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 also work in-house 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.
