Although not always essential when starting a business in Canada, sometimes working with a corporate lawyer can prove helpful in ensuring that everything is set up properly and compliantly. If not set up properly, costly legal problems will likely ensue, setting you back financially and delaying the official launch of the company.
Because they’re trained to interpret business law, hiring a corporate lawyer in Edmonton can be incredibly worthwhile when starting a business, particularly if you’ve never started one before. Even if the processes involved look simple at first glance, some essential legal transactions can be a lot more complicated than they appear.
Here are some common situations in which business owners may wish to hire a corporate lawyer to guide them:
· When selecting a business structure
A lawyer can help you choose between a partnership, sole proprietorship, incorporated company, and co-operative, guiding you towards the one that would benefit your specific circumstances the most.
· When buying an existing business
This process can be overwhelming for anyone who hasn’t done it before, and sometimes, even for those who have. A ‘buy and sell’ agreement needs to be put in place that must be signed by both parties, detailing each party’s demands, obligations, and any other terms and conditions related to the sale.
· When signing a lease
The majority of small businesses lease the space in which the company’s operations are located, but without the flexibility you might need in the future should you plan to expand or make any changes, you could find yourself restricted as to what you’re permitted to do within the space. Having expert advice from a business lawyer can offer you the protection you need before you sign any leases.
· When creating or signing contracts
Whether you’re creating contracts for employees and subcontractors or signing licensing and franchising agreements, getting advice from someone in the know can help ensure that everything is legally correct and make the whole process far simpler and less stressful.
· When seeking equity financing
A lawyer can help you write shareholder agreement terms if you plan to seek equity financing for your new business and cast their professional eye over any legal documents given to you by possible investors. Additionally, a corporate lawyer can assess any shareholder agreements and help you understand how they might affect your other existing obligations and contracts with staff, suppliers, or lenders.
Other issues a legal professional can assist you with
Below are a few other issues that may arise when setting up a business in Canada and for which getting advice from a lawyer is strongly recommended:
· Complaints or concerns related to the environment
· Problems or conflicts with employees
· Arguments between business partners
· The closing of the business
· Intellectual property protection
The advice of business lawyers in Edmonton should always be sought if your business practice is questioned in any way regarding its legality. Fail to do so, and it could spell disaster for a business that isn’t even up and running yet.
Usually, hiring a general corporate lawyer is appropriate when dealing with regular business issues, but for topics that are more complex and which have the potential to ruin your company if not dealt with appropriately, a lawyer with specialist knowledge can prove invaluable.
