Seeking an advice of a Lawyer is necessary for every business. A corporate lawyer is needed to ensure business practices and transactions are in accordance with the law.. They help companies to work within legal boundaries. A lawyer can provide their service of advising for various legal aspects of a company.
The legal aspects of a business where there is a need of a lawyer are as follows:
1. Contract law
A contract is a legally recognized agreement with specific terms between two or more parties. A business entity has to make various agreements while buying a property, hiring an employee, selling their shares, doing partnership etc. With every legal step there comes contract. For making these contracts as well as for doing contracts with others, a legal advice is needed to understand its critical aspects.
In December 2014, Wells Fargo & Co. (WFC), HSBC Holdings Plc (HSBA), Bank of New York Mellon Corp. (BK) and Deutsche Bank AG (DBK) were sued by an Irish securities firm. Phoenix Light SF Ltd. accused the banks for failing to safeguard the interests of investors as required by their contracts. Here breach of contract takes place and this can be resolve by law professionals only.
2. Property law
Property law governs various forms of ownership and tenancy in real property. While setting-up and expansion of business this law plays an important role. A professional advice will make sure that the business is well-protected abiding all laws.
There is a well-known case between Tata Motors and Supreme Court (New Delhi) regarding controversial Singur land in West Bengal. The automobile giant had been given 997 acres of land on lease in Singur, West Bengal by the Left Front Government to produce India’s cheapest car (Nano). But in July 2013, Supreme Court asked Tata Motors to clear its stand on the SIngur land. As a result, they moved out its Nano project to Gujarat. This is where we need an assistance of a lawyer to sort out issues in a favorable way.
Here abides the property law, and service of professional lawyer is needed.
3. Intellectual Property Law
Intellectual property is the intangible property of a company. It includes music, literature, other artistic works; discoveries and inventions; and words, phrases, symbols, and designs. These are the critical aspects of running a business. Complicated issues can arise if these aspects are not taken care in a professional manner.
On Jan 13, Apple Inc granted the patent for wearable camera that could possibly challenge action cameras made by GoPro Inc. This could be major IPR issue in which whole company’s identity is at stake. For this kind of case, a right professional lawyer is needed to handle it skillfully.
4. Employment / Labour Law
Employment law governs the rights and duties between employers and employees (workers). It mediates the relationship between workers, employers, trade union and government.
Last year in October, more than 1,000 employees went on strike at a China factory of Foxconn demanding higher wages and better benefits. Foxconn is world’s biggest electronics contract manufacturer. This is where employment/ labour law comes into picture. This law has to be properly looked on for the smooth working of the business, for which you need assistance of the lawyer.
A Corporate lawyer is always needed to seek advice regarding applicable laws for the business and to comply with them. They also guide business owner regarding future disputes and lawsuits, and negotiating them in more favorable business transactions. Legato.com has experts from various laws who can provide valuable advice and services.