Navigating Commercial Law in South Africa
Commercial Law, also known as Business Law or Mercantile Law encompasses all aspects of trade and business including sales, contracts, merchandising, taxes and all paperwork in between. It casts a wide net, using multiple pieces of legislations and directives to direct business matters in South Africa, but it all boils down to is the business of trade and legalities that apply to that. That’s why in this newsletter we want to explain how vital it is to have access to a commercial legal team.
Let’s look at a quick example of a few areas that commercial law applies to:
- Business rescue for companies in financially difficult times
- Drafting of contracts including papers of incorporation
- Labour law as it pertains to employment quotas
- Company registration
- Administration of trusts
- Intellectual property laws and rights
- Shareholder laws and rights
This covers but a fraction of the types of Commercial Laws in South Africa, and if you are a business owner, tradesman or are thinking about entering the commercial world in South Africa, it is so important to have legal representation on your side. We can help you find that representation today, simply reach out to us and we will connect you.
Making the Commitment
When it comes to navigating your way through the sea of paperwork that Commercial Law entails, it is best to establish a long term relationship with one lawyer or firm for this.
That is because once a lawyer knows your business and matters inside out, they are able to quickly process requests and paperwork on your behalf, while also assisting with taxes and potential contract negotiations.
One of the best ways to do this is to keep a lawyer or law firm on retainer. This means you have a lawyer at your fingertips at any moment and there is no need to explain your situation every time you need legal advice. Not only does this afford you constant legal support but your lawyer may also provide vital reminders during the financial year regarding your taxes, as well as keeping you informed of any pertinent changes in Commercial law such as new legislation, amendments and pertinent legal cases that could change the way you conduct business.
Lastly, establishing a long term working relationship with your legal representatives works out more cost effective in the long run. For example, if you see a new lawyer every time you need to draw up a new contract, you will be charged a consultation fee on top of the administration fee. But that consultation fee may be waived when a retainer is negotiated.
If you are in need of a commercial lawyer, or have any more questions regarding commercial law, please do not hesitate to reach out to us today!
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