Are you somebody who owns a business? If so, then you have an understanding of what it’s like to start something from the ground up. Businesses, when successful, grow and lead to more revenues. As revenues grow and you’re fairly new to the subject, it can be a daunting task to handle. This is where commercial lawyers come in. They provide business owners with legal advice on how to navigate through the legality of the business world. This ranges from legal requirements, licenses, contracts and many more.
In this article, we will be going through the responsibilities that a corporate attorney handles and why business owners can benefit from the guidance that these attorneys provide.
Business Registration
One of the services that corporate attorneys provide is verifying the availability of proposed business names with DTI (Department of Trade and Industry). This is because there are instances that the business names we come up with are already being used by other companies. This can lead to some legal disputes if not verified and authorized by an attorney. So for this reason, a commercial lawyer is needed.
Furthermore, these attorneys assist in preparing legal documents that are necessary for registration. These documents include business name registration forms, partnership agreements, articles of incorporation and many more.Â
The purpose of these documents is to establish that your business is legal. That is why attorneys submit all of these to DTI, LGUs (Local Government Units), SEC (Securities and Exchange Commission), and BIR (Bureau of Internal Revenue).
Contract Drafting and Review
In the Philippines, contract drafting is a vital part in starting a business. These documents are all crucial for corporate businesses in the country. This is the reason why clients need the services of commercial lawyers to help in establishing their businesses.Â
By reviewing paperworks, documents, contracts, and many more, corporate attorneys ensure that the interests of their clients are protected and legally binded.
When it comes to contracts, there are cases that we do not understand some of the legalese used in documents. This is especially true with new business owners. Therefore, having an attorney to guide and assist you will make legalities less complicated.Â
Having a lawyer to draft and review contracts, helps businesses negotiate with one another, forming partnerships. Thus, leading to better business transactions.
Due Diligence
Practicing due diligence is a vital component in starting an effective company since it guarantees compliance to rules and laws. It includes issues related to operations, finance, law, commerce, the environment, and regulations.Â
While financial due diligence ensures financial stability, operational due diligence focuses on internal controls. This is more aimed towards internal operations and how it affects the company. Legal due diligence on the other hand, reviews documents and contracts to identify risk hazards.
Furthermore, market industry, environmental impact, and regulatory compliance are evaluated by commercial, environmental, and regulatory due diligence.
Regulatory Compliance
Business owners are obligated to maintain regulatory compliance. This is achieved by following guidelines, laws, and regulations. It will be quite challenging for business owners everywhere to navigate through all the complexity of corporate environments without the support of commercial lawyers.
Corporate attorneys assist in understanding applicable laws and regulations. This helps businesses apply specific laws to their industry. Through this, compliance programs can be developed, thus making it easier for companies to reach legal obligations. These may include policies within the company, training programs, monitoring and report mechanisms.Â
If non-compliance is observed, risk assessments are carried out to mitigate risks. Lawyers will conduct due diligence, and enforcement actions, as mentioned earlier. As well as compliance audits, reporting and disclosure.
Intellectual Property Protection
To protect their intellectual properties, business owners seek assistance from commercial lawyers to ensure that their trademarks are registered. This is to prevent unauthorized usage of their logos, slogans and brand names. If and when such things occur, corporate attorneys can help their clients’ sue for copyright infringement.
Copyright violations can take many different forms, such as unauthorized use of writing, music, video, and image content, as well as internet piracy. If this is violated, there may be fines, injunctions, and damages awarded in court.Â
To prevent violating the rights of others, it is crucial that people and businesses follow copyright laws and get the appropriate consent before using legally protected content.
Therefore, in order to maintain their competitive advantage, safeguard their brand identity, and secure the value of their products, businesses need to protect their intellectual properties.
Key TakeawayÂ
To summarize, commercial lawyers in the Philippines play an important role in assuring the legality, and success of corporate transactions. Their knowledge comprises a wide range of important fields. They provide legal advice and guide clients through business registration, due diligence, regulatory compliance, intellectual property protection, contract drafting and review.Â
In addition to helping to resolve legal disputes, they also make corporate proceedings run more smoothly and effectively. Commercial attorneys play a crucial role in business transactions, making sure that clients maintain legal compliance. This way, businesses will continue to develop and expand.
