Running a business is quite challenging. So if you add other legal duties on top of your to-do list, you might feel overwhelmed. This is where a corporate lawyer can help. They can take on some legal responsibilities for your company so that you focus on what you do best — running your business. Read on to learn the three things a corporate lawyer will do for you.
1. Advice You On Mergers And Acquisitions
Joining your company to another or buying another company requires careful thought and planning. You will need to know how the deal is structured, who owns which assets upon closing the transaction (assets), and where those assets will be located after consummation (liabilities). Without the assistance of an attorney, you may end up paying more taxes than you have to or mishandle the transfer of assets.
A corporate attorney can review your proposed deal and offer suggestions on making the transaction as smooth as possible for all parties involved. They're experienced in drafting documents that comply with the law, conducting the necessary research, and providing you with the information needed to make an informed decision and avoid costly errors. They can also help you develop bylaws and shareholder agreements to ensure that your business complies.
2. Counseling You on The Legal Requirements of Running a Corporation or LLC
Operating a corporation, or Limited Liability Company (LLC), requires complying with various state and federal laws. If you're not familiar with the laws, you could end up facing severe consequences like hefty fines or even jail time. A corporate lawyer can help you understand the legal requirements of your business and ensure that your corporation isn't breaking any laws. If you have problems with issuing stock and appointing directors, they'll help you out with that too. In addition, they're experienced in business law and can give you sound advice on how to best operate your company.
Moreover, these lawyers will also keep you abreast of any changes in the law that could impact your business. So, whether you're just starting out or have been in business for years, it's a good idea to ensure you have these lawyers on your side. Working with them will also prevent your business from being sued.
3. Drafting Contracts
You may need to draft contracts for many reasons, including when purchasing a building or land for new business premises, hiring employees, acquiring another business' assets, and raising investors' finances. To ensure your contracts are legally binding and protect your interests, it is essential to have them reviewed by a corporate lawyer.
Corporate lawyers can provide a variety of critical legal services for your business. Working with them will ensure your business is compliant with your state's regulations.
For more information on the benefits of a corporate lawyer, contact a firm like Carter & West Law.