Have you ever encountered legal problems with your business? And now you’re asking yourself Do I need a corporate lawyer to help me run my business? As a business owner, your main priority is to have the best business transactions and agreements with other parties.

When business relationship breakdowns, you may need an expert to help you resolve the issue. Certainly, you won’t need a lawyer to guide you every step of the way in your business. However, a corporate lawyer can help you provide solutions to legal and related disputes.

Corporate lawyers can offer advice for your business in terms of legal rights and responsibilities. Also, they can guide you with obligations that may arise throughout your business. Besides, they can help you advocate for your company in court when disputes in business relationships occur. 

They can also provide advice for other business activities such as acquisitions, mergers, and corporate governance issues. These are only some of the roles of a corporate lawyer. Over the course of this article, we will shine a light on the reasons your organizations may need a corporate lawyer.

Do I need a Corporate Lawyer?

The answer to this question is a multi-pronged one. Not all business transactions require a corporate lawyer. Typically, daily business operations and sales usually don’t require a corporate lawyer. So, when do you need a corporate lawyer? The answer depends on your business situation.

You may need a corporate lawyer if you are planning to incorporate your business. Since you have little idea about this, you will need advice on your legal responsibilities. When it comes to legal responsibility matters, a corporate lawyer is crucial. If you are running a c-corp or s-corp structure in Canada, you need a corporate lawyer.

They can provide you with advice about acquisitions and mergers, investor rights, issues involving hiring, corporate structuring, environmental law, and many more. If you want to avoid potential legal problems, you may also hire a corporate lawyer. This is just the beginning point of the importance of a corporate lawyer for your business.

Reasons You Need a Corporate Lawyer

Here’s why you need a corporate lawyer. 

• They can offer support with specific tasks such as giving a trademark for your business brand and name, discussing potential legal structures and preparing incorporation forms.
• Since you have a corporate lawyer who will handle business legal responsibilities, you can spend more time on different aspects of your business.
• They can help you with forms, registration and legal documents such as incorporation documents.

If you already have incorporation, a corporate lawyer can provide you with advice on your legal responsibilities and obligations. This includes but may not be limited investor rights, acquisitions and mergers, organizational structure, and hiring. They’ll also be able to advise you on avoiding potential legal complications.

What are the Roles of a Corporate Lawyer?

An experienced corporate lawyer can protect your business from serious legal complications. They advocate for your interests if complications and litigation come up. 

Below are some of the roles of a corporate lawyer:

• Choose the right entity type for your business.
• Negotiating and signing contracts, leasing and other agreements.
• Receiving finances from investors.
• Administering a merger or acquisition.
• Establishing a fair hiring system that complies with legal actions and regulations.
• Protect intellectual property.
• Transfer your business to someone else.
• Buying shares in a private company.
• Sell your shares in a private company.
• Setting up companies
• Give legal advice on business risk
• Creating shareholder and partnership agreements.
• Franchising your company and buying a franchise.

Take note that hundreds of county, state, city, and federal laws will apply to your business. These factors vary by industry and may contradict each other. 

Categories of Corporate Law

Corporate law has different areas, which include:

• Business formation laws, which establish the steps to form a corporation or partnership.
• Consumer protection policy that prevents fraud, misleading sales, and faulty services.
• Provide contract laws that govern legal agreements with other companies and clients.
• Employment and hiring laws that protect the current and potential employees. Providing laws that regulate employee safety and health.
• Environmental laws.
• Intellectual property laws that protect the original works and inventions of your company.
• Laws governing permits and licenses.
• Administration laws that govern the proper use of the business property.

How Much Does a Corporate Lawyer Cost?

Although corporate lawyers charge by the hour, not all lawyers use the same mode of billing. Take note that this rate doesn’t include paperwork filing fees. Sometimes, rates can be flexible, so make sure you establish a price upfront.

Lawyers charge flat fees for many legal services. For example, they may charge you for a shareholder agreement or corporate structure preparation. Whereas, for services that cannot be offered as a flat fee, lawyers charge an hourly rate. The average rate per hour for a corporate lawyer in Toronto is $300. 

If you are planning to ask for the cost of hiring a corporate lawyer, you should outline your legal situation. Additionally, explain your business’ legal needs and the services you. This way, it will be more comfortable to come up with a negotiable rate. 

Key Takeaways

Whether you have a small start-up company or a multibillion-dollar company, you need a corporate lawyer. They help in advising businesses on legal rights, obligations, and responsibilities. 

Do you need more information about the scope of responsibilities a corporate lawyer offers? Contact Lichtblau Law Firm today! Call us via 416-633-2465 to schedule your appointment.