Business Law Basics

Business law rarely piques the public interest in the same way that major constitutional or criminal legal case, yet it is the area that affects the average Canadian. We interact with businesses at an almost daily basis and the laws governing them dictate every aspect of running them. This is not limited to the simple lawsuits that most businesses face from time to time, but also the business structure, corporate structure, contracts, taxes etc.

The most basic levels of business law is the decision of how the business should be structured. While there are many different ways of running a business in Canada, the most common three are sole proprietorships, partnerships and corporations. Sole proprietors run their businesses independently, may or may not have employees and might not even have a physical location. Take for example a painter who stores their work supplies and home and works strictly on site. The partnership on the other hand is an organization where two or more individuals work in a common business enterprise. Finally, the corporation is a formal registered business structure that creates a new legal entity away from the physical persons who might actually be the ones engaged in the business. Broadly speaking “Business Law” compromises all of the various different statutes that govern the various ways of engaging in business. 

That actual statutes that govern business law vary depending on the business structure which is chosen. For example, if a partnership is formed, it is likely that the partnership contract will be drafted in accordance with the Partnership Act, (or Limited Partnership Act). Whereas if a corporation is chosen, it will be structured in accordance with the Ontario Business Corporations Act or the Canadian Business Corporations Act depending on the goals which are being sought. Beyond these fundamental statutes there are numerous other laws which govern the day-to-day business. For example, the Sale of Goods Act, regulates the sale and/or warranties of good sold by the business. The Personal Property Security Act governs secured interest in property which is sold or leased to various businesses. The Construction Lien Act is used to protect contractors and sub-contractors from unpaid invoices and so on. 

A business lawyer would regularly handle the following types of work for their clients. Some of the following work could be more complex, especially for larger businesses, and as a result, could require the work of lawyers more specialized in particular areas of business law.

 

    • Negotiation of contracts for the business, such as purchase or sale contracts and contracts of employment

    • Regulatory compliance work such as environmental compliance or compliance with provincial and federal privacy regulations, such as the Personal Information Protection and Electronic Documents Act.

    • Intellectual property work such as infringement checking or registration.

    • Business licensing and zoning issues.

    • Drafting of documents and agreements for the business, such as non-disclosure agreements.

    • Secured transactions and guarantees.

Please note that this blog is for general information only and does not constitute legal advice. If you have any legal questions or concerns or wish to retain a lawyer, please contact Arkadiusz J. Empel, of Empel Law Professional Corporation to book a consultation  (416)-479-8531 ext. 101.

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Arkadiusz J. Empel urodził się w Katowicah. Jako dziecko emigrował do Kanady, razem z rodziną, lecz wrócił jako student aby ukończyć Pracę Magisterską w Krakowie. Przez swoją pracę z polonią w okolicy Toronto utrzymał władność w swojim języku ojczystym. Jeżeli Państwo życzy się skonsultować prosto z adwokatem Polski, proszę przedzwonić na numer 416-500-1937.