Business

What is Business Law? – Importance, Characteristics, and More

Business law is the branch of private law responsible for regulating commercial relations between natural or legal persons and acts, places, and contracts derived from trade itself.

Business law currently knows no borders: the import and export of product and services are part of everyday life. If you want to transport your products to Spain or Latin America, or if you want to import products from abroad, you need professional advice able to solve all your doubts and with the necessary experience to carry out the process in the best possible way.

At Veale Legal Group, you will find experienced lawyers so that your imports and exports are efficient and beneficial for you and your company.

Importance Of Business Law

Commercial Law has the task of ensuring the orderly development of economic activity by setting the framework for public intervention, if necessary, as in consumer protection. Similarly, commercial Law oversees the financial system, taking the amounts of money commonly traded in commerce.

Commercial Law regulates the relationships between legal entities, companies and customers, and sellers and buyers. In addition, by looking for specialized advice in this area of ​​Law, such as we offer at Velae Legal Group, you will find the necessary mechanisms to open a branch of your company in other countries: Spain, Colombia, Mexico, Peru and the Dominican Republic.

Characteristics Of Business Law

Commercial Law has five essential characteristics that define it:

professional Law. Commercial Law refers to the specific profession of a professional sector: trade and commerce.

Progressive. This branch of Law remains constantly updated due to changes in doing business in a given geographic area.

Common-Law One of the sources of commercial Law is tradition, for which the rules are based on countries’ commercial tradition.

Internationalized. Commercial Law transcends national borders and governs international trade between individuals or transnational corporations.

Individualistic. Commercial Law is part of private law, which is why it focuses on commercial relations between individuals, always looking for regulation and the benefit of both parties, as long as they respect the legal framework, which has its sources:

The Law, its area of ​​Law, also belongs to positive Law. For this reason, it has drawn up and published regulations in the codes of Law relevant to the constitution of Commercial Law. In a legal vacuum, the regulations are based on common law.

Jurisprudence. The various business organizations, both national and international, interpret the Law to resolve disputes, creating a body of historic decisions that will form the basis of future laws and decisions.

Habit. Trading is a fairly old practice that arose before the birth of Commercial Law. Because of this, this practice is adopted by the usual commercial traditions and customs of the community or region.

If you want to expand the boundaries of your business, don’t hesitate to contact us. With us, you will find specialized advice on carrying out your international business.

Some Branches Of Business Law

Velae Legal Group’s comprehensive service allows you to obtain advice on the various subdivisions or branches of commercial law, such as:

Contract law. It designates the legal type that governs contracts, that is to say, the duties and rights acquired voluntarily by signing a document.

Bank right. Regulates the practice of banks and other similar financial institutions.

Stock Exchange Act. It is directly linked to the regulation of securities, shares and investments.

bankruptcy law. It contains substantive and procedural rules on everything relating to debts and creditors.

Law of the sea. It regulates the exchange of goods and services between countries or regions with regard to maritime activities.

Corporate Law. It is also called “corporate law” or “society law” and deals with commercial issues and existing forms of companies.

At Veale Legal Group, you will find specialist commercial law advice to help your business import and also,  export products and services. Our associates have more than 40 years of experience, which allows us to offer you a complete service. Take the plunge and become an international entrepreneur. Contact us. We are here for you.

Conclusion

Commercial Law, also known as mercantile law or trade law, applies to the rights, relations, and also, conduct of persons and business engaged in commerce, merchandising, trade, and sales. It remains often considered a branch of civil law and deals with private and public law issues.

Also Read: What is Data Science? – Types, Importance, History, and More

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