized by irresponsible people.
Types of Business Laws
There are some business laws that you will really need to follow, depending on how and where you plan to kick-start your business.
Business Formation laws
This deals with the formation of business entities like a limited liability company (LLC), partnership and a sole proprietorship. This law also encourages a business owner or an entrepreneur to always consult a tax attorney or an accountant for issues relating to their businesses or organization.
This law gives you a comprehensive detail of the type of businesses that are allowed in certain zones or areas. You need to look into this, if you are planning to run your businesses in certain areas or zones. Know the acceptable laws and restrictions.
Some businesses will require that you obtain certain licenses in order to operate them. If you don’t have the required license, your business might be shut down by the regulatory body.
This is a very important law, especially if you are living within the confines of Melbourne. Once your business has started to generate sales, the next thing to do would be to start paying your taxes accordingly. You can hire your accountant or an attorney to do this job for you- they are highly knowledgeable about sending invoices, billing, sales and paying your vendors. One of the duties of your accountant is to help you calculate your earnings at the end of the fiscal year.
Once you are deeply engrossed into the business of hiring and firing employees. You must know this all important business law. Learn how to handle your employees, since if your employees are highly dissatisfied with your business methods, they can sue you. Employee laws teach you how to hire, pay, fire or retain your employees. Do everything possible to safeguard your employees from getting hurt.