In high-stakes situations, like investigations of legal compliance and corporate governance, businesses rely on business lawyers to provide trustworthy advice.
Corporate law involves various issues, such as employment law, contracts, and commercial transactions. Learn about the critical role that business lawyers play as custodians of the Rule of Law.
Incorporation
Business lawyers from Linden Law Partners help companies select and form a legal entity that minimizes tax obligations, legal risks, and ownership disputes. They also ensure that companies comply with all local, state, and federal laws.
Whether the company is a large publicly-traded corporation or a small start-up, it must have well-drafted corporate governing documents. A lawyer who specializes in these matters can prepare them efficiently and for a reasonable fee.
Occasionally, the primary legal documents of a corporation need to be revised in light of new government policies and regulations or because of statutory requirements in their industry. A corporate lawyer may be tasked to review such a document and recommend any changes that should take place. This essential role contributes to the rule of law by ensuring that the law is publicized, stable, and applied evenly.
Bylaws
A corporation must draft and maintain legal documents like its articles of incorporation and bylaws. A lawyer might be asked to review and ensure these fundamental corporate documents comply with statutory requirements and policy regulations.
For instance, the bylaws should specify how often management and shareholder meetings will be held, how attendees are notified, and how a quorum of members is determined. The document also outlines provisions for amending the bylaws and how such amendments can be proposed, reviewed, and voted on.
Moreover, the bylaws should contain provisions that make frivolous lawsuits against the firm extremely costly. This is an essential way for corporations to protect themselves from financial loss and damage to their reputation caused by speculative allegations made by disgruntled shareholders.
Compliance
Business lawyers are critical for helping businesses operate within the law. They guide legal compliance, contracts, and intellectual property. They can help companies avoid legal liabilities and maintain stringent corporate governance standards.
Compliance is the set of policies and procedures a business creates to ensure it follows internal and external regulations. It also includes the company’s internal processes to prevent and detect illegal activities.
Corporate governance (CG) refers to the rules established by executives and the board of directors to set the ethical tone for their companies, manage risk, and avoid conflicts of interest. Government mandates may require CG, but consequences for noncompliance are left to each company to decide.
Contracts
As companies expand, they need a legal framework to guide the way. Business lawyers are the ones that create this structure, making sure all paperwork is done correctly and adheres to government regulations.
Moreover, businesses also need to consider how changes in their world affect their business arrangements. For example, the recent remote and hybrid working trend could impact corporations’ management of human resources.
A business lawyer’s role here is to ensure that the corporation’s essential documents remain compliant with statutory and policy regulations of the government. This is especially important when there are proposals to pass laws that would affect the operations and sales of a company. The corporate lawyer can advise the board of directors and executive leaders on proceedings.
Intellectual Property
A robust intellectual property rights system helps companies protect more than just ideas – they protect genuine business assets that may be critical to their core services and long-term viability. It also provides incentives that incentivize inventors, industrial designers, and creative artists to continue to invest in innovations to help create and improve existing products and technologies.
A business lawyer is tasked with reviewing and evaluating the essential legal documents of a corporation to ensure that they comply with statutory requirements and policy regulations from the government. This includes laws related to employment, taxes, contracts, and other aspects that could impact the company. They can advise a company on protecting their assets and avoiding legal liabilities.