Corporate Compliance! Why it is important in business?

 

The term corporate companies encompasses the organisations that are formed by a group of companies that act as a legal entity separate from its shareholders making the shareholder’s liability for the subsidiary’s debts limited to the value of the shares and the shareholders cannot be required to perform the company’s obligations.

Understanding Corporate Compliance

Corporate Compliance is one of the most important things that should be integrated as a part of all the operations of a corporate company. Corporate companies have a separate set of laws that govern the operations, and with the set of regulations, standards and the ethical practices that apply to each individual organisation, each company would have its own specific set of rules that should be followed.

The process of making sure that the company follows the aforementioned rules is called as Corporate Compliance. Understanding that Corporate Compliance is also inclusive of internal policies, company rules, and federal and state laws is essential for effective implementation of those practices.

Why is Corporate Compliance essential?

Corporate policies are the rules that govern the activities of the company’s employees, and enforcing the corporate policies stringently will make sure the rules are followed. By extension, the violations of rules can be detected and corrected quickly. Corporate compliance ensures that the employees are also aware of the rules and policies that would govern their behaviour, and they will give a set of firm dos and don’ts that would help them perform better and stay focused on what their role in the organisation demands.

Organisations and corporate compliance

Corporate compliance is quickly becoming an essential part of every organisation because of many reasons. Most organisations employ Corporate Compliance as an ongoing process that would help them when things need a legal angle. Much like the other important aspects of a corporate company, corporate compliance too has become a part of the company’s basic framework.

The legal implications of corporate compliance

Corporate compliance is more than simply a set of rules. They have legal implications, and defining the regulations of the day to day activities is aimed at preventing misbehaviour and applying the laws, by detecting misbehaviour as soon as it happens.

A corporate compliance officer is the person employed by the corporate company, the official who will be in charge of managing and overseeing the compliance issues within an organisation. The CCO is important for the company to ensure that it is complying with the regulatory requirements and policies and to ensure the employees follow it as part of their job ethics.

Hiring a corporate compliance lawyer

Hiring an expert lawyer like those from Garfield Logan Law firm to ensure that the legal aspects of corporate compliance are covered when the company forms and implements the policies regarding the corporate framework. The legal representative has many jobs including ensuring the framing of the right policies and correct implementation of the individual rules without clashes or conflicts, at the same time coordinating with the original laws of the state or the country the company is situated in. This is why it is essential to hire a good corporate compliance lawyer.

How to get benefit from long term ramifications of legal battles?

Legal battles are long, and sometimes draining. But with the aid of the right legal counsel like the experienced team of lawyers from Garfield Logan Law, the process can be much simplified and ended with maximum benefit and minimum damage to the clients.

Hiring an attorney – the common misconceptions

There are a lot of misconceptions about hiring an attorney to represent someone at the courts, and the most prominent of them is the idea that attorneys are expensive. Breaking this myth down into parts is ridiculously easy. The cumulative charges of proceeding with the case by self or an appointed attorney, and then end up having to pay for the trial charges, delay fines and other expenses would be much larger than the actual costs involved in hiring an attorney.

The second major misconception is the one about the needlessness of having an attorney. All legal cases require an expert opinion, and the presence of an attorney would simplify the legal process to a large extent. All cases need an attorney who can provide the expert opinion starting from the initial stages instead of only when the things have turned deeper and more serious.

Understanding court proceedings

A large percentage of the cases that have begun without seeking proper counsel have ultimately sought legal help at a later stage to help with the trial. But seeking help at a later stage would not have a great impact on the outcome of the case, because the facts of the case revealed at the initial stages might always be used as admissible evidence in the trial. A legal counsel who is present since the beginning of the case would be able to understand what was said, the facts that were presented, the witnesses examined and the general proceedings of the case.

There are many reasons why one would want to avoid convictions in a trial. While pleading guilty to escape with a minor charge might seem like a good deal initially, there might be problems later on because a legal conviction might affect many things of the client including job prospects.

What happens with a conviction?

The legal ramifications of a conviction might not be immediately evident. In some cases, the easy conviction might seem to be an easy escape at the given time especially if the opposite side has stronger points. But a legal conviction might be a problem for a lot of things including future job prospects. A defense attorney, especially from someone experienced like a team from Garfield Logan Law would explain the pitfalls and problems of accepting the conviction or pleading guilty or not guilty.

A legal counsel would help their client make their decision knowledgably, after knowing the full facts of the case and the benefits of going for a trial or otherwise. An arrest in a legally strict state like California and charges pressed against an individual or company would mean long term effects in all aspects of the future of the company or individual. Proper legal counsel might help avoid this situation before it becomes more serious.

Estate planning is done right at Garfield Logan Law

Nobody is immortal in this world. We know that, right? Now, we cannot ignore the importance of one thing in life and even after death: Taxes. So, Garfield Logan Law would always suggest you chalk out a plan and make sure that your friends and family know and understand your wishes.

Tips to execute your estate planning with ease

• Make sure that you make an inventory of physical items

In order to do thus, you must analyze the inside and outside of your home. Now, what to analyze? Find out anything that is worth 100$ or even more. That can include anything from the house itself to collectibles and even power tools. So, basically, whatever is yours and is equal to or more than 100$, is eligible to be included in the inventory of physical items.

• Do you own any non-physical items inventory?

If you have a good collection of non-physical items, please take care of them as you will need them now. The non-physical assets include the list of things that you own on any entitlements including paper. These should be predicated on your death.

Now, what would those items be? The items include IRA assets, 401k plans, life insurance policies, brokerage accounts, bank accounts and others. Apart from life insurance policies, it also includes insurance policies for health, homeowners, disability and long terms care.

• Get hold of your list of Credit and Debit Cards

Under this tip, you need to make a separate list for all of your debts and open credit cards. So, it must have everything from auto loans, home equity lines of credit, existing mortgages and any debts that you might have. You know you can always make tasks like this easy. How? Make it a practice to get a free credit card report every year. This will help a get the list of any credit card that you may have forgotten about.

• Assort the TOD Designations

Do you know what TOD stands for? It is the full form of ‘transfer on death’. There are several accounts that get probated unnecessarily every day. Accounts like individual brokerage accounts, CD accounts and bank savings go through the process.

Probation is a court process that is avoidable if you want to. So, this process distributes assets according to the instruction of the court. This can dig deep holes in your pocket.

In that case, Garfield Logan Law is always here to help you out. The TOD feature is a feature can help you avoid the probation process. Get in touch with us and we will clarify your doubts.

• Nominate a deserving Estate Administrator

When you elect an estate administrator, he/she will be held responsible to follow the rules of the will at the time of your death. As it is a matter of severe concern, you must nominate the individual with care and attention. Any individual who is responsible and also in a healthy state of mind is eligible for your nomination.

If you are married, just don’t conclude that your nominee would be your husband. Sit down and think about it. Do not miss out any individual who you think is qualified for this role. Strengthen your decision-making ability.

• Form a Will

If you are above the age of 18, you are absolutely eligible for the formation of Will. So, this rule will help in the normal and proper distribution of assets. What are wills? If you ask me, wills are the drafts of cost-effective estate planning documents. Garfield Logan Law has an assortment of attorneys who can help you out. So, get in touch!

Know the rules before terminating your employee

Terminating an employee is a very delicate process to execute. So, Garfield Logan Law makes sure that you have proper insight into the laws related to it. So, in this way, you will be saved from executing any sort of unlawful termination.

Unlawful ways of termination may not always be on the basis of discrimination

Alongside separation, there are numerous different reasons why a worker may record a suit. For example, even in those states with voluntarily business laws (which stipulate a business is allowed to terminate a specialist without cause), an entrepreneur can in any case damage an agreement of work. A specialist may likewise document suit in the event that they feel the terminating depended on striking back, for example, for recording a protest against a business because of hazardous practices.

You can’t fire on the basis of discriminatory reasons

Certain conditions are viewed as secured with regards to terminating somebody. Thus, a business isn't allowed to terminate a specialist on account of their ethnicity, religious convictions, country of a starting point, sex/sexual introduction, inability, or age. While government segregation laws apply to each express, a few states institute significantly harsher laws that can incorporate considerably more extensive classes.

You can consider the Employer handbooks

Regardless of whether your working environment is in a free state, inability to take after the explicitly expressed worker handbook can likewise bring about a case of the unlawful end. On the off chance that there are legitimate techniques communicated for terminations or even representative backlashes, they should be taken after to the letter to keep a claim from being documented.

Are you looking for a trustworthy firm that has a complete understanding of unlawful terminations and employment laws? Then Garfield Logan Law is the correct destination for you. Get in touch with us whenever you have any queries regarding your employment laws. Our lawyers or attorneys will take care of you with precision.

Some extra facts about employment laws that you did not know about

• Bad behavior can end you up in trouble

Wrong or rude conduct can disrupt the relationship between an employer and the employee. It is applicable to both the employee as well as the employer. In fact, the latter can also keep a record of the net bad behavior of your employee. The bad behavior can be due to intoxication, fighting, dishonesty, theft, sabotage and many more.

• Health & safety of employees

It is the duty of the employer to make sure that the employees work in a safe and healthy environment. Just make sure that all the safety standards are met and applied. Even if the employee works from home, make sure that the person is in good health before assigning them work.

• Special power to pregnant women

Ante-natal care is applied to every pregnant woman. So, it also includes relaxation and parenting classes too. But, you must also make sure that the reasons are trustworthy. So, Garfield Logan law suggests that you ask for documents such as the doctor’s certificate or a proof of appointment.

So, if you still have any queries please feel free to contact Garfield Logan Law for clarification.

In lastly, When you have full knowledge about the rules of termination, you can’t execute an unlawful practice. Garfield Logan Law has made sure that you have the complete overview of termination rules.

Garfield Logan Law shares certain things you must know about Marital Agreements.

Most people have not really heard of premarital agreements. So, Garfield Logan Law is here to throw some light on the concept of marital and premarital agreements. 

Now, the laws of these kinds of agreements not only apply to the first time marriages. But it also applies to every successive marriage too. In order to understand the importance of these agreements, every individual must consider the norms that institution of marriage bestows upon them. 

Couples can make agreements between them as per their preferences. But, at the same time, you cannot make or alter any sort of legal relations. The attorneys at Garfield Logan Law makes sure that you are updated with any norm related to marital settlements.

3 separate kinds of marriage agreements 

As the title suggests, there are three main divisions of agreements when we are talking about marriage. But, the primary contract is the contract of marriage. That states that you are married to your spouse. But the other agreements include:

Prenuptial agreements – It can happen that your spouse and you enter into an agreement or contract before the marriage. The agreement can be related to financial assets or also to the property. The financial assets include stocks that you both owned individually. 

This agreement also states the process of handling the assets and property after the marriage. Garfield Logan Attorney would be the ideal destination for you if you are eager to make any sort of agreement.

Postnuptial agreement – Contract dealing is not a new thing. You can have a conversation with your spouse about contracts related to property and other assets after marriage. You can also decide the property division after the marriage.

Separation agreement – A situation may arise when you and your spouse decide to live separately without divorce. So, the separation agreement can help you out in situations like this. 

According to this agreement, you can decide the handling of the child if you have any, spousal maintenance, child custody, distribution of property and assets.

Marital settlement agreement: If your spouse and you have decided to end the marriage, then this agreement is applicable to you. You can also contact Garfield Logan Law for assistance when it comes to marital agreements. 

This is also known as the stipulation of settlement. This will guide you to handle and take care of your assets and properties, there will also be child support and spousal obligations along with custody agreements without the involvement of custody.

It does not matter which agreement you will need. Consult Garfield Local Law for a strong and effective support. Despite these, the court has all rights to challenge the agreements and justify the validity of your agreement.

Difference between Marital and Prenuptial Agreements 

The primary difference is that one focuses on the confidential relationship and the other is the fiduciary relationship in the marriage. After the marriage, both the partners become fiduciary to one another. You can go ahead and challenge a marital agreement when your partner hasn’t been in good faith or has taken any sort of unfair advantage of the other. 

But the prenuptial agreement is strictly restricted to norms and agreements right before marriage. Got questions? Garfield Logan Law is here to answer your questions.

Clarify your doubts regarding Corporate and Business Laws with Garfield Logan Law

 

As a leading firm in California, Garfield Logan Law has faced questions regarding the difference between corporate laws and business laws. So, we have decided to clear the air once and for all. It’s true that there is a lot of confusion in regards to the difference between the two. The business law deals with the formation of companies, acquisitions, rights of shareholders and mergers. On the contrary, corporate laws deal with aspects like sale and distribution of goods. You must look for companies that can work with both the laws, such as Garfield Logan Law.

Usually, the terms ‘Corporate’ and ‘Business’ are given to two almost similar but yet different laws. In fact, these are completely separate groups. The Corporate practice areas are linked quite closely. Their work is also related to the lifecycle of the companies along with acquisitions and mergers.

At the same time, the business laws adhere to a wider paradigm of practice areas like intellectual property, franchising and even litigation at times. Still, there is a common theme in between these two. Both the laws face issues that arise from the contract laws. If you’re a trainee, then you will not understand the differences. But, gradually, with the passage of time, you will realize the difference in their practice areas.

Major Differences Between Corporate and Business Laws – Learn from Garfield Logan Law

Theoretical knowledge can help you to understand the difference. But, you will understand the real difference when you can look at each category separately. For instance, a corporate law is all about the activities of a corporation, the rights of the shareholders, management duties and other problems related to the corporations. It is a fact that corporate act as a completely separate entity to the laws. Amongst many powers enjoyed by a corporation, some of them are: filing a lawsuit, entering contracts and many more!

Now, what about the Business Laws? This focuses on the formation and management of corporate entities. This, in fact, is a general category that is concerned with several other laws. Those laws include contracts, commercial transactions, employment laws and taxes. All of these affect business entