Many Canadians dream of opening their own business. Whether it is because they believe they have a good idea that could benefit others while making a profit so they can live comfortably or because they just want to be their own bosses instead of working for someone, opening and running a business is a lot of work.
When running a business, you want to make sure you are protected and that you are meeting all requirements to run your company under the law. A lot of times there can be several nuances in regulations that you will not be familiarised with, simply because you have not been trained to analyse them as well as a Corporate lawyer is. To avoid committing irregularities, the best thing you can do is to find a lawyer to assist with the setup or day-to-day operations of your business.
Compliance is only one reason why you should get legal assistance, and there are many other reasons you might want to have a Corporate lawyer Calgary with you along the way, and we will look into a few more of them next.
Paperwork Reviews for Corporate
A Corporate lawyer in Calgary will be able to go over documents such as contracts for you and review them to see if there is anything amiss. Contracts are legally binding, so making sure everything is in order, enforceable, admissible in court and free of loopholes is extremely important.
Contracts are a big part of the business world and can exist between different parties such as other businesses, employees, contractors, warranties, and others. Having a lawyer with you to guide you through them is greatly in your interest.
Disputes and Claims
If someone you are partnering with breaks a contract or breaches it, you may need to take legal action. The same applies to clients that fail to meet their obligations to you such as paying on time or contractors providing a service.
A Corporate lawyer will help you understand what is enforceable and what isn’t as well as represent you in Court against claims from, for example, an employee with claims of discrimination or work issues.
Acquisition and Merges
Your business might be going really well, and you may actually be acquiring another company or its assets—or you may be part of a negotiation to sell your company. A Corporate lawyer will help and advise you in this situation, so the agreement is following your best interests.
Acquisitions and mergers can be really complex and involve many parties, having an experienced business lawyer will make it much easier and less stressful. Considering the magnitude of this kind of operation, it is highly advisable that you are accompanied by a lawyer at all times during negotiations and closings.
Prevention and Risk Management
Sometimes it is better to be overprotective than too lenient. An experienced lawyer can help you avoid conflicts and prevent errors from ever happening, simply by following along with your business coordination. If you can avoid getting sued, or if you need to negotiate carefully with someone else in order to not harm your company, a Corporate lawyer will be your best friend.
Regardless if you are an experienced businessperson or a rookie, a business lawyer will help you avoid making mistakes when dealing with nuances from the law that you were not trained to observe as well as you are to understand your business.
A good example is having a business lawyer that understands anti-discrimination laws making it possible to advise you on how to better conduct your business when dealing with employees or clients.
At the same time, hiring an experienced business lawyer can help you reduce costs in the future by having a solid foundation for your business. This will prevent losses, headaches, and stress in the long run.
Another important aspect to have in mind when the topic is prevention is that laws change. A good Corporate lawyer will keep updated on every possible change that can affect you and your business helping you stay on top of any legal changes and adapting to them.
Depending on your situation you may also need a specialized professional to help you – for example, you might need someone to take care of your business taxes. An experienced business lawyer is well-connected and can help you by directing you to a professional that can meet your needs.
Financing
A lot of times businesses do not have enough resources to start their plans. In fact, this happens to most of them. Securing resources can also be quite complex and full of stress and headaches if you do not know what you are getting into, who to talk with or how to talk.
Banks have, for example, financing options for new businesses and a seasoned Corporate lawyer will be able to give you insights on how to carry on with negotiations with the bank by analysing documents, plans, and rates from the bank. Furthermore, they will be better equipped to negotiate terms and conditions with financial institutions. Not only, but when the bank sees that you are well-equipped with a legal team by your side, they will understand that you mean serious business, and be easier to deal with.
Using your lawyer’s capacity and expertise to the fullest is in your best interest, as a Corporate lawyer can be a valuable partner to have when managing your company. Hiring a lawyer is vital for your business’ health as they can make all of the difference along the way.