Arlean Strachan is our exclusively recommended Business Law expert in the Bahamas on the Advisory Excellence website. If you need assistance in this area, please contact Arlean directly using the contact details listed above.
A P Strachan & Co has been in operation since 2000.
Business law, which is also referred to as mercantile or commercial law, is the group of rules that governs the dealings between individuals or companies involved in commercial matters. These laws can be enacted by:
- International or national legislation
This branch of law relates to the liabilities, duties, and legal rights of individuals or businesses involved in transactions that relate to merchandising, sales, commerce, and trade. Business law includes private and public laws as part of civil laws.
Business law may govern legal aspects such as:
- Insurance (accident, life, marine, or fire)
- Relationship between principal and agent
- Indemnity and guarantee
- Carriage by land or sea
This branch of law also encompasses laws concerning employment and agency, contracts, property, sales, business organisations, commercial paper, and bailments. You might encounter business laws when dealing with creditor and consumer protection, insurance, or will and estate planning. Other examples include managing, starting, buying, or selling a business, managing contractors, and working with employees.
The two main areas of business law are:
- Regulation of bankruptcy, partnership, agency, and company laws for commercial entities
- Regulation of contract laws for commercial transactions
In countries with civil laws, the company laws include statute laws. In countries with common laws, company laws combine statute and equity laws. The two main legal concepts under business law are the theory of limited liability and the idea of legal personality.
Legal business entities come in all shapes and forms. A sole proprietor singlehandedly bears the responsibilities and risks of operating a business, but they can also take all of the business profits. This type of business owner wouldn’t be held to the same laws that apply to a multi-national corporation or LLC.
When a business is formed as a partnership, the members form an association, allowing them to participate equally in profit-sharing and management. Partners in this type of business formation are also liable for all business debts and legal action in relation to any contracts or other agreements. The owners of a business might choose to appoint an agent, who is an individual who brings their expertise to contractual relationships between businesses and any third parties with which the company interacts.