Corporate lawyers, also known as business lawyers provide a broad range of legal services for businesses and companies. A corporate lawyer represents the corporate entity. This is because in company law, companies are viewed as a legal person capable of suing and being sued in their own name. Running a business often involves various legal situations such as lawsuits as well as the various laws regulating the type of business being conducted. A corporate lawyer ensures the protection of those involved and invested in a business/ company by giving legal advice on various issues relating to company law. In this article, we’ll look at some of the reasons why your company should hire a corporate lawyer.
- LEGAL DRAFTING
Every company needs a lawyer to aid in the drafting of legal documents such as contracts. All business documents, whether for employees, customers or vendors should be reviewed by a company lawyer to ensure all the appropriate formalities are captured. Experienced lawyers help make the process of drafting corporate documents more efficient. Documents drafted by a skilled lawyer can also help to ensure that the paperwork is enforceable by law, legally binding and well suited to your company and its needs.
- PROTECTION OF INTELLECTUAL PROPERTY
Intellectual property is the term used for a set of intangible assets or assets that are not physical in nature. It is any product developed from human intellect that the law protects from unauthorised use, theft of plagiarism by others. If your business is in the field of media, design or any other creative field, consider hiring an intellectual property lawyer. This lawyer will help you register your products and services for state trademark and copyrights protection.
- PREVENTING LAWSUITS
One of the biggest challenges most companies face is employment lawsuits. This is usually brought about by a breach in employee rights and various labour laws. A common rule of thumb is that ignorance of the law is not a defence. This means that everyone has a responsibility to be aware of the law and ignorance of this fact is not a reasonable defence in case of a lawsuit. Hiring a company lawyer is one way to prevent these issues down the road as they are well versed on these laws and are able to spot any possible issues that may arise.
- AID IN CHOOSING THE APPROPRIATE BUSINESS FORM
Corporate lawyers also deal with various business entities in the forms of partnerships, limited companies, limited liability companies and business trusts. Each business form has its own set of legal rights and responsibilities, organisational structure and tax burdens. Corporate lawyers help clients with businesses to decide which of these legal forms is best suited for the business they want to run. Choosing the appropriate business structure for your business is important because if you do not structure properly from the get-go, you may find yourself with unnecessary legal issues down the road.
- NON-DISCLOSURE AND CONFIDENTIALITY AGREEMENTS
In the course of running a business, there is some information that a company may not want revealed to people outside of the business or even outside of the managerial circle. There are various reasons why a business may want information to remain confidential. Confidentiality agreements can be written to protect the details of a new invention, new product or service ideas or a business partnership. For instance, some organisational information also known as trade secrets give a business a competitive edge in the market and the disclosure of this information may give competitors an upper hand. A non-disclosure agreement (NDA) is a legal contract drafted by a corporate lawyer that offers protection to parties that will be disclosing confidential information. Corporate lawyers also provide legal counsel in case of a breach in this contract.