Corporate law is the body of laws, rules, regulations and practices that govern the formation and operation of corporations. It’s the body of law that regulates legal entities that exist to conduct business. The laws touch on the rights and obligations of all of the people involved with forming, owning, operating and managing a corporation.
You may need a corporate lawyer if you want to incorporate your business or you have already incorporated and you need advice on your legal responsibilities.
A corporate lawyer is able to advise you on matters that arise from the c- or s-corp structure. This may include investor rights, acquisitions and mergers, issues involving environmental law, corporate structuring, hiring, and more. You may also want the advice of a corporate lawyer to avoid potential legal complications.
There is no legal requirement to hire an attorney to form an LLC. Most states allow LLC formation by registering the business entity on your secretary of state’s website and with the Internal Revenue Service (IRS). LLCs provide advantages over sole proprietorships and general partnerships. Their structure gives limited liability protection to the business owner and members, shielding you from personal liability for your business’s obligations.
However, that route also involves risk. Suppose you are unsure how to structure your business or are concerned that you cannot draft the documents correctly. In that case, it is usually worthwhile to seek the assistance of an experienced attorney. An attorney can help you assess whether your business needs to incorporate, find the most beneficial corporate structure, and prepare and file the necessary documents. Most importantly, working with a lawyer will ensure that the incorporation documents properly shield you from liability for your business’s debts.
For many business owners, it doesn’t make sense to have a full-time legal staff. Its becoming more common for employers to hire legal professionals on a per diem/hourly basis to handle a variety of legal tasks. Some of these tasks include corporate taxes, mergers and acquisitions, corporate structure issues, employment law, and government reporting.
