Whether you are the CEO of a multinational company or an individual just starting out as a freelancer, at some point you are likely to need commercial solicitors. |
So what are they? Though there are many solicitors who choose not to specialise in the services they provide, the large majority choose to specialise in a particular area. These areas are varied and diverse. Some key examples are personal injury law, family law and the one we are interested in, commercial law.
Commercial law is itself a very wide reaching subject. It loosely includes all aspects of the law that have an impact on commerce and business. Commercial solicitors specialise in providing legal advice and representation for companies who require it.
So what legal needs could a company have, and more importantly, are they relevant to your business?
Very few businesses are run in exactly the same way. The number of different sectors and niches within each sector are huge. This means that the legal requirements of each business will always be slightly different. That said, there are a number of legal requirements that almost all businesses share. One thing that most businesses have in common is employees. No matter how many employees your business has, they all still have the same rights. These rights have an impact on how much you are allowed to pay them, how much holiday they are allowed, how you begin, or end employment and how they are treated in the workplace. If an employee ever feels that they are being denied any of these rights then you have a legal issue which is likely to need the attention of specialist commercial solicitors to resolve.
Another factor which all businesses must deal with is tax. Corporate law tax can often be very complicated. The laws that apply to businesses are very different to those applied to individuals. As such, it is very important to get advice from people who know the ins and outs of corporate tax. Unlike individuals, if a business miscalculates the amount of tax it is due to pay the deficits can be huge. This can cause a huge amount of stress and expense. In these cases having a professional who is used to these situations can prove invaluable.
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