What is Business Law?
Business Law is also known as commercial law or corporate law. It covers laws around how to create, buy, sell, operate, or close a business. It also covers areas where the business interacts with the public, with government, and its own employees.
What You Should Know.
If you own or are planning to start a business, you should know the basics of business law. In an area like Prince Edward Island, the vast majority of businesses are too small to have in-house lawyers, so there isn’t always someone on hand to provide legal advice, meaning that it is up to the owner or owners to make sure they know the basics.
Before starting a business, the potential owner has to make a number of decisions such as what type of company to form (sole proprietor, corporation, or partnership). This basic decision has important consequences on how the business has to be registered, and particularly on the tax implications and potential liabilities for the owners.
Once the business is operating, business law touches on almost every aspect of operations, from the rules around how to deal with the public, through dealing with government and with your employees.
Business law is often connected to other important areas for business, such as accounting.
How Peter C. Ghiz Law Can Help
Legal specialists should be consulted when starting a business in Charlottetown or Prince Edward Island. Peter C. Ghiz Law has experience in helping small businesses navigate their legal requirements, both in preventing problems and in dealing with any problems that might arise.