Duties and Responsibilities of a Corporate Lawyer

A corporate lawyer is a person who works for a corporate house or a company or a firm and specializes in corporate law. Corporate law is the study of how shareholders, directors, employees, creditors, and other stakeholders such as consumers, the community and the environment interact with one another. Company law involves the study of Companies Act 2013, etc. So, corporate law is a part of a broader company law.

It is the duty of corporate lawyers to understand the laws and regulations to help the company and their clients to work within the legal boundaries. The role of such lawyers is to ensure the legality of business practices and transactions. The other duties of corporate lawyers include ensuring viabilities of commercial transactions, advising corporations on their legal rights and duties, including the duties and responsibilities of the employers and other officers. In order to do the effective compliance, they must have knowledge of aspects of contract law, securities law, intellectual property rights, taxation law, accounting law, bankruptcy law, licensing, and the laws specific to the business of the corporations that they work for. He has to maintain the confidentiality between the company and the clients of the company. This is so because if the company clients are not assured of confidentiality, they will be less likely to seek legal advice.

Corporate lawyers work includes legal drafting, reviewing agreements, negotiating deals, and attending the meetings with the clients of the company. He handles the internal legal work of the company with fewer or no litigation work. However, he has to assist the external lawyers of the company in legal matters. Although they work for large companies, they may also be self-employed and contract themselves out to many different firms. Generally, they serve only one client, i.e., the corporation they work for. As a corporate lawyer, he is called upon to handle a variety of legal tasks including corporate taxes, mergers and acquisitions, corporate structure issues, employment law, and various other legal matters. They generally need to be knowledgeable in a wide range of legal fields and will need to be able to handle a large number of issues. Some corporations hire multiple lawyers depending on the work and requirement and each one of them is a specialist in one or two areas of corporate law. So, small corporations retain one or two lawyers while larger corporations may have more than one or two lawyers, each with their own specialty. Generally, corporations like banks, insurance companies, retail companies, hospitals, oil firms, and biotechnology companies, manufacturing companies, energy and communications companies require the full-time corporate lawyers.

In order to be a corporate lawyer it is essential that he must have a specialist course on corporate law and this can be done by getting a LLM degree after completing LLB course. A corporate law LLM course will generally include work on corporate and securities law, contracts and commercial law, intellectual property rights, banking laws, international trade laws and other areas.

LLC Incorporation and Formation

One of the most important aspects of starting a business is to choose the entity that offers the maximum benefit to your business. Limited Liability Companies are considered as the most commonly preferred business establishments of various fields. Limited liability is known for its legally recognized perpetual business entity. The incorporation of LLC is easy, simple and fast. LLC combines the flexibility of a partnership with the liability protection enjoyed by corporations. There are lots of advantages of forming an LLC instead of a corporation

Flexible taxation

One of the biggest benefit of forming an LLC is you have the option to choose how you are taxed. LLC’s tax rate is completely dependent on the owner’s income. Under the Corporate treatment option, if you have higher income you will be getting lower tax rates.

Protection of personal assets

By forming an LLC you can protect your personal assets from those of your company, if any lawsuit is brought against your company. Thus LLC makes your asset protected

No Double Taxation

Corporations are subject to double taxation, where the corporation pays the taxes at the corporate level first and then on the income which are distributed as dividends. LLC are not subject to double taxation like Corporations. Business income is reported on your personal income tax return and axed once. You can approach a Business Tax preparation Company near you to know the procedure for filing return.

Low Audit Risk

Sole proprietorship faces more risk of IRS audit than LLC. If you have taken effort to form LLC, then you are in the business where there is less risk of IRS audit.

Business Flexibility

If you are running an LLC, then you have wide choice in how to handle the business. You can add members to your business easily without much formalities as in corporations. A Limited Liability Company is a flexible business structure which gives you a variety of options to manage your company.

Lease Assets

If you are running an LLC, you can lease your personal assets to the company. This means you can run your LLC from your home office and show like the LLC leasing the office from you. By doing so you can write off business expense and improve your financial situation. For doing this you need a formal lease agreement.

Forming LLC as the business structure is the best choice for an average entrepreneur. If you are going to run a LLC business, contact your nearest Small Business Tax Service Company, to run your business effectively.

Points to Remember Before Setting Up a Business in UAE Freezone

Freezone Business Setup in UAE is a promising option for starting up a venture in Dubai. While the government has been encouraging on foreign investments ahead of the Dubai Expo 2020 and creating opportunities for entrepreneurs, it seems like the freezone company formation option is among the most preferred form of business setup in United Arab Emirates.

The UAE Ministry of Economy along with various UAE free zones, with collaboration have decided to discover partnership and strength mutual means of corporation. As known globally the UAE freezone company formation is a free economic area or an economic freezone jurisdiction, providing maximum benefits of business set up in the region – such as tax advantageous, complete ownership, repatriation of profits as well as on capital, no import and export charges, no custom duty, free transfer of funds, less monitoring or regulations, freedom on work module and so much more. Freezone business setup in UAE is nothing but a haven for every businessman.

Freezone Business Setup in UAE is amongst the swiftest procedures of incorporating a company in UAE and is normally not an expensive affair. Nevertheless, with all the good factor noted there are also few precautionary points a prospective entrepreneur must remember!

Listed below are the points to remember before setting up a Business in UAE Freezone:

• Chose Precisely:
UAE freezone offers various options with regards to jurisdiction, legal type, legal structure, the process of establishment, the numerous regions, their independent rules and regulations and so on. Before setting a company in UAE freezone, chose precisely which parasol is suited best for you and your company’s requirements.

• Be Informed:
Having proper knowledge about the freezone company formation process and timely indication on the laws implemented is always a foremost advantage. A guidance from a company formation advisors of business setup consultant is the best option under this scenario – that allows you to focus on your business while formalities are taken care by the consultants. It also indicates you the changes in the pattern of business setup and assures you up-to-date services.

• Difference between FZE and FZCO:
Understanding the difference between a Freezone Establishment and a Freezone Company Formation is essential before freezone company formation. A Freezone Establishment is a company established by a sole entity and has a single shareholder, while a Freezone Company is actually a limited liability company are is bound by 2 or more shareholders. Even though both provide the same operational recompenses the major difference is in the share capital requirement.