COMPANY & COMMERCIAL LAW SOLICITORS

What is commercial law?

Company or commercial law refers to all aspects of law relating to businesses and commerce. This encapsulates a wealth of cases, ranging from consumer protection, safety regulations and fiscal matters such as raising capital and dealing with bankruptcy. Solicitors who specialise in this field are knowledgeable in the complexities of business and a variety of acts and regulations that protect consumers.

A commercial law solicitor will be specialised in popular business legal needs such as:

• Setting up a business. When initiating a new business, a commercial law solicitor will help their clients in establishing the best structure for the company, writing contracts for employees, naming the company, gaining licences and certifications and arranging suitable insurances.
• Commercial contracts. Many business relationships rely upon legal contracts to provide safety and structure to deals. A commercial law solicitor can write the contracts for their clients and also read those that their clients have been asked to sign. This offers significant protection to the client, who may be unfamiliar with legal terminology and conditions.
• Intellectual Property. Commercial law solicitors are able to assist their clients in obtaining patents for new plans and products as well as supporting them with computing software and programmes. This might include the completion of required forms to obtain copyright through to new contracts for electronic support.
• Raising Capital. Many businesses will require financial support either at the outset of creation or to support developments or economic downturns. A commercial law solicitor will assist their clients in finding appropriate funding that is legally sound and economically manageable. The solicitor will also ensure that any forms related to borrowing are secure and realistically manageable.
• Buying and Selling a business. Just as with purchasing or selling property, the sale of a business can be a complex undertaking and it is imperative to have the support and advice of a legal expert. This will ensure that the sale is legal, binding and progressing at the expected rate.

Is commercial law relevant to my business?

Commercial law is relevant to all UK businesses, whether they be sole traders, limited companies, partnerships, franchises or large multi-national corporations. All UK companies must comply with commercial laws, which are often referred to as business laws or company laws, and solicitors in this field act to ensure that this is the case. Solicitors who specialise in commercial and company law are well equipped to assist business owners in ensuring that they are compliant, legal and running their companies within defined regulations.

Does my business type effect legal matters?

There are a variety of ways in which a business might be constructed and conducted. All must follow commercial and company law, but understanding the difference in structures will allow you to understand the ways in which a solicitor might help you set up a business. Below are the definitions of the three main types of business.

• Partnership - You and your business partner or partners share the responsibility of the business. Each partner pays tax on their share of the profits.
• Limited Liability - A limited company is an organisation that is created to run your business. Any profit made is owned by the company after corporation tax has been paid, and the business finances remain separate to personal finances.
• Sole Trader - Those who work for themselves are considered to be a self-employed sole trader. This means that you run your business on your own and keep all profits once tax has been paid. You are personally responsible and liable for all business debts.

Your company law solicitor will help you understand the tax structures and personal liabilities of each type of business. The solicitor will be able to ensure that your tax is paid as and when needed, that your liabilities are minimised through business orientated wills and insurance and that you follow the correct indemnity requirements for your business.

Do I need a solicitor from start up of a business?

Commercial law is the field of law that covers all business and commercial legal matters. It is advisable to gain the support of an experienced and knowledgeable solicitor from the outset of creating your business to ensure that you follow regulations and laws from initiation. Hiring the services of a solicitor is also important for those companies who need to protect sensitive information and business reliant details such as patents. Your solicitor will be able to provide you with relevant tax advice from the outset as well as ensuring that all legal documents and forms are complete and in force in time for you to commence trading.

Depending on the size of your company, the structure and complexities of your business, a solicitor may be needed to assist you in sourcing finances and trademarks. Be sure to seek the advice of a specialised solicitor for any area of uncertainty to minimise future fees and penalties.

Can a solicitor help with licences?

A solicitor can help you protect the complex field of licences in a variety of areas including software and intellectual property and assets. This means that a solicitor will give advice on software and programming licences and contracts, patents, designs, trademarks and knowledge. In modern business structures, this area is continuing to become one of the most important considerations for business owners, and the role of a commercial law solicitor is increasingly becoming a necessity.

A commercial solicitor can help a business to protect their assets through ensuring that their technological commitments and programs remain up to date, legal and safe. The commercial law solicitor can advise clients in areas such as:

• Helping with the distribution and franchising of information
• Assisting in copyrights, patents and trademark licensing.
• Advising on the availability and appropriateness of various registrations.
• Providing support and advice on litigation cases against third parties
• Providing advice on licence and contracts for software packages.
• Establishing contracts, registration and licences for companies looking to expand through the purchase of smaller businesses with unregistered intellectual assets.

Do I need a Commercial Law solicitor to buy or sell a business?

It can be a complex undertaking to buy or sell a business and the advice and support that a specialised solicitor offers can be invaluable. Seeking the advice of a commercial law expert from the outset can ensure that all transactions run smoothly and efficiently. Such advice should be sought from initial discussions with the buyer or vendor through to post-purchase arrangements.

A specialised solicitor will act to ensure that all paperwork and documents are legally acceptable and binding. The solicitor will ensure that contracts are thorough and encompassing, ensuring that there are no loopholes or areas for miscommunications.

In complex situations such as takeovers or where redundancies may be necessary, it is imperative to receive the advice and support of an expert legal team to ensure that such matters are dealt with in a regulated way.

Other areas that a commercial law solicitor can assist with during the purchase or sale of a business include:

• Commercial property lease or purchase
• Employment
• Employee benefits
• Tax
• Company structure
• International trade
• Product trademarking and registration
• Computer software licences
• Insurance requirements
• Health and safety regulations