Corporate lawyers in Toronto, and in other
areas of Canada, build their careers working with a corporation managing the
legal responsibilities and obligations that the business faces. Some may work
at a law firm and be retained by a corporation, but they could work in-house
either in a small corporation as the lone legal adviser, or with numerous other
lawyers of different field specialties in the legal department of a large
corporation. They can also be hired as a temporary contract lawyer, offering
business advice to companies of all sizes on a few different projects, or on a
single project for a longer period of time. Typically, the large corporations
such as banks, insurance companies, hospitals, retail stores, oil firms,
biotechnology and manufacturing companies, and energy and communications
companies require corporate lawyers for full-time services. Small companies on
a tight budget typically consult a lawyer on a need-to basis.
Corporate lawyers are highly specialized in
various areas of corporate law, including contract negotiations, securities and
tax law, code compliance, mergers and acquisitions, intellectual property, tax
law, bankruptcy, financial reporting, employment, collections, patents and
trademarks, real estate, incorporation, litigation, international commercial
law and many other areas of specialization. Their tasks can be as routine as
drafting standard contracts, or as rigorous as resolving conflicts or
facilitating mergers and acquisitions.
Small businesses can benefit in many ways
from a corporate lawyer:
1.
Obtaining advice on the best
legal structure for the business. Choosing whether your business should be
established as a sole proprietorship, partnership, corporation, or a Limited
Liability Corporation can be complex. A corporate lawyer will be able to
discuss with you all the legal and administrative requirements, tax
consequences and liabilities of each to help avoid errors or omissions that may
result in financial and tax penalties.
2.
Drafting and executing
employment agreements. Employer and employee relationships are subject to
certain labor and tort laws, that a carefully drafted contract can make a
difference in protecting the interests of the business. A corporate lawyer can
word the contract accurately and include important elements, such as a
non-disclosure clause or a non-compete clause that benefit both employer and
employee.
3.
Provide legal counsel in the
event of a reorganization, merger and liquidation. Major changes in the
structure of a company involves very complex transactions and numerous actions.
Corporate lawyers can help facilitate activities such as the adoption of
resolutions, drafting contracts, negotiating agreements and the completion of
administrative paperwork that are related to corporate and tax matters.
4.
Exit strategies. Selling the
business, retirement, or if a business partner dies or leaves the company can
involve substantial personal and financial consequences. A corporate attorney
can help you develop your exit plan well in advance and provide advice for
business entity organization, structuring business operations and intellectual
property development strategy to help you make the right decisions and maximize
the value of your business.
5.
Represent business owners in
equity transactions. A corporate lawyer can represent companies from the
earliest stages of formation and through multiple rounds of innumerable
corporate financings and provide necessary documentation for all financial
transactions. They can provide legal advice on critical corporate legal issues
so you can minimize risks and make informed choices to maximize the reward.
Whether you are operating a small business
or a company with shareholders, Toronto corporate lawyers can only add value to
your business. The invaluable legal counsel they can provide will ensure that
your business risks are minimized and corporate functions conform to all local,
state and federal applicable laws on every level so as to prevent legal problems
that can potentially affect bottom line.
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