A society needs laws to keep the peace and to keep the values and morals of that society in check. And with a vast and complicated legal system, comes a need for people to specialize in each category of law.
Some of these categories include:
- Criminal law
- Corporate law
- Immigration law
- Family law
- Civil litigation
- Bankruptcy law
- Personal injury law
Zayouna Law is a firm that is highly respected and trusted in dealing with corporate law, and going to a specialized legal team will help you get the best representation possible.
What is corporate law?
The definition of a corporation is “a body formed and authorized by law to act as a single person although constituted by one or more persons and legally endowed with various rights and duties including the capacity of succession.” It sounds intense, but in layman terms, a corporation has most of the same rights and responsibilities that an individual possesses.
Corporate or business law is the form of law that governs the formation, dissolution and governance of corporations. There are some exceptions for some corporations that are not governed in the same way. Charities, universities and cities can be incorporated, but corporate law is primarily concerned with corporations that are for profit.
How can corporate lawyers help their clients?
The three major issues that corporate law deals with include conflicts between outside creditors of the company and its shareholders, conflicts between shareholders and corporate managers, and conflicts between majority and minority shareholders.
There are a few main strategies corporate lawyers employ to try and resolve conflicts between managers and shareholders. The law imposes on managers and directors the duty of being fair, diligent and loyal to their shareholders. They also give shareholders the ability to obtain assistance from the courts when they believe there has been an abuse of power in management. Also, they require that the corporation discloses all important information to their shareholders. Corporate lawyers help all stakeholders execute these rights and responsibilities.
What you need to know about corporate lawyers
First off, a lot of the work corporate lawyers do is not in a courtroom. Essentially, they do most of their job behind a desk or mediation table. Corporate lawyers prepare various documents, conduct research for their clients ahead of important transactions, draft documents and maybe most importantly, walk their clients through legal documents and make sure they fully understand what they are signing.
Corporate lawyers have to be able to go from the mundane, like working on standard contracts to managing world-shaking acquisitions and mergers. The best corporate lawyers are able to cover both ends of the spectrum with skill and tenacity.
Corporate lawyers are extremely important in keeping companies and their shareholders in check, while also making sure everyone is honest and on the same page. It might not be the flashiest type of lawyer, but it is an integral job to our society, where corporations need to be held accountable for their actions, much like an individual should be as well.
If you’re interested in getting into corporate law or learning more, read this on one person’s passion for corporate law.