Most startups avoid hiring a corporate lawyer because it seems like a huge expense for their limited budget. But what they don’t realize is that a corporate lawyer can protect their assets and give them more benefits down the road, especially as they grow.
Corporate lawyers in Alberta provide companies with various kinds of representation. While virtually all general corporate lawyers deal with contracts for their clients, they further specialize in a number of different areas, such as;
They work on a variety of issues, including but not limited to developing legal agreements, negotiating deals, and reviewing contracts. They offer a full range of services to companies, even if you are just starting out. Here is how you can enlist a corporate lawyer’s expertise to establish your new business.
Structuring your business and company
A company can either be run on a partnership model, sole proprietorship model, or an LLC model. And your business structure is the first thing you need to consider when establishing a company.
Let’s say your business is a sole proprietorship and you are found guilty of committing fraud, the court will assume that you personally have committed the crime without any benefit for anyone else. This means your personal assets will be considered to pay for your debt to every creditor who has your business on their checklist.
This may be an extreme example but it perfectly explains why you need corporate lawyers to structure your business and save you trouble in the future.
Preparing legal documents
Many business owners are eager to move forward with transactions but overlook the importance of ensuring all applicable rules and regulations are in place. A corporate lawyer will not only create but also review contracts, agreements, and other company records before you officially start your operations. Hiring an attorney for drafting contracts will also ensure your documents are clear, efficient, and in line with your business practices.
Lawsuits are very common for businesses in all fields. And they are all different kinds, which can be difficult to manage especially if you are just starting off. Corporate lawyers know how to prevent lawsuits. They have experience conducting proper research to look into the legal background of your business, which helps you save yourself from a potential lawsuit from several miles away.
Securing intellectual property
As a startup, you can’t afford to have trademarks, patents, and copyrights stolen from you. For instance, if you don’t hold the copyright for your logo, someone else with more capital than you can run with it, compelling you to start from scratch.
Whether it is protecting logos, inventions, or other intellectual properties, hiring a corporate attorney will ensure that all of your business ideas are trademarked and protected.
Protecting your assets
If you are like most startups, you probably have limited resources and finite funding. Every purchase – from real estate property to expensive machinery – counts as an important one and therefore, can’t be misplaced. A corporate lawyer can help you protect your assets when starting a business so that you can start on the right foot.
What to do when hiring corporate lawyers in Alberta
The country is swarming with corporate lawyers. But not everyone can assist you. When hiring a corporate lawyer in Alberta, make sure you do your research. Look up the online reviews, run background checks and verify your attorney’s reputation. More importantly, since the purpose of a lawyer is to improve your bottom line, ensure that you can afford your legal aid without going over your budget.