05 Aug What is Business Law?
Top Law Firms in Malaysia specialize in business law and other laws in particular in the said country. A lot of people seem to mistake commercial law as completely the same as business law, but there are actually some stark differences.
Commercial law mainly focuses on the distribution and the sale of goods and may also include the financing of those transactions as well. Business Law, on the other hand, focuses more on the actual business, including the formation of an entirely new venture, acquisitions and mergers, property issues, shareholder rights, and many others.
Remember that business law is actually regulated by both federal and state law. The government is mainly concerned about stocks and investments and to ensure that workplace safety, as well as all of the country’s environmental protection and employment laws, are followed.
Different states, however, may choose to add a couple of laws on top of what the federal government has placed previously. This may include establishing certain rules for the formation of a business entity or company, imposing specific licensing requirements for different professions, among many others.
In the U.S., commercial law is mainly regulated by the Uniform Commercial Code, which is something that was a basis for laws regarding the leases of goods, sales of goods, secured transactions, and negotiable instruments.
Although all of the states follow the UCC, they are also allowed by the government to create modifications of the model to suit the varied requirements of each state. People who would require help in this regard may hire a lawyer that is familiar with the UCC.
- Negotiable Instrument- This pertains to a document- may it be a check or a note- that stipulates the terms of an unconditional promise to pay a certain amount f money at a specified time or on-demand (depending on the terms).
- Merger- Refers to the absorption of a particular company by another one.
- Uniform Commercial Code (UCC)- A uniform lay that is adopted by all of the states (with possible slight modifications) that help govern sales of goods and related issues, such as negotiable instruments, secured transactions, etc.
- Secured Transaction- A transaction that intends to secure interest in either some fixtures of a property or the property itself.
- Acquisition- The assumption of total control of a company.
- Security- This is a person’s financial asset that may provide an avenue for debt obligations to be fulfilled.
Other Things to Take Note
Every industry in the business sector may face its own unique commercial and business law issues. The best thing that the person or business entity could do would be to hire a lawyer that specializes in the field that you are in so that they can provide you with practical advice and may also come up with solutions to your dilemma.
The problem with business owners is that they hire an attorney too late in the sense that they may no longer be able to help you come up with a resolution. They would typically do things by themselves, despite having little to no knowledge about the business laws in their state or country.
Instead of trying to do it on your own, it would be in your best interest to just hire an attorney that specializes in those cases.