Shin Law Office’s Corporate Attorneys Answer Frequently Asked Questions from Established Businesses
Established, profitable corporations strive to work efficiently and quickly to edge out their competition. No doubt it is a cut-throat business world out there — winners and losers are made every single day. Knowing corporate law basics is vital.
It is important to make sure all of your business transactions are legally binding, recorded properly and ready to stand up against any type of litigation or challenge.
Corporate law attorneys do just that and so much more. They protect you and those who invest in your company, draw up contracts, advise on legal transactions and facilitate business growth via mergers and acquisitions. Your corporate attorney will harden your business against attack by preparing for and guarding against possible litigation and business pitfalls.
The Corporate Law Attorneys at Shin Law Office pride themselves on their attention to detail. This detail includes: Knowing when a company is at legal risk; Being versed in the latest legal challenges; Having the foresight to prepare for upcoming challenges.
Below are just a few of the most frequently asked questions we get when dealing with our new corporate clients.
Have additional questions? Schedule a No-Cost Consultation with one of our Northern Virginia Corporate Law Attorneys.
Q: How do I know if I need a corporate attorney?
Whenever you start a business, you should always look to consult with an attorney. It’s important to always remember things will never go the way you intend, so it’s important to try to minimize as many problems as you can before they begin.
Q: Do I need different corporate attorneys for specific legal actions?
When you want to do something highly specialized like mergers and acquisitions, then yes, a specialized attorney would be recommended. If your needs require something more basic, then an experienced corporate attorney should be able to accommodate all your needs.
Q: What questions should I ask a corporate attorney before hiring?
All the questions you need to ask to address your needs.
You are the boss and you are the one with the goals and vision; it’s the attorney’s job to help you get to your goal.
Q: What are some of the basic legal documents I should have in place, as a corporation?
The bare minimum would be having all of your incorporating documents completed in addition to an Operating Agreement.
The Operating Agreement is essentially the “law of the land” for the company, and should be comprehensive to cover all possible issues you think may arise.
After you have those documents completed, it is worth looking into other documents (such as shareholder agreements, resolutions, etc.) to ensure all your business needs are covered.
Q: Why is it important for me to document official actions and keep business records?
This is critical because often times in litigation, the burden is on the business to produce information during litigation that can make or break a case.
For example, in a Minimum Wage action, all an employee needs to establish is a good cause basis for a claim of not being paid for his/her work.
It is then the company’s responsibility to produce records that prove otherwise. If a company cannot produce those documents, then the court will often take the word of the employee.
Q: What are the advantages of having a corporate attorney on retainer, vs. having one in house?
This will largely depend on your resources and how much dedication to legal matters your business demands.
If you feel like legal issues are few and far between, then having counsel on a retainer basis is usually recommended; however, if you believe that legal issues (good or bad) will be dealt with, or if you believe you will simply need sound legal advice in making business decisions, then having an in-house counsel (that is hired as an employee) may be the preferred method.
Q: I have a small corporation and don’t really have ‘shareholders’ other than myself and my spouse. Do I have to hold -- or atleast document in minutes -- a shareholder meeting?
This is always recommended. Even though your business may be a small corporation, it is always a good idea to make sure that your “corporate books” are always clean and organized.
Q: My business is classified as a C-Corp and it is growing! How do protect of all of my products and ideas from being taken by a competitor?
You may always try to trademark, patent or own your unique ideas and inventions!
Q: My business is a corporation - which protects me, as the business owner, from liability -- are there instances where those protections are set aside?
You can always be held personally liable through company actions if you engage in reckless or ill-intended actions that go beyond the scope of the duties of company. Additionally, you may be held liable for other actions under a doctrine called “piercing the corporate veil”.
- Contract Review
- Contract Updates
- Contract Creation
- Breach of Contract Action
- Partnership Agreement Reviews
- Revised Operating Agreements
- Shareholder Agreements
- Change in Corporate Structure
- Legal Actions to Recover Profits
- Acquisition of New Businesses
- Business Dissolution
- & More
- Corporate Formation
- LLC Matters
- Partnership Agreements
- Operating Agreements
- Shareholder Agreements
- & More