As a business owner in India, you need to know what Company Law includes and its consequences if not followed. Here’s why you need corporate lawyers.

Corporation law, also known as corporate law or company law, deals with the formation and operation of corporations.

The law is related to commercial and contract law, and this law body governs legal entities that conduct business. And business lawyers in Mumbai are the experts who can help you to deal with 

Let’s get into depth and understand the importance of corporate law and the advantages of having a corporate lawyer by your side.

The Characteristics of a Corporation Law

Corporations are taxable entities that shield the shareholder or individual owners from personal liability for the debts and corporations’ liabilities. Some exceptions include unpaid taxes for which the shareholder or the respective owners can be held liable.

Since Corporations get taxed at a lower rate than individuals, they are often used to tax structuring. So, a corporation ceases to exist only after being formally dissolved.

For a corporation to do business in Mumbai, it must obtain permission per Maharashtra’s corporation law. 

Along with state laws, there are also central laws relevant to corporations. Specific industries and corporations are subject to central licensing and regulation, such as communication and public transport.

The Purpose of Corporation Law

The laws cover the rights and obligations of everyone involved with the following in operation:

• Forming the corporation

• Operating the corporation

• Owning the corporation

• Managing the corporation

Company law in India is friendly for businesses, and thus, it makes it easier for businesses to get things done. The law intended to make things simpler for a corporation to conduct business. The correct use of corporate law can make your business establishment shine. 

It is good to seek legal help from lawyers in Mumbai and other regions from the beginning of your business to get the law to work in your favor.

Why hire corporate lawyers?

Corporate law is an essential aspect of business that can benefit a company in various ways. A corporate lawyer in Mumbai handles a plethora of business transactions to ensure that the company runs smoothly and without potential legal issues. As a result, hiring a corporate law advocate can help an organization stay safe from various legal disputes and keep its documentation organized.

If you are a business owner, one of the first things you should do is hire a corporate lawyer. Understand that legal disputes can cause you to lose your market position or earn you a bad reputation, affecting your market credibility.

Advantages of Hiring Corporate Advocates in Mumbai

• Corporate advocates in Mumbai help you in choosing a suitable business structure.

It is crucial to choose a proper business structure. You may find your business with unnecessary legal issues if you do not structure it correctly. You will get exposed to more liability than partnerships and sole proprietorships as a business owner.

Hence, it is better to consider hiring corporate law firms in Mumbai or other regions to assess your business from the start and understand your liabilities, tax obligations, employee inquiries, setup costs, etc. It can help you decide on the business structure you should opt for.

• Real-estate leases and agreements

You will be looking to shop in an office building, warehouse, or other commercial places unless you decide to run your business from home. Whether purchasing or leasing a space for your business, you will want corporate lawyers to review all terms and conditions in the fine print.

• Prevent future lawsuits

Hiring a corporate lawyer in Mumbai reduces the exposure of your business to lawsuits. Business lawyers in Mumbai will get your business in legal order for state and central business and employment laws. Being ready and proactive before a case comes to your door will save you from countless headaches down the road.

• Protect your intellectual property

Product designs, inventions, logos, original works, trade secrets, etc., are part of your intellectual property. Protecting your intellectual property to maintain your distinct and competitive business is of utmost importance. 

A patent, copyright, or trademark can be filed depending on your intellectual property type. Corporate lawyers and law firms can help you protect and preserve your legal rights to your intellectual property. 

• Drafting contracts

The lawyers in Mumbai review all business contracts, whether for employees, vendors, customers, etc., to ensure all necessary items and points get covered in the contract. 

Are you not sure whether a particular transaction requires a contract or not? Hiring contract lawyers or law firms in Mumbai can provide you with clarity while ensuring the production of a quality contract.

To Conclude –

Corporation law is complicated and a vast area of law. So, it is wise to hire corporate lawyers in Mumbai who can assist you in growing your business by following rules and regulations laid down in law. 

Corporate lawyers get trained in the legal formation of law. These lawyers also have the skills to construct joint ventures, mergers, acquisitions, licensing arrangements, and countless other transactions entered into by corporations.