FAQ’s on Business Lawyer

Why does a Business need a Commercial Lawyer?

A Commercial Lawyer assists with the legal aspects of running a business and provides expert advice on all your legal issues and infact it also helps in updating you of any commercial legal compliance in all aspects.

The reason why one must shall take the assistance of the Commercial Lawyer is as under:
1] Setting up a Business Entity
2] Reviewing a Founders Agreement / Shareholders Agreement / Co-Founders Agreement
3] Purchasing or selling a business
4] Purchasing, leasing or selling of any property
5] Legal issues for Online Businesses
What is the best Business Entity for You?
Once you have a Business Idea and Business Plan, the next step is to pick a business entity structure. There are many different types of businesses available to owners, and choosing the right one depends on the number of individuals, if any, who will co-own the business with you, your tax preferences, and any liability concerns. This is where the assistance of experience accountant and commercial lawyer comes into picture
Following are the types of Business Entity:
• Sole Proprietorship Firm
• Partnership Firm
• Limited Liability Partnership
• Private Limited Company
• Public Limited Company (Unlisted)
• Public Limited Company (Listed)
• One Person Company (Pvt) Ltd
• Association of Persons (AOP)
• Body of Individuals (BOI)
How do I start my own business?
Starting your own business can be a risky affair specially in today’s time and it requires careful thought and preparation and infact it is suggested of taking guidance and or opinion from all seniors or you feel mentors who has this experience for starting their own business. Being your own business owner, however, can also lead to a great deal of personal satisfaction and success.
Once you have determined an initial idea for your business, it is important to thoroughly evaluate the market in which you will be operating and determine how you can best contribute through your original or innovative business idea.
Once your original or innovative business idea is ready then the next steps comes of preparing the comprehensive business plan which will take care of your business structures, it’s operational set-up, how you will market, and what your expenses and revenue, etc. This will help you to evaluate whether you can be financially successful and also will allow you to attract potential investors or apply for loans.
What exactly is Business Law?

Business law main purpose is to ensure fairness and protection of the Parties entering into any contract

When dealing with anything that falls under ‘business law,’ is it important to have an attorney?

Yes, for the reasons that the Business attorneys know the in depth details of business laws aspects.

How much does Arbitration cost?

There is difference of fee and costs in terms of Arbitration proceedings in Ad-hoc Arbitration and Institutional Arbitration. Ad-hoc Arbitration costs includes venue costs, food costs, steno costs and of course Arbitrator fees. The fee towards an Arbitrator has been defined and is taken care by the same but the Arbitrator fees can also be decided mutually between the Parties and the Arbitrator. In Institutional Arbitration, the best part is that their costs are covered in all aspects and the costs are very less compared to Ad-hoc arbitration.

Is it important to consult a business law attorney for the starting of a new business?

Yes, it is.