If you are dealing with third parties such as customers or suppliers to make the business a success, you need to know that you are bound by a set of legal and ethical responsibilities as a business owner.
In business dealings with the consumer, once the money is handed over, you are now obligated to fulfill some legal responsibilities as a business owner, for example if a customer pays for a product, you need to make sure that the customer actually receives what they paid for.
However, it becomes more complicated, you also need to make sure that you have set well-defined terms and conditions for dealing with you because customers also have certain obligations that must be fulfilled, for example, you will want to make sure that you specify when a customer can offer a refund or not , you'll want to set out your terms and conditions how customers can file disputes, basically commercial law is legally defining the responsibilities and relationship between a business and a consumer.
Help understand and manage financial transactions If you are exchanging money with other companies, consumers and even banks, you need to know your obligations, you also need to understand the legal terms that govern any money exchange in the market. This is more suitable for large companies that are more likely to trade in the millions, and a commercial attorney can make sure you are legally covered from all angles before any financial transaction takes place, you will know if there are any risks involved and if so, how you can mitigate or reduce these Risks.
They will also be able to draft legal documents so that you are protected on paper, this will clearly define the terms of the financial transaction, outline any risks involved and more. Banking and money exchange is a serious area of business and commercial law can be of great help in this area.