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    Sydney Business Lawyers And Accountants: What They Have in Common?
    Sydney Business Lawyers

    In business – sole traders, partnerships, corporations or limited liability companies – two things are core.

     commercial lawyers sydney  sydney business lawyers
    Accountants GREAT Lawyers

    What puts accountants in the same pool as commercial lawyers Sydney and abroad?

    The fact that both are crucial from the very early stages of business makes professionals in these industries somewhat the same.

    A good business lawyer, especially in the dynamism and complexity of Australian local, state and federal laws regarding business, are vital in areas of law ranging from local government zoning to protecting intellectual property and everything amid and amongst.

    As accountants are necessary in reviewing and preparing all monetary aspects of business, past, present and prospective, their role in business is highly apparent. Many Sydney businesses on the other side however, may undermine the importance of also having commercial lawyers by their side from the very beginning. The idea that lawyers are only necessary when a company falls into a legal battle or requires some sort of advice is inaccurate and can often be too late to rectify.

    Commercial Lawyers Sydney and Beyond

    Just like a business needs an accountant, a business needs a lawyer.

    Australian businesses may sometimes neglect the fact that legal proceedings are a part of their everyday dealings, from leasing an office to renewing a contract, no matter how small or large a happening may be, legalities are innate in the daily operations of any organisation – whether it seems as apparent or not.

    What should commercial lawyers in Sydney be familiar with?

    As a minimum requirement, lawyers that businesses nominate to represent them, should as a rule of thumb, be familiar with the following commercial law categories at the very least:

    consumer-law-mincontract-law-minemployment-law-mintaxation-minbusiness-structure-minintellectual-property-min

     

    Why is it important to know these areas of law?

    Consumer Law:
    Any and every business in Australia is bound by Australian Consumer Law (ACL) which covers business conduct; unfair consumer contract laws; unethical business practices; business to consumer transactions; consumer rights and guarantees; and product safety. ACL is the generic law governing all Australian businesses and covering the broad range of legal rights and responsibilities of entities. It is important to have a lawyer familiar in this area of law as consumers are perhaps the most fundamental and valuable stakeholders of businesses and therefore in all their dealings, companies have a legal obligation to serve their consumers and operate in ethical, lawful means. Lawyers will in fact ensure all business products are services, as well as practices, are not in breach of requirements.

    Contract Law:
    In business, contractual relationships vary between parties including employees, suppliers, consumers, business partners and many more stakeholders. In the offer and acceptance of a legally binding contract, parties are bound by considerations and terms of an agreement. The biggest advantage in having a lawyer present before any agreement is made, is that contracts often have fine print, room for loop holes, or very specific terminology which could make it misleading or ambiguous for someone not in the legal profession to fully grasp what they may be entering into.

    Employment Law:
    The employment law life cycle is primarily covered by the Fair Work Act. This includes work arrangements; types of leave such as annual leave and compassionate leave; wages; superannuation; redundancy; contract termination and many other binding factors. Through seeking the assistance of an experienced attorney, employers ensure all employment contracts are in accordance with the law, with entitlements, benefits and Award agreements legally binding on both parties- the employer and the employee. This will protect both parties throughout the course of employment and in any cases prior or subsequent to employment period.

    Taxation:
    The Australian Taxation Office administers and collects all taxes required by businesses. The main taxes affecting Australian organisations are Company (or Income) Tax; Capital Gains Tax; and Goods and Services Tax. These monthly, quarterly or annual payments are a legal requirements and businesses have an obligation to settle these amounts within the given time frame. Other taxes that may vary between states and territories may include payroll tax and other items such as fringe benefit tax. Taxation is an expertise of accountants, however professional attorneys will assist in the process of litigating tax related matters, while providing advice to accountants and other parties with the purposes of arranging tax affairs, ensuring compliance with relevant laws and regulations.

    Business Structure:
    Whether a business intends to be a sole trader, partnership, corporation or limited liability company, each structure in each industry may have reasons for and against. The type of structure must be identified in the establishment of a company and a legal professional will assist in the most optimal way to structure a business and prepare paperwork in establishment. The most important reason to seek legal advice in this respect is to identify the different types of liabilities that come with different types of business structures, as well as the procedures and investment requirements.

