How Attorneys can Help You Understand and Apply Corporate Law in your Business
By: Adriane Lauren Luna,

Corporate Law, also known as Business Law or Commercial Law, is considered in Los Angeles, California as one of the hardest and booming fields of law. It would be difficult for a person to understand the technical provisions of Corporate Law without the aid of an attorney who specializes in that area. Here are some of the aspects where Corporate Law attorneys can help one in his business:

In Sole Proprietorship

When one person decides and starts to put up a business without the help of another person, a sole proprietorship exists. The proprietor must understand the existing conditions required by law regarding this type of business. Among others, here are some of the guidelines:

• Where and how to register his own business

• How much capital and how many employees are required by law

• What name and seal should be appropriately used

• When and where should business taxes and dues be paid

• How many years should the business exist

• When and how to file bankruptcy

• What are the modes of extinguishing a sole proprietorship

In Partnership

There is an existing partnership when two or more persons decide and agree to put up a business together and share in the profits generated as well as the losses obtained by such, equally or otherwise. Unlike sole proprietorship, more people participate in decision-making regarding the affairs of the partnership. Here are some of the guidelines which must be taken into account by the partners:

• Where and how to register the partnership

• What are the minimum and maximum number of partners required by law

• What contains the Articles of Partnership

• What is the minimum capital required by law

• What is the lifespan of the partnership

• What are the types of partners

• How profits and losses are distributed among partners

• When is a partnership considered as bankrupt or liquidated

• What modes extinguish a partnership

In Corporation

A corporation exists when a number of persons, not being partners, decide and agree to create a business or an association, having its own juridical identity and juridical personality separate and distinct from its incorporators. Some of the guidelines that should be taken into account by the incorporators are the following:

• What are the corporate names allowed by law

• What are the maximum and minimum number of incorporators

• What should be the nationality of the incorporators as well as the corporation itself

• What should contain its By-Laws

• Who should be its Board Members and its Officers

• What are its Mission and Vision

• What is its lifespan

All three types of business, which exist and are widespread in Los Angeles, require careful and meticulous compliance of the Corporate Law. Nonconformity with the law is enough ground for one to lose his establishment. This only means that a person or a group who are planning to put up and maintain a business ought to avail the services of a Corporate Attorney who are skilled in this field of law.

A Corporate Attorney would be able to aid them as they draft their contracts and other legal documents, manage their affairs with clients and other firms, settle disputes and grievance machineries, observe rules and regulations required by the government, meet demands of their employees, and liquidate and extinguish their transactions. Without first consulting with an attorney, firms have a high risk of committing legal errors and this is fatal to their business.

In issues involving corporate and business laws and related concerns, you can consult with our knowledgeable Los Angeles corporate law attorneys. You can visit our website to avail of our free case analysis.

 

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