Business law is also termed as commercial law and is that expansion of law that looks after the legal rights, responsibilities, liabilities of petitioners involved in any type of business activities related to business, trade, sales and merchandising. It is actually a division of civil law and encompasses public as well as private law.
Commercial law or business law looks after the legal features such as the laws of principal and agent, posture by sea or land, laws of insurance and guarantee, laws of insurance (marine, fire, life, accident insurance), laws of banking, partnership and much more. Business law is an umbrella term in itself and boasts of various divisions and kinds of law to be considered under it.
Here are a few major features of commercial law –
· It refers to the law of commerce or commercial law as it looks after the legal aspects of incoming into selling and buying agreements.
· It involves the understanding of the law of contract which is necessary in agreements or contracts that may include two or more sides purchasing and selling things in exchange for a thought or buying price.
· Business law exactly explains the privileges, duties, liabilities and legal duties of the parties
· involved in a contract of sales, purchase or any other type of contract or agreement entered into in relation to any type of business or business activity.
· It also includes intellectual property law (patents, trademarks, copyrights, etc.) and buyer
protection law.
· Business law is also applicable to a person who wishes to open or start a business of their own.
· Business law also manages things related to banking law, finance law and other major civil laws.
The role of a Corporate lawyer in London is supreme as they are experts of commercial law. There are several commercial law firms in London that provide full-fledged legal support to their clients stuck in business-related concerns.
In order to improve and utilize the administrative and managerial abilities precisely, it is important for a limited liability company to be assisted not only by its own activities but also by easy and clear-cut guidelines. It is a prerequisite to have a brief impression of the business organization from the outline of company law.
Commercial sector distinguishes three principal classifications of business organizations −
· Sole proprietorship (Generally used for informal purposes)
· Partnership (General or limited)
· Company
There are three types of partnerships −
· Persecution per data (managed under the civil code)
· Persecution businesses (administered by the civil code along with the commercial code)
· Persecution (looked after by the civil code and the commercial code)
According to a leading commercial lawyer in London,
All the companies are supposed to be registered under the Companies Act. A certificate of business setup need be issued by the registrar of the company once the registration process is complete. Different jurisdictions can result into different companies. Some of the most general types of companies are as follows –
· Private Company
· Public Company
· Companies Limited by Guarantee
· Companies Limited by Share
· Unlimited Company
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