    Intellectual Property:
    Almost every business has some form of intellectual property they must protect. For ideas and inventive creations, intellectual property protection may be in the form of a patent, trademark or copyright. Distinguishing between the types of intellectual property is also an important factor to consider in protecting what is yours and setting a competitive advantage. The process of each is complex and time – consuming and through an experienced lawyer handing the intellectual property of an organisation, the ideas or inventions will be protected against any cases of infringements.

    What is the difference between business litigation law and commercial litigation law?

    Litigation in whole refers to legal processes taken to handle disputes. This may be in the form of business litigation or commercial litigation.

    What can our team of business litigation lawyers in Sydney do for your business?

    Business litigation refers to the handling of disputes between individuals and businesses, or between two business entities. If businesses fail to act under governing laws or codes of ethics, and clients are affected, for instance have suffered a financial loss, a business litigation case may be taken against them. A business litigation lawyer, will help navigate through all legal jargon and offer guidance throughout the process including assistance with complaints; legal document such as affidavits and discoveries; and help maximise chances of reaching the most favourable outcome.

    What can our team of commercial litigation lawyers in Sydney do for your business?

    Commercial litigation covers matters concerning disputes between commercial businesses or companies. Be it property management or finance related, commercial litigation primarily focuses on disputes regarding contracts, corporate mergers/acquisitions or even laws regarding banking transactions. Although it is a complicated process, commercial litigation lawyers will assist in reaching a desirable settlement rather than resulting in a court proceeding. As the role is specialized, if ever in a commercial litigation dispute, a professional attorney will aim to seek the most compensation for the dispute, through forms of alternative dispute resolution as a first priority if earlier settlement is not reached.

    What are common types of commercial litigation cases business may face?

    The commercial litigation process in business is a complex and multifaceted course. Legal conflicts may occur within business or between businesses such as employer-employee or business-business. Business conflicts that may occur under the category of commercial litigation may include:

    breach-of-contract-minBreach of Contract: When a contract is signed and agreed upon by both parties, breaches may occur in one party does not abide by one or more agreements, such as services to provided. Contract violations may lead contracts to become void and may result in legal action.

     


    employment-disputes-minEmployment Disputes:
    Employees are protected by various entitlements under the Australian legal system, but in turn, also have responsibilities in which they are expected to undertake. Conflicts between employer and employee may be a result of pay discrepancies, discrimination, benefits or many other reasons.

     


    non-compete-non-disclosure-disputes-minNon-Compete/Non-Disclosure Disputes:
    Employers may protect their business secrets by requesting employees to sign non-competition or non-disclosure agreements to ensure the internal operations of business are kept completely confidential. If either agreement is dishonoured, employers have a right to take legal action.

     


    intellectual-property-disputes-minIntellectual Property Disputes:
    Intellectual property laws including patents, copyrights or trademarks protect companies’ ideas and/or inventions. Violations of these laws also entitle businesses to proceed with legal action if any breaches may occur.

     


    partnership-disputes-minPartnership Disputes:
    In a business structure containing more than one owner, disputes may arise given the different perspectives, visions and personalities of involved parties. In the growth and development of businesses (or even post-maturity) it is common for disputes to arise and escalate. In the resolution of these disputes, parties may seek legal action to solve any problems brought to light.

     

    What skills make our Sydney business lawyers stand out?

    Litigation law is complex, intricate and requires thorough attention to detail in handling matters.

    To narrow it down to top five essential skills of good litigation lawyers, attorneys must be:

    fiveessentialskillsofgoodlitigationlawyers

     

    To find the right Sydney business lawyers, contact us at info@prominentlawyers.com.au

    The comments in the article are general in nature and should not be relied upon as a substitute for professional advice. Anyone intending to apply the information contained in this newsletter should seek their own professional advice to independently verify their interpretation and the information’s applicability to their particular circumstances. This article is issued as a helpful guide to clients and for their private information. Therefore, it should be regarded as confidential and not be made available to any person without our prior approval.

    Liability limited by a scheme, approved under the Professional Standards Legislation.

    category:COMMERCIAL LAW