Four Reasons You Should Consult With A Corporate Attorney About Your Business
Corporate lawyers understand the finer points of business law and can be indispensable when completing certain transactions. They can draw up contracts and review those proposed to you so you understand exactly what you are agreeing to. The following are a few examples of when you should contact a corporate attorney to assist you.
You want to create a corporation
Currently, your business may be set up as a sole proprietorship, but you have heard about the benefits of incorporation. Although it is not legally required to have an attorney do this for you, when you hire one for incorporation, not only will it be done right, but you will have someone to explain the benefits of what you have now versus incorporating. It may be that you don't want to make any changes, but at least you'll be making an informed decision.
You want to sell part interest of your business
This can sometimes happen in a divorce. One spouse wants to keep the company, while the other wants to sell. Once a buyer is found, the contract needs to be drawn up properly. The spouse who wishes to keep half the company may want to purchase a small amount to retain controlling interest, and the rest of the company can be sold to the highest bidder.
You want to merge with another business or buy one
Even smaller businesses can be incorporated, so when you want to acquire a business, you will want to have a corporate lawyer draw up a contract to make an offer and explain to you the type of corporation the business has. It is possible that a corporation has all of its shares in a single person, but these shares are in a trust. Acquiring this type of company should always be done with an attorney.
You want to expand your business with new investors
There are several ways to attract investment capital to your business, but you need to do it the right way. Your first step is to consult with a corporate lawyer to explain what your expansion plans are and how much money you plan to raise. After looking at the particular type of corporation you have, an attorney can explain the options available to you. Depending upon your corporate structure, you may be able to issue new shares, but issuing bonds may be a better choice.
Corporate lawyers are not just for large corporations. They are important for any contracts that need to be drawn up or reviewed. For a business owner who wants to incorporate, a corporate attorney should always be consulted. If you want to sell a part of your business, acquire another one, or want to raise investment capital, this type of lawyer is indispensable.
For more information on corporate law, contact a professional near you.
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