Corporate Laws in Business
Corporate laws are laws to mediate legal business transactions that are acceptable to all. A corporate lawyer is the one who gives the employer legal advices in every step of the business as and when necessary. Under corporate law, also known as commercial law, the following are included:
- Commercial property law
This deals with all real estate transactions, sales, contracts and agreements pertaining to the property. It also deals with tenant litigations and debt collection for leased lands.
- Company law
This deals with employee’s law which in turn deals with employment agreement, terms and conditions for the contracts, company policies and commercial litigation in case of compensation claims.
This law also deals in detail with partnership or sole proprietorship agreements, share holder’s powers in a company and their limited liabilities. Hence company laws are to govern the activities of the directors of the companies and the policies.
- Commercial and corporate law
This line of law is very important for companies which are growing and are dealing with multinational companies. The commercial corporate lawyers deal with mergers and acquisitions, purchase of private equity, international transactions and support, taxation laws and advices, company reorganisation and restructuring as and when necessary.
Apart from these, corporate law also deals with banking laws, competition law, e-commerce and regulatory laws.
Work activities for a commercial lawyer
- Advising client on laws and their possible implications and effects on the company.
- When the client is just planning to start a business, it is the duty of the lawyer to explain the pros and cons of each type of proprietorship.
- Drafting contracts tailor made for the client’s needs. This extends from a simple business sale deed to employment contracts. The lawyer has to make sure that the contracts are foolproof and has no loopholes. Some employees might misuse the clauses for claiming compensation.
- Drafting business legal documents such as agreements pertaining to company's shareholder’s and partners, mergers and acquisitions, buy ins and buy outs, etc.
- Advising the shareholders and directors on their corporate responsibilities.
- Renewal of agreements and updating as and when required according to changes in laws and company policies and needs.
- The lawyer also has to make sure that whatever legal document the client signs are in order and that no legal documents are signed without the lawyer’s presence and approval. Also the lawyer must make sure that the content of such legal documents provide no space for commercial litigations later on.
- In case of any litigation, the corporate lawyer has to make sure that the client gets the best testimonials from the specialist lawyers from the field.
- Reorganisation and restructuring the policies and agreements with changes and developments in the law.
- Other odd jobs include: Explaining the implications of laws regarding planning and environmental issues, advising on charity for tax savings, etc.
A company as an artificial individual can be sued and can sue. Hence these laws.
