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Category Archives: Incorporation

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9 months ago Incorporation , Laws

Understanding The Role Of A Corporate Lawyer

There are many different types of lawyers out there. Some specialize in divorces, while others have worked their entire careers to defend those suspected of crimes. There is even a corporate lawyer. These types of lawyers primarily work with businesses and corporations. They have a few key duties and these duties are performed to aid the company that they’re working for. So, what is the role of a corporate lawyer? What duties will they handle on a daily basis? These questions will be answered in the guide below.

Commercial Transactions

First and foremost, it should be noted that corporations are often going to engage in commercial transactions. For instance, a company may attempt to acquire another. Or, they may try to merge with another business. This happens very often. In this type of situation, there are plenty of laws and regulations. This is where a corporate lawyer will come in very handy. With their help, the company heads will be able to determine whether or not the transaction will be legal and in their best interest. Working with a corporate lawyer to gain a better understanding of the legality of commercial transactions is a must.

Legal Rights And Duties

Another thing to note is that a corporate lawyer will be required to let the corporation know about their duties and legal rights. Corporate officers often have duties and responsibilities that must be fulfilled under law. In some situations, the officer may not fully understand their duties. A corporate lawyer can help. The lawyer will work directly with the corporate officer to ensure that they’re fully aware of their duties and responsibilities. This will decrease the likelihood that the officer is going to get themselves into legal trouble in the near future.

Working On Certain Lawsuits

There are some corporate lawyers who will be required to defend their clients in a courtroom. In this type of situation, they’ll find themselves questioning witnesses and presenting evidence. There are plenty of situations in which a corporation can be sued. It is very common for a business litigation lawyer to find themselves in this type of situation. They may need to argue that their client did not infringe on the copyrights or patents of another company. A corporate lawyer is really a jack of all trades. They’ll be working diligently to ensure that their client is protected from various risks. Without their help, the company may find itself in a troubling situation with no viable way out any time soon.

Other Duties

The list of duties that corporate lawyers perform really goes on and on. For instance, there is a good chance that the corporate lawyer is going to help structure the business. They’ll also help with the planning of the business. When it comes time for the business to file its taxes, the corporate lawyer will be brought into the fold to help. This type of lawyer needs to have a wealth of knowledge in many key areas. Without their knowledge, they’ll never be able to help their clients overcome the unique challenges that they face.

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Reasons Why You Need a Lawyer for Your Initial Coin Offering?

An Initial Coin Offering (ICO) is a certain form of funding which uses cryptocurrencies.  The funding is typically done with a public crowdfunding campaign, however, private funding is starting to become popular also.  The coins or tokens are bought by investors using Bitcoin, Ethereum, or other forms of cryptocurrencies. The coins can also be purchased with legal tender.  Many startups like to use ICO’s because they fall outside of currency regulations and guidelines and in turn offer a bit more flexibility and freedom.

Whitepaper

The first thing you need when you are putting out your ICO is a Whitepaper.  A white paper is an informational and authoritative one-sheet which explains the complexities involved with a particular ICO.  And the lawyer you choose should have the know-how to challenge any discrepancies they see within the whitepaper documentation.  This refers to both the technical and legal aspects of the paper.  You don’t want to take this step lightly and getting the best lawyer possible will save you a great deal of time and money in the future.

Clarity

Make sure both you and the lawyer you choose are clear on the process and the pricing.  There are many stories of those who send out their ICO without enough clarity in what they are looking for and how they want to go about it.   Again finding a lawyer who has the wherewithal on this point will save you time and money as well, not to mention a lot of headaches.

Design

Many businesses tend to over the look implications a token or coins’ design may have.  Your lawyer should take care in drafting all documents so that the ICO presented falls into the category of a security token.  If this step is not done in the correct manner you could be simply wasting valuable time and will not be taken seriously by any investors.

Below are some other things that you’ll want to make sure are covered by the lawyer you hire.

A good ICO lawyer will analyze the current regulatory compliance measures and assure that your coin fits all categories.  They will also draft the correct pre-Crowd Token Offer and the Crowd Token Offer agreement.

Your lawyer should make sure to draw up legal documents such as Privacy Policy, Terms of Use, and the Token Purchase Agreement.  Make sure they also draft the ICO Private Placement Offering Document. The lawyer you hire should also provide an analysis of GDPR, Consumer and Data Protection, FIA, E-Money licensing, and any other legislation applicable to your offer.

One last thing you should think about when hiring a lawyer to help with your Initial Coin Offering is marketing.  Your lawyer should perform a legal review of your ICO’s promotional and or marketing materials and make sure they are within legal guidelines before you send anything out.

So when you are starting the process of you Initial Coin Offering, remember hiring the right lawyer could make or break your venture.

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Business Formation: 9 Things to Know Before Choosing an Online Incorporation Service

Incorporation is something that could save your livelihood.  When you incorporate your new business you automatically upgrade your status, while protecting the things you’ve worked so hard to achieve for you and your family. Your liability moves from personal to commercial, therefore your assets that you’ve attained and obtained outside of being a business owner are safe.

1. Written Agreement Between Decision Makers

One of the most important things you can do is getting a written agreement between the people that make the decisions for themselves or others.  

2. Entity Type

Before you get the written agreement you’ll need to choose the type of entity you will be starting.  You can easily find an LLC, S-Corp, INC, DBA, Non-Profit, using a Business Entity Search.

3. Splitting Equity

What splitting equity means is that two or more people share responsibilities on a business.  You should always have a clear agreement with your partner or partners in writing on who owns what portion and or share of the company.

4. Jurisdiction

Understanding what jurisdiction your entity falls under is extremely important. You need to load up on knowledge of this subject.  At the end of the day, you have to take care of yourself and know all of the legislation concerning our business.

5. Payment Method

Nowadays people can be fairly particular about the way they pay for things.  Some people love using Venmo, AliPay, and other methods. However, the most secure and simple way is to seek out incorporation services that accept PayPal.  

6. Personal Wealth May Not Be Protected

If you don’t’ take the proper steps to incorporate your business your personal wealth will most likely not be saved and or protected in case of extenuating circumstances.  There may be no more important point to pay attention to than this one, especially if you don’t have a whole lot of money.

7. Special Permits

When you are in the process of incorporating your brand new business, you will want to make absolutely sure that you have the right permits.  If you don’t have the correct paperwork or permits then you will most likely face a major problem down the road. Keeping up to date on this will be one of the most astute things you can do for your business.

8. Choosing the Right State (State Tax Implications)

Not all states are created equal when it comes to taxes.  You should take care to peruse every state’s laws when it comes to taxes and subsequently choosing a state to conduct your business in if you can help it.  

9. Business Information

You also should meticulously scour your paperwork or documents to make 100% sure that you have the right address, account information, business codes, etc.  It should be noted that this should not be taken lightly.

Above are some great tips to help you navigate a successful path to incorporating your company online.

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