Every business must abide by a set of rules and regulations of commercial law that are tied into all aspects of your business connected to sales, trade, and commerce. These commercial law rules can be as complex as they are vital, and how you implement them can be either a game-changer or a deal-breaker for your business.
A Clermont commercial law lawyer from Bogin, Munns & Munns can handle all the details of your company so you can rest assured you are making sound business decisions that will keep you on the right side of these strictly enforced rules and regulations.
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The Difference Between Commercial Law and Corporate Law
Many business owners confuse commercial law with corporate law. Both practices address the legal aspects of a business, with some important differences.
According to the Legal Information Institute (LII), corporate law tends to the functional governance of a business. It speaks to the launching, development, maturation, and decline of a company with rules that relate to mergers and acquisitions, corporate finance, restructuring, and insolvency.
Commercial law, meanwhile, focuses on areas of business that affect sales and distribution, customer transactions, intellectual property, franchising, and litigation. A good deal of commercial law hinges on contracts. These legal instruments can be quite complex, with both opportunity and failure potentially lurking in various details that an untrained eye could easily miss.
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Commercial Laws Stem from Federal and State Governments
The foundations for commercial law can be found in the Uniform Commercial Code (UCC). States tend to significantly modify aspects of the code, though, to address issues like:
- Letters of credit
- Leases
- Bank deposits
- Funds transfers
- Secured transactions
- Bulk sales
- Negotiable instruments
- Sales
- Investment securities
Despite the fact that these rules and regulations all stem from the same Uniform Commercial Code, the fact that each state adjusts this code to their liking can create a confusing landscape in which to do business.
A Clermont commercial law lawyer at Bogin, Munns & Munns can work with you on setting your business’ commerce-related practices to meet Florida’s commercial laws.
Aspects of Commercial Law We Cover
Bogin, Munns & Munns helps Clermont businesses with all aspects of commercial law. Areas we cover include:
- Tax Law
- Corporations & partnerships
- Secured transactions
- Mortgages
- Banking
- Negotiable instruments
- Landlord-tenant
- Consumer credit
- Bankruptcy
- Sales
- Contracts
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Call Us When You Encounter a Breach of Contract
Entering into a contract means you and the other party are committing to uphold a promise. If any signee breaks a part of the understood promise, they are assumed to be in breach of contract. Examples of breach of contract include:
- Failing to pay for services or goods
- Not completing a job
- Providing inferior goods or services
- Not paying in a timely manner
Even negligence and malpractice count as more obscure forms of breach of contract because the accused party has violated an understood contract of duty to keep the other party from harm.
How a Commercial Law Lawyer Can Help You with Contracts
If your business faces a possible breach of contract, a commercial law lawyer can help you understand your rights and represent you in accordance with the laws of your state.
Better yet, consider retaining the services of a commercial law lawyer to review your contracts before you sign them. They can use their knowledge of the law and experience working with similar contracts to recommend changes and other actions that will keep your contracts working for—not against—your company’s best interests.
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Bankruptcy
Commercial bankruptcy comes into play when a business finds that its debts exceed what the business is able to repay. According to the US Courts, Chapter 11 bankruptcy is one of the most common forms of commercial bankruptcy. It enables you to continue business operations with your assets protected and under your existing management.
With this form of bankruptcy, you file a plan of reorganization. You have 120 days after filing Chapter 11 to submit this restructuring of your corporate finances. If you miss this deadline, your creditors can submit their own reorganization plan. This mistake puts you at the mercy of their decisions and solutions to your debt.
A Clermont commercial law lawyer can work with you on your bankruptcy filing and your reorganization, ensuring that all deadlines are met and implementing the right strategies that align with your business’ goals for its emergence from debt and beyond.
Demystifying Corporations and Partnerships
How you establish your business entity can have a tremendous impact on several aspects. Your options for entity types include:
- Corporation
- Limited Liability Corporation (LLC)
- Partnership
- Proprietorship
A commercial lawyer can talk to you about what you deem most important in your business and help you understand the advantages and disadvantages of each entity type.
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Protecting Intellectual Property
Your business’s intellectual property (IP) consists of trademarks, copyrights, and even processes in which your company has invested resources, including time and money. Without protecting these assets, your business risks:
- Losing market opportunity because a competitor gets there before you do
- Diminishing the value of your IP because someone else copies it
- Tainting the reputation of your business or brand when another market player comes to market with an inferior version of your offerings, logo, brand, or another form of IP
- Reducing the return on investment of any resources you allocated to the IP
The complexities and intricacies of IP laws can intimidate even the savviest business owner. You can, however, address the protection of your business’ IP by hiring a commercial law lawyer like Bogin, Munns & Munns to handle these important matters for you.
Get Help from a Clermont Commercial Law Lawyer Today
A Clermont commercial law lawyer at Bogin, Munns & Munns can take on all the commercial law needs of your business, enabling you to focus on your areas of expertise.
Call Bogin, Munns & Munns today at (352) 243-8981 to talk to us about your business needs and learn how we can help.
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