Strategies for Commercial Law in Australia

Huynh NguyenOctober 17, 2022

Strategies for Commercial Law in Australia

The thing about business is that it is a high risk that you take, a gamble if you must say. You risk your money, your time, your relationship with other people, your family’s future and much more. You are basically risking your whole life for something without assurance of succeeding.

If you want your business to succeed, the first thing you need to know is how you can protect it. Protecting your business means protecting everything that you have sacrificed for it.

How do you protect your business? You can do so by knowing your rights and responsibilities as a business person, as well as the rights of your consumers. These rights are protected by the commercial law.

It is essential for you, a business person, to have knowledge about commercial law and how to use it to your advantage. You are going to learn from this article everything you need to know about commercial law and how you can use it for the success of your business.

What Is Commercial Law?

Commercial law is a term that refers to a wide range of legal services that supports businesses, commerce, trade, merchandising and sales, as well as the people involved in those activities.Through commercial law, you can easily manage the problems that would affect your businesses, such as employment, taxation, globalisation and deregulation. It also protects consumers through the consumer protection contract.

Commercial law also administers how you can interact with your consumers and suppliers. It will also be a big help for you to resolve any issues and conflicts that may arise in your business.

In Australia, the commercial law is governed by the Australian Securities and Investments Commission. Commercial law in Australia focuses on the country’s specific codes and practices. It is also an important factor for a country to attract and encourage not only the businesses inside the country but also the international businesses. A high number of businesses within a country establishes a strong economy.

What Is the Scope of Commercial Law?

Commercial law is composed of different branches. These branches will help you with your business deals and transactions.

Contract Law

Contract law teaches you everything you need to know about legal and valid contracts that you may encounter in your business. Learning about your contracts helps you create one that favours your business in case of issues and conflicts.

Property Law

Property law regulates rules regarding your business properties, including rentals, transfers, sales and other physical properties. It focuses on protecting your rights to your properties.

Business Law

It pertains to the rules and regulations set by the government on businesses and organisations to protect the workers and the business. It includes regulations about advertising, licences, employee hiring, privacy and more.

Corporate Law

In a corporation, corporate law sets the main rules and regulations and the roles of the people involved. It highlights how to form, manage and terminate a corporation. It also includes legal provisions concerning the corporation, such as shares, merges, dividends and officer election.

Intellectual Property Law

It protects the rights of business owners to their intellectual properties such as trademarks, patents and copyrights.

Tax Law

Tax law teaches you your obligations to pay taxes for your business. It includes income tax, sales tax, excise tax and more.

Commercial law in Australia also covers the following branches:

Competition Law

Competition law ensures that there is a fair trade between businesses and consumers. Each state and territory has a fair trading office which is responsible for promoting fair trade in the area.

Consumer Law

The Australian Consumer Law protects the rights of consumers against unfair trade and contract terms, product and service safety, consumer rights, among others.

Product liability regulation

The Australian Competition and Consumer Protection is responsible for making sure that the products and services sold inside the country are safe and well regulated.

Environmental Legislation

The environmental legislation directs business owners to safe environment practices in handling their businesses.

Privacy Laws

The Office of the Australian Information Commissioner establishes the rights of employees and consumers to their personal information. They regulate how business owners should handle and protect these private information.

Why Is Commercial Law Important for Your Business?

Commercial law can make or break your business. When you abide by everything the law states, you are ensuring your business to smoothly sail to success. However, one minor violation of the law will cost you not only financially but also the reputation that you build as a business owner. Commercial law is also important when resolving issues, conflicts and problems within your business.

How Can You Use Commercial Law for Your Business?

Once you have fully understood commercial law, you can try to use it to advance your business. Here are some of the stages in establishing your business and what laws under commercial law you can use for each stage.

Development

During the development and planning for your business, what you initially have are your intellectual properties. Protect these properties through the Intellectual Property Law.

Startup

When you turn your ideas into tangible ones and start building your business, you need to take into consideration the Contract Law, Property Law, Business Law and Product Liability Regulation.

Growth

When your business grows, your responsibilities also grow. Know your business responsibilities through Tax Law, Competition Law, Consumer Law, Environmental Legislation and Privacy Law.

Expansion

During business expansion, many people get involved in it. You can turn your business into a corporation through Corporate Law.

Success

When your business succeeds, commercial law does not stop. Instead, it becomes more crucial. Make sure that you continue to abide and follow commercial law to remain successful in your business.

Do You Need A Commercial Lawyer?

Yes, you do. Understanding commercial law can be quite overwhelming. You may consult a commercial lawyer or litigator to understand how commercial law works for your business. A commercial litigator can also help you resolve any issues within your business, employees, suppliers and consumers. Your commercial lawyer will make sure that you and your business are in track with the commercial law.

Key Takeaway

Commercial law is a key factor that will make your business succeed or fail. To make sure that success is the only way for your business, you need to follow all the branches of a commercial law. Lastly, following the commercial law does not revolve around the start or your business. It is important in every stage of your business.