No matter if you’re a start-up or established business, you will have to deal with matters related to both corporate and commercial law in order to operate legally, morally, and safely. Both niches relate to your business and how it operates but approach it from very different angles.
When hiring a solicitor, it is important to choose lawyers who specialise in the area you need help with. Understanding the main differences between corporate and commercial law is key to finding the right legal advisor for you. Let’s explore these differences more in-depth below:
What Is Corporate Law?
First, we’ll have a look at corporate law.
Corporate law, also known as company law, is the field of law that deals with your company as a whole. In other words, it is the law which governs your business as an independent legal entity and all the people who own and/or manage that business. Corporate law firms will help aid your interactions with other companies (e.g. mergers and acquisitions) as well as your inside operations (e.g. company-wide restructures).
Corporate law also deals with corporate governance and finance, playing an essential role in any large-scale transactions at a company level.
Corporate lawyers can cover a wide range of legal matters, including but not limited to:
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- Company mergers and demergers
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- Buying and selling companies
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- Shareholder rights and agreements
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- Raising capital
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- Formation, corporate restructuring, and dissolution of companies
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- Litigation
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- Insolvency
A corporate solicitor will also be a key link between your company and its shareholders or investors. They provide legal assistance with contract negotiations to protect your interests and get the best deal for your company. If you are a start-up, business lawyers can also deal with all the rights and obligations of setting up, financing, and running your company.
What Is Commercial Law?
While corporate law is more concerned with big-picture issues, commercial law deals with day-to-day company operations such as commercial transactions, business deals, and commercial trading. Commercial law, at its core, will deal with all things that turn a profit. It helps make sure every commercial activity and transaction is compliant with consumer law and other regulations.
An expert team of commercial lawyers will help you stay within the bounds of the law regarding a wide variety of legal matters, such as:
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- Contracts for supply of goods or services
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- Terms and conditions of sale or purchase
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- Terms of website use
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- Privacy notices
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- Data protection
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- Consumer law
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- Contract law
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- Intellectual property rights, including trademarks and patents
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- Litigation
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- International trade
The work of a commercial lawyer is varied, as they regularly negotiate contracts, deals, and agreements for your business as well as prepare standard documents for your business and advise on compliance.
Corporate vs. Commercial Law – What Are The Differences?
As you can see, both corporate and commercial law are essential in ensuring proper business conduct no matter the industry you operate in. They are closely related as they both deal with legal issues pertaining to your company. Ultimately, they both help your company grow and thrive.
However, the main difference between corporate and commercial law is that they govern very different types of operations. Corporate law will deal with big-picture issues, aiding your business in its partnerships with other companies, while commercial law protects your business interests in your day-to-day operations with customers or clients.
Still, both corporate and commercial lawyers will share lots of similar skills, useful when dealing with the broad range of activities that legal work involves:
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- Extensive knowledge of their respective jurisdictions
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- Strong communication and negotiation skills, useful when negotiating settlements, shareholders’ agreements, or arguing court cases
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- Effective teamwork, helpful when liaising with their team but also when giving legal advice to business owners, making sure everyone is on the same page so the process can run as smoothly as possible
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- Problem-solving, helping them achieve the best results possible for their clients
Commercial and Corporate Law Advice With Tend Legal
When dealing with the legal hurdles of setting up or running a business, there is no room for mistakes. If you want to ensure all your documents, transactions, and operations are compliant with the law, it’s important to hire lawyers experienced in the relevant area of corporate and/or commercial law.
Our expert solicitors at Tend Legal are here to help you understand the ins and outs of your business, keeping your best interests in mind and helping you achieve the success you want and deserve. In need of corporate or commercial legal services? Book a free, no-obligation consultation today and let’s discuss!