What is Business Law?

At its most simple, business law deals with how business entities are created, managed, and dissolved. Lawyers who practice business or corporate law have a wide range of expertise and knowledge regarding the federal and provincial laws and legislations that businesses and incorporated organizations must follow. They also have a strong understanding of negotiation, mediation, and business practices to ensure their strategies support the long-term goals of their client’s organizations.

What specific knowledge do business lawyers have?

Business lawyers have spent years of their lives, both in school and in the workplace, gaining valuable knowledge related to the practice of corporate law. They have developed a keen understanding of the various laws and legislation that govern commercial and corporate matters.

Key Business Law Acts:

1. Canadian Business Corporation Act (CBCA): this act governs how federally incorporated businesses must incorporate and the governance structures they must abide by.
2. Canada Not-for-Profit Corporations Act (CNCA): this provides information on incorporated not-for-profits and charitable organizations, as well as their governance, liquidation, and dissolution.
3. Competition Act: this act regulates mergers and acquisitions, as well as other business activities that may impact industry competition in Canada.
4. Provincial Legislation: depending on the province your business operates in, you may be subject to different rules regarding incorporation, governance, and other business matters.

In addition to this legal-specific knowledge, business lawyers have a good understanding of business dynamics and relationships. In many cases, business lawyers help solve business disputes and must have a good understanding of negotiation and, in some cases, litigation to support their clients. Working with an experienced and licensed business lawyer is essential when you are navigating the challenges of operating a business in Canada.

What areas do business lawyers practice in?

Business lawyers assist their clients in a range of matters – after all, no two days are alike when it comes to managing the specifics of how a business operates. However, there are several key areas that the majority of business lawyers practice and have experience handling:

Commercial Matters:

Commercial matters can encompass a wide range of business-related disputes and issues, from contract law to complex financial transactions and even litigation. Typically, clients will approach a lawyer for support with sales contracts, debt collection, consumer protection, intellectual property, bankruptcy and insolvency, as well as commercial law and commercial arbitration. A corporate lawyer’s ultimate role in commercial matters is to assist the client in the start-up, management of, and potentially end of their business’s lifecycle.

Corporate Governance:

Corporate Governance includes the implementation of policies that ensure a company is held to key principles, including accountability, transparency, fairness, and responsibility. Although Corporate Governance policies are to be implemented by a board of directors, lawyers play a key role in helping companies understand their obligations as part of the Canada Business Corporations Act (CBCA). A corporate governance lawyer will assist with matters ranging from shareholder voting, disclosure of company information, ESG responsibilities, diversity concerns, as well as technology and other related areas.

Mergers and Acquisitions:

M&A is the process through which multiple companies and their assets consolidate through a financial and legal transaction. The Competition Bureau of Canada reviews M&A in Canada, and companies must ensure they have fulfilled the necessary steps and criteria for the deal to be approved. Business lawyers work with their clients to ensure the M&A process goes smoothly; they will act as advisors, negotiators, and mediators depending on the facts of the matter - they will draft the terms and conditions of the deal, ensure all documents are prepared properly, work to resolve disputes related to the purchase, advocate for their client’s rights and advise on all regulatory and legal responsibilities their client may have.

Mergers and Acquisition lawyers require a good understanding of multiple areas of law, including corporate governance, security regulations, tax law, contract law, antitrust law, employment law, and even environmental law. It is important for clients looking for M&A services to choose a lawyer with expertise and experience in a wide range of business law matters.

Shareholder Relations:

Corporate Lawyers are playing an increasingly important role in the realm of shareholder relations. On a day-to-day basis, corporate lawyers assist their clients when interacting with regulators, devising strategies, and determining their responsibilities to shareholders based on relevant laws, best practices, and regulations. They also handle any disputes that arise, acting in the best interests of their clients while ensuring their clients meet legal and ethical standards related to disclosure and matters related to shareholder rights and responsibilities.

Not-For-Profit

Although not-for-profit organizations are by all accounts, a business, they are held to different rules and regulations, as outlined by the Canada Not-for-Profit Corporations Act (CNCA). Corporate lawyers work with not-for-profits across Canada on a range of matters, from starting a charity and setting up policies and guidelines for employment and tax matters and other business functions.

Other Services

Business lawyers will also assist with a range of other services, including administrative law, corporate immigration, tax law, and estate planning and wealth management matters. At the end of the day, a corporate lawyer is there to support you and your business in facilitating day-to-day business in a legally sound manner. Whether it’s assisting you as you get your business started or putting the framework in to ensure continued success, a corporate lawyer is able to support you.

Why Choose an RSG Corporate Lawyer?

At RSG Law, we work with public and private companies of all sizes on a range of business law matters. Our team of legal professionals is dedicated to helping you and your business thrive. Whether you are starting a business, scaling it, handling the ups and downs in day-to-day operations, or planning for the future of your business, our lawyers will give you and your business the time, strategic thought, and support it needs to ensure you are not just making wise legal decisions, but decisions that make business sense.