The world of business is built around many complex laws and legal compliance is part and parcel of managing a company. Every organisation starts with a thought, which is developed into a concept and then a plan is put together and with some capital, the enterprise is born. As you would expect, many laws, rules and regulations have been drafted, which all businesses must follow and in this article, we outline some of the tasks that would be performed by a business lawyer.
Company Registration
Perhaps the most common service a business lawyer would offer is company registration; there are numerous options, sole trader, partnership, limited company, and corporation. The business lawyer can advise you as to which type of business to register. If you wish to set up a company in Saudi Arabia, you would use the services of a company registration solicitor in Riyadh, a legal expert who offers the best advice and can negotiate the complexities of the commercial system that is very different from Western countries.
Partnership Agreements
When two entrepreneurs come together, they usually have different skill sets and even if they are the best of friends, they have a legal agreement drawn up by a business solicitor. These agreements form the basis of their working relationship and both parties sign off on this. The lawyer would make a draft and with some minor additions and adjustments, the agreement would be ready for both parties to sign.
Leasing Contracts
A company would approach a business lawyer if they are about to lease real estate; the legal professional scans the contract to ensure that your best interests are protected. The last thing you need is to find out you aren’t allowed to work after a certain time of day and you have already signed the agreement. The company might be the one leasing and need a suitable legal contract drawn up; both parties would have a business lawyer who would interact and facilitate the agreement.
Legal Disputes
If a company is issued with a lawsuit, it is imperative that they seek out legal advice before doing anything. A former employee might claim unfair dismissal and you would be notified by a government agency; in such a case, your business lawyer would be able to advise you accordingly. You might have serious issues with a supplier and have rejected a huge consignment of products, in which case you might want to file a lawsuit, claiming compensation. A customer might sue you due to personal injury; having legal advice is essential for every business and if you are on the wrong end of a lawsuit, you need to contact a business lawyer.
Mergers & Acquisitions
When one company wishes to take over another, there are obvious legal requirements, due diligence audits are normally required, which is another service offered by a business solicitor. Business mergers often make sense, pooling resources can make all the difference, which is beneficial to both parties. It might take several months for a merger to be agreed upon, with a lot of input from both parties to form the agreement. Acquisitions have always been part of the business arena, with expanding businesses acquiring smaller enterprises that are relevant to their operation, which is both an investment and cost-saving.
As you can see, a commercial law firm offers many services for businesses and entrepreneurs; should you be thinking about a business start-up, talk to a leading commercial law firm and they can advise you regarding business registration and what type of insurance the business should have.