A corporate lawyer advises corporations on matters ranging from the duties of directors, to the agreements and transactions that the corporation enters. A corporation is legally independent from its members and can therefore sue and be sued in its own right. Members cannot be held personally liable for debts the corporation has incurred, except in novel circumstances.
A corporate lawyer also helps to draft and review the documents fundamental to the structure of a corporation. A corporate lawyer advises clients as to what business structure would best suit their endeavor whether that be as a joint venture, partnership, limited liability company or a business trust. This will inform the legal rights and responsibilities of the members of the company, the structure of the organization and the tax burdens each organization may be subject to.
Once a corporation has been created, a corporate lawyer’s role includes working on agreements such as licences, leases, proposed acquisitions and disputes. A corporate lawyer also can assist in the dissolution of the corporation in matters of restructuring and insolvency.
An example of a task corporate lawyers undertake is drafting shareholder agreements or, depending on the structure of the business, a partnership agreement. A shareholder agreement is fundamental document to the proper function of a business. It lays the foundation for any business to ensure the rights and responsibilities of members are clear whilst it expands.
In drafting these agreements, a corporate lawyer will consider how the agreement will affect the company and the prospective shareholder themselves. Some of these considerations include:
- the role the shareholder will take in the company and their rights and responsibilities;
- voting rights;
- who will receive dividends the company issues;
- shareholders’ power in decisions that may affect the company;
- the process by which a new investor becomes a shareholder.
At Carneys Lawyers we have experienced and well regarded corporate lawyers that can assist with all manner of corporate matters. Contact Carneys Lawyers today: 8226 5555.