Many Legal Secretaries and people working outside of law find it useful to gain an understanding of Corporate and business Law. These two areas are often referred to collectively as Business Law, to the rest of us. Why is there such an interest in these areas in particular? That is simple because it relates to Business and Commercial activity, so it is the most lucrative area of law. Most business will run into Commercial or Corporate law. Therefore, business people have an interest in gaining an overview in Business Law. Legal Secretaries, Executives and other legal professionals can also gain from moving into this vibrant part of law, due to the large amount of work in this area.
WHAT BUSINESS LAW REALLY COVER?
When operating a business, regardless of whether it is a small business or a large corporation, you need to be on top of business law compliance. Even if you hire a business law firm, it’s still a good idea to understand what regulations you must meet. The main areas covered under Commercial Law will be Contract Law, Intellectual Property, Copyrights and Consumer Law. Contract Law refers to drawing up of a contract and how to the contract should be completed it. Also, how to discharge a contract and what obligations are under a contract. Consumer Law refers consumer rights and protection of a consumer in the purchase of goods. This can merge into other related areas such as misrepresentation of a contract, contract breech, specific performance and other related legislation. There are sometimes variations of these points across jurisdictions.
WHAT EXACTLY IS INCLUDED IN CORPORATE LAW?
Ever have any questions about corporate law? Well, for anybody that has a foggy view of corporate law this brief summary should make things very clear. Why are they so very important? All corporations are considered legal entities. Your corporation is formed underneath the laws of the state that it is incorporated within. Every state has its own unique set of laws that you’ll have to abide by, because of this some states are better for your corporation then others. Stocks, bonds, shares, and so on
This looks at Company law largely, addressing Dividends, Shares, what a company is and much more. In essence, it will focus on how to create a company and the different types of companies available to a new director. They will look at how to file returns and produce legal documentation for the various types of company enterprises. You will look at Share issuance, dividend payments, auditors and many other areas. This area will look at Companies House and all filing compliance that are legal requirements.
Business law will always be more lucrative compared to a lot of other areas, due to its relationship to companies and business. However, it does take a hit in the recessions, due to a slowdown in business activity. There is a lot of opportunity for a Legal Professional, from Legal Secretaries and support through to Barristers, but there is a potential risk in periods of recession. Then again, very few areas do well in recession. All in all, Business Law has been a very lucrative and holds many opportunities. I hope this article has improved your understanding of business and corporate law.