Commercial Law vs. Corporate Law
If you own a business, it is crucial to understand the differences between commercial law and corporate law. As experts in business law, the team at Linley Welwood knows how difficult it can be to differentiate between these two areas of law. That is why we have compiled some information to compare commercial law vs. corporate law to help you understand their unique differences and hire the right lawyer for your specific needs.
What are the Differences Between Commercial and Corporate Law?
While commercial and corporate law may sound similar, they differ in many ways. Commercial law is the branch of law that governs transactions between businesses and consumers. On the other side, corporate law is best defined as the branch of law that governs businesses and the formation, governance, and dissolution of corporations. In other words, corporate law focuses on ensuring that your business abides by all relevant rules and regulations while commercial law focuses on your business activities and transactions.
Commercial law is centred around providing a legal structure for a business to conduct operations such as transactions. As a result, this field can cover a wide range of areas that extend beyond the day-to-day operations of a company. Commercial lawyers can assist businesses with:
- Intellectual property
- Leasing a property/assets
- Purchasing/selling a business
Of the areas listed above, purchasing or selling a business can be the most complicated. Since most businesses are comprised of a wide range of different properties and assets, buying or selling a business is often far more complex than purchasing property. Should this transaction not be completed properly, the business owner could face significant penalties. That is why it is strongly recommended to hire a commercial lawyer when buying or selling a business.
Also known as company law, corporate law refers to the conduct and relations of your business that allow it to function in accordance with current rules and regulations. In addition to rights, relations, and business conduct, corporate law is focused on the launch, growth, maturity, and decline of a business. In most cases, corporate lawyers can assist with:
- Corporate financing
- Annual tax filing
- Joint venture agreements
- Shareholder agreement contracts
If you are starting a business or want to enter a business partnership, it is crucial to hire a corporate lawyer to ensure that every step is completed properly.
To learn more about our business law services or to discuss the details of your situation, get in touch with the team at Linley Welwood. We can be reached through our online contact form and will be happy to answer any questions you may have regarding our services.