The Value A Corporate Lawyer Can Provide
Corporate law can be fairly nuanced, and extremely difficult to self-navigate for the average layperson. Accordingly, finding the right corporate lawyer for you and your business is of paramount importance. A corporate lawyer can help with everything from helping to draft articles of incorporation, to providing guidance on which type of business structure would provide the best legal and tax advantages.
There are numerous types of business structures, and each one possessing its own advantages and disadvantages. For one business or one scenario, a simple Limited Liability Company (LLC) might suffice, however in other scenarios it might be better to go with a Limited Liability Partnership (LLP), or perhaps even an S-Corp or C-Corp. No matter which type of official business structure one chooses, the corporate lawyer is there to help; this means drafting articles of incorporation, partnership agreements, limited liability disclosures, public and/or non-public shareholder agreements, etc.
The legal concept of limited liability is an important one when it comes to a business's official structure. The assets and real property of the business's owners or officers are bifurcated from that of their personal assets and/or real property. One could not sue a business for assets that are not owned by that business itself. Instead, they would be limited in the ability to seek personal property or assets for an issue resulting from the function or service of a corresponding business.
Corporate lawyers can also provide assistance in both helping to define, as well as delineate the powers, duties, responsibilities, and compensation of all employees of the company (including company directors, officers, and/or partners). When done correctly, and with the expert assistance of a competent lawyer well versed in corporate law, this can help limit the potential for conflicts of interest, litigation, or governmental fines. This can be especially true of a company that has corporate finances that include non-monetary executive compensation (company stock, variable ownership equity, partnership shares, etc), or publicly traded stock.
A corporate lawyer can help with the process of filing all the periodic regulatory filings and documentation to all the requisite state or federal authorities. And, while some are only required to be filed annually, quite a few have to be filed every three-month annual quarter.
For more information about your options, it is wise to reach out to a corporate lawyer. It doesn't matter if you have a large or small business; a lawyer can help you.