[February 20, 2022] Being a business leader takes more than a penchant for leadership. Of course, you need it to manage your team, grow your company, and build a reputation in the market. But running a business successfully is also about staying on the right side of the law. Not surprisingly, modern Canadian entrepreneurs are more legally conscious than ever. If you want to lead your business on the road to success, ensure to avoid legal mistakes and set up lawful operations. Knowing corporate law and having a corporate lawyer by your side can help you achieve your goals. Here are some reasons why business leaders prioritize corporate law.
Build a robust foundation
A leader needs to build a strong foundation for their venture, and it is possible only with a good understanding of the law. After all, you cannot go ahead into a partnership with founders only through verbal agreements. Likewise, forming a corporation requires a great deal of documentation. You also need legal guidance down the line as you explore mergers and acquisitions. Having a corporate lawyer in your team is a good idea as they look after all these aspects while you can focus on growth-critical requirements.
Create flawless business contracts
Being a business leader is not an easy job. It comes with its own set of challenges and responsibilities. You may miss out on details while managing multiple tasks and roles. But being a step ahead with corporate law while signing deals and contracts can save you from trouble. Every agreement has to be flawless, whether with a client, vendor, or employee. A corporate lawyer can ensure it for you by identifying loopholes and skipping them in contracts.
Stay ahead of litigation
All organizations can expect to encounter disputes at some point. The most common ones Canadian businesses face include discrimination accusations, partnership disputes, and insurances issues. Having legal expertise at hand is a good approach. If you operate in Edmonton, collaborate with a seasoned Edmonton corporate lawyer to stay ahead of litigation. They can take a strategic approach and resolve most cases in the settlement phase itself.
Safeguard against intellectual property violation
Intellectual Property violation is a crucial concern for business leaders as it can cost your company a fortune. Essentially, it includes patents, trademarks, and copyrights. The most daunting part is that you can violate it unintentionally and get into legal trouble. Your corporate lawyer safeguards you against intellectual Property violation and ensures no one else violates your IP.
Avoid employee issues
Another reason business leaders prioritize corporate law is to avoid employee issues. Remember that you cannot ditch them altogether, no matter how much effort you invest in creating a positive work environment and business culture. Your lawyer can help you manage the situation before it aggravates. They know the nitty-gritty of employment laws and ensure that issues do not crop up in the first place.
Having a corporate lawyer by your side is the best decision you can make as a business leader. With lawsuits becoming more common than ever, it is better to have a legal defense plan in place.
Corporate law is important, ms. baker, but I will note that leadership incorporates this into their business model. Law itself is better seen as a moral issue, rather than a full legal mandate.
Avoid employee issues…. good category to discuss. Gen. Satterfield has an article out called, “Avoid Infighting at Work.” You might want to reference it in the future.
https://www.theleadermaker.com/avoid-infighting-at-work/
We all know problems occur in any group. Telling the world about them is unproductive. – Gen. Satterfield
This is where real leadership comes in to establish MORE than a positive work environment but a GREAT work environment. No matter the job, people can be convinced its the best thing to go to work and have a great time of it.
Good suggestions. Good to see Ms Baker back here. 👍
“Stay ahead of litigation.” Good comment but sad to say that we all have to look out for things like this.
Hi Ms. Baker, good to see you back on this blog. Gen. Satterfield is a good man to read. Please make a few comments about his articles so we can read better how you think.
Hi Ms. Baker. You have a very good article. Here is a small suggestion from me that might get more people to read it. Simply put, add a little pizzazz to your writing style. Tell a short quirky, interesting story, make a small joke, something like that. You will find people more attracted to you when you make your articles more interesting rather than just about facts. 😊
Good suggestion UD. This is the kind of comment that I wish we all could get. Anything, any suggestion or recommendation on how to better improve our writing style is welcome — or at least should be welcome.
Emily, good to see you back on Gen. Satterfield’s leadership blog. A winner!
Yep, good writer. ✔