Business law governs the starting, buying, managing, closing, and selling a business. Also referred to as commercial law, it encompasses all laws that surround the business world.
It is important to note that a business lawyer Toronto carries out such laws on behalf of the client, who is the business owner. Business laws are beneficial to all companies, ensuring integrity when it comes to transactions and trading. Here is a look at some of the different types of business laws.
1. Taxation Law
Every business is required to collect and pay its taxes in the stipulated time and the correct amounts. Whether a company is a sole-proprietorship or a partnership, the owners have to figure out how to pay their taxes.
When it comes to global sales, the fees might be slightly different, and that is when a business lawyer can advise you on the way forward. Taxation laws encompass several taxes, including property taxes, sales taxes, payroll taxes, dividend taxes, and many more. This law ensures that no entrepreneur evades taxes.
2. Employment law
As a business owner, you need to keep abreast of the employment laws and ensure your employees receive fair treatment. It is also essential to figure out salary compensation, especially when it comes to lunch breaks, as well as the total number of hours worked in a day for every individual employee.
This law covers discrimination against color and age. Aspects to consider in the employment law are occupational health and safety, social security family, and medical leave.
3. Immigration Law
When vetting employees, especially foreign ones, you should ensure that they have appropriate and complete immigration papers. If they are in the country illegally and are in your payroll, it can lead to a lot of problems with the law, so you will need a business lawyer to iron out such issues.
4. Intellectual Property Law
Considering that most businesses are unique, other people can sell or try to sell your products without your knowledge. It is always crucial to patent your products so that customers will know which product is from your company. For creative work, copyright law will ensure protection from piracy.
Intellectual property includes;
• Trade secrets
5. Labor Law
When hiring, there is an agreement between the employer and employee on matters like; minimum wage, work hours, leave, severance pay, and termination. To maintain a good relationship between the two parties, both have to honor those agreements until the contract comes to an end.
When it comes to business, one has to be careful to follow the laws to avoid any loss, especially a financial one. Embracing marketing from the first step of starting a business or buying one will ensure that no lawsuits will catch you off-guard.