Governing how Canadian businesses are set up, structured, and operated, corporate law includes areas of legality like incorporation, compliance, governance, and commercial transactions.
If you’re planning on setting up a business in Canada, working closely with business lawyers in Edmonton can help you navigate the many associated legal complexities with ease. Specializing in advising Canadian business owners about their legal rights and obligations, as well as regulatory compliance in accordance with Canada’s corporate laws, corporate lawyers can help both small and large corporations succeed in a fiercely competitive landscape.
If you’re starting a new business, restructuring an existing one, or getting ready for some big commercial transactions, having a corporate lawyer on your side can prove invaluable.
Here are a few specific scenarios in which guidance from a corporate lawyer would be highly beneficial:
1. Forming or incorporating a business
It’s not always easy to know which entity structure would be the most beneficial when forming a business. A corporate lawyer can explain each structure to you (such as private corporation, sole proprietorship, and partnership) and ensure that you comply with all relevant legal requirements.
2. Drafting or reviewing legal documents
Legal documents such as shareholder agreements, business contracts, financing arrangements, and employment agreements must all be properly recorded in compliance with the law.
3. Starting commercial transactions
If you’re planning a merger or acquisition transaction, asset purchase, venture capital funding, or any other type of commercial transaction, having legal support from a corporate lawyer is critical.
4. Regulatory compliance and licensing
There are likely to be a set of rules specific to your particular industry that you’ll need to comply with at all times as a Canadian business owner, such as those pertaining to labour and employment, zoning laws, and sectoral standards that bodies like the Canadian Securities Administrators have set. Expert guidance can help ensure that you’re always compliant.
5. Dispute-handling or litigation risk
It can be extremely useful to have a corporate lawyer on hand when dealing with disputes or preventing them from happening in the first instance.
6. Expansion, restructuring, or dissolution
If you’re planning to grow your business, restructure, or wind operations down, legal insight can help you deal with the changes appropriately and in accordance with the law.
Let’s look now at the 6 main responsibilities of a corporate lawyer:
1. Transactional work
Corporate lawyers can facilitate a range of corporate transactions varying in complexity, such as helping clients when assets are being sold or equity deals are being carried out, during merger negotiations or acquisition transactions, and coordinating with financial professionals to make sure all commercial activities are executed lawfully.
2. Regulatory compliance
Corporate lawyers can help Canadian business owners understand and apply certain laws, meet the obligations specific to their sector, and effectively manage licensing procedures while liaising with such bodies as the Canadian Securities Administrators.
3. Corporate governance
When you hire a corporate lawyer as a Canadian business owner, you can expect them to counsel officers and directors on their duties, put together policies about governance, and provide support for board meetings, as well as make sure that all industry codes are adhered to.
4. Risk management and prevention of disputes
Avoiding litigation is crucial as a business owner, and a corporate lawyer can help you do this by formulating strategies for conflict avoidance, representing you in a small claims court or mediation, and carrying out legal research to maintain and update internal policies.
5. Intellectual property and asset protection
Including such things as securing patents, copyrights, and trademarks; putting together agreements for the protection of proprietary data; and tackling issues surrounding ownership of intellectual property, a corporate lawyer will work hard to help you protect your assets.
6. Business formation and advisory
Edmonton corporate lawyers will guide you as you set up your business, recommending certain legal structures and supporting you with all financial dealings, private equity transactions, and equity arrangements.
Having guidance and up-to-date advice and support from a corporate lawyer will not only help you set up a business in Canada but will help you run it successfully, too. From startup launches and tackling regulatory challenges to the negotiation of high-value contracts, their expertise and legal knowledge will help you respond to whatever comes your way as a business owner with confidence and assuredness.
