Why are corporate lawyers important to your business?
Businesses are bound to comply with respective legal laws and regulations. For this reason, whether large or small, a company will be in a better position if they have a legal representative in case of any issue. Some laws observed by business entities include:
- Laws related to business ethics,
- Substantive law,
- Licensing laws,
- Tax laws
- Environmental laws
Most people in business are unaware of the legal aspects of running a business. Existing companies get setbacks with law-related issues like:
- Awarding tenders
- Employee contracts
- Patent disputes and copyright laws
- Business mergers
- Commercial agreements
- Banking and financial services
- Insurance law
- Venture formations and dissolution
- Tax evasion, security, and financial services regulations.
What is corporate law, and why is it important?
Corporate law is a body of law that sets out the rules and regulations that pertain to corporations. These laws regulate the rights and obligations involved with a company’s business activities, including formation, ownership, operation, and management.
How a corporate lawyer adds value to a business
From startup companies to billion-dollar multinational organizations, they are both faced with an exhaustive list of regulations dictating what they can do or are restricted to do. Corporate lawyers are specialists in helping companies navigate these laws as they launch, grow, diversify even when they shut down. They ensure the company’s interests are protected without engaging the company in legal battles.
These interests may include:
- Compensation issues: A lawyer like Robin Stoby and many others can help you settle compensation and salary management issues. They will ensure you do not violate compensation and benefits law as consequences may be fatal in any discrepancies.
- Business formation: Startup companies have many legal processes like permits and leasing. Having an experienced and well-versed attorney will help you with the relevant regulations to enable you to establish successful operations.
- You will need a corporate lawyer to prepare form contracts for customers, clients, and suppliers. They will also help you respond to contracts outside parties want you to sign.
- Real estate: In most cases, commercial space leases such as retail stores are highly complex and always drafted to benefit the landlord. Because there is hardly much general information to the public members, you may think they are not negotiable and settle for what is offered. Therefore, an attorney should be included to ensure the provisions benefit you.
- Taxes and licenses: your lawyer be in alliance with your accountant and should know how to register your business. This is for federal and state tax identification numbers. They understand the tax consequences of the more basic business transactions in which your business will engage.
- Intellectual property: If you are in the creative type of business, a corporate lawyer can help you register your products or services for federal trademark and copyright protection.
Most people have come across the never-ending list of terms and conditions that many blindly agree to when signing up for certain services. If a problem arises, these contractual terms will form the basis of their complaint. This may be dangerous for your business, and the risks involved may be hard to work on alone.
From a business angle, the conditions need to be well-defined for better interpretation, and as a legal entity, a business has certain obligations it must fulfill. If a refund is required and how it will be processed, businesses open themselves up to lawsuits without a set of clearly defined terms. In other words, corporate lawyers help business owners and managers make beneficial business decisions, secure favorable contracts and avoid expensive legal pitfalls which may cripple the company. It’s also important to ensure that the relationship between you and your lawyer is based on trust, understanding, and longevity to avoid misunderstandings and mid-fall-outs.
