Differences Between Corporate and Commercial Law
Understanding the differences between corporate and commercial law will help you hire the best lawyer for your business needs. At Linley Welwood, we know that hiring the right lawyer for the job can make all the difference in the world. That is why our team of professional business lawyers are well versed in both corporate and commercial law.
Corporate Law vs Commercial Law
While corporate and commercial law are often used synonymously, they are actually two separate areas of law; however, since their areas of practice are closely related and do commonly overlap, these two areas of law can be difficult to distinguish from one another.
What is Commercial Law?
Commercial law works to provide a legal structure from which a business is conducted and can cover a wide range of areas that extend beyond the day-to-day operations of a company. While a commercial lawyer can help with zoning, intellectual property, litigation, franchising, and leasing a property or assets, one of the biggest areas of commercial law deals with purchasing or selling a business.
Since businesses are made up of a wide range of different properties and assets, buying or selling a business is much more complex than buying or selling a home. In the event that the transaction is not completed correctly, the business owner could face significant penalties. A commercial lawyer can help prevent mistakes from happening by applying contract law and property law principles to commercial issues.
What is Corporate Law?
Unlike commercial law which deals with issues outside of a business’ daily operations, corporate law is more concerned with the day-to-day operations of a company and covers all legal issues that could arise from the creation of a company all the way through to the end of a company. Some of the areas that fall under corporate law include:
- Joint venture agreements
- Annual tax filings
One of the most complex areas of corporate law is shareholders’ arrangement contracts. In order to establish a successful relationship with shareholders, a clear contract, including operating procedures, shareholders’ rights, and any liabilities or protections, will need to be properly constructed by a corporate lawyer to minimize the possibility of future complications.
If you would like to learn more about the differences between corporate and commercial law, or if you are interested in one of our legal services, please contact Linley Welwood at 604-850-6640 or by filling out a contact form on our website.