Different Types of Business Law
If you own a business, chances are that you will have to consult with a business lawyer a number of times during the length of your career. Having a good lawyer as part of your team of professionals is meant not only to help you when you are in “trouble” but it can also help to save you from costly mistakes.
What you might not know however is that there are many types of business law. Here are some of the most common:
If your company is a start-up, you will have to decide what kind of business structure is best. It can be a Sole Proprietorship, a Partnership, or a Corporation. There are pros and cons to each type and your lawyer can help you decide which structure makes the most sense for your business.
Also as your business grows, changes, or becomes more profitable, it may make sense to change the structure and your lawyer can assist you with that as well.
As an employer, there are many pieces of legislation that you must be aware of and in compliance with including the Employment Standards Act, Accessibility for Ontarians with Disabilities, and the Ontario Human Rights Code.
Consulting with an employment lawyer can help you to implement best practices in hiring, termination, developing compensation packages, and more. Employment lawyers can also help to protect you if an employee or former employee files a complaint against you.
While it might not seem like a form of business law initially, you will soon realize how valuable immigration lawyers can be to your business if you need to hire skilled foreign workers from abroad. For example, an immigration lawyer can help you navigate the Express Entry Program.
Contract Law (Drafting, Negotiations, Litigation)
Whether you are leasing a piece of property for your company expansion or you are closing a sale with a client, contacts are part of the life of a business owner. A contract lawyer will draft and/or review your contracts to ensure that you are protected both legally and financially.
Your lawyer can also help you negotiate contracts with potential business partners, suppliers, and customers; and if need be, they can represent you if there is a dispute.
If your company has designed a unique product or works in the creative space, you will need to file for patents and/or copyrights to protect all your hard work. A lawyer who specializes in intellectual property can help ensure that you are protected and fight on your behalf if someone else tries to steal your work.
Business taxes can be incredibly more complex than personal taxes, and sometimes it is helpful to have a tax lawyer assist you in navigating CRA’s requirements. Depending on your business, you may have to file and pay any number of taxes including income tax, sales tax remittance (HST), payroll taxes., property taxes, etc.
While no one likes to think that they may someday need a bankruptcy lawyer, the fact is that in many cases, consulting a bankruptcy lawyer is the best way to financially survive what may seem like an impossible situation. A bankruptcy lawyer can help you find the best solution.
Contact Levy Zavet today
At Levy Zavet, we have a professional team of lawyers who specialize in many different areas of business law. If you require a business lawyer, contact us today.