What Columbus Corporate Lawyers Do
A Columbus corporate lawyer can help you understand the rights and duties of the parties of a corporation to each other. Corporate law includes the requirements to form a corporation, the governing documents of a corporation, and the rights and duties of officers, the board of directors, and shareholders.
A person or group must meet statutory requirements to form a corporation. In Ohio, this includes filling out the articles of incorporation, listing the contact information of a statutory agent, drafting bylaws, holding the first shareholder meeting, and electing the board of directors. A corporation must have a board of directors and a director cannot be elected without a shareholder meeting. This means that if a single person wants to start a corporation, they must hold a meeting by themselves and elect themselves to the board.
The primary duties of the officers and directors are the duty of care and the duty of loyalty. The duty of care concerns a person's reasonableness and diligence in making decisions for the corporation, and require the employee to make decisions in the best interest of the corporation. The duty of loyalty concerns a person's business outside of the corporation and essentially requires the employee not to do any business outside the corporation if that business would be adverse to the financial interest of the corporation.
Shareholders have rights when it comes to certain operations of the corporation. Shareholders elect the directors and must approve substantial changes to the corporation. Shareholders and directors usually interact through mail regarding a proposed substantial change. The directors come up with a proposal and a proxy statement that allows shareholders to vote without attending a meeting. Shareholders can also make changes by drafting a proposal and mailing it to the other shareholders to acquire the requisite votes needed to pass the change.
Why You Need Help
Corporate law is a complex system from formation to operation. The duties of the parties are somewhat vague and apply to basically every single interaction between any of the parties. Vague duties and broad applicability make it far too easy for a party who disagrees with an action to bring a lawsuit over that action based on violation of a duty. This makes corporate law less about if a lawsuit will arise and more about when a lawsuit arises. That's why you need a corporate lawyer who knows defenses like the business judgment and safe harbor defenses.
Another reason why you need a corporate lawyer to help is that many interactions require large documents with substantial legal effect. Each document from proxy statements to proposals could fundamentally change the corporation, so every provision in these dense documents is important. This can take hundreds of hours for a corporate lawyer and even more if you attempt to do it yourself. You have enough to worry about running your corporation without trying to teach yourself to write a proxy statement.
Why Work With Collier Legal, LLC
The Columbus corporate lawyers at Collier Legal, LLC understand your corporate needs. We know that you need quality work done quickly, and that you have your own deadlines to meet. We want to make you look good for choosing our firm. That's why we meet your deadlines and provide quality work in the process. We also work to meet your budget by offering affordable rates. That way, we satisfy your timeline and your budget. For more information, or to schedule your consultation today, contact one of our Columbus Corporate Lawyers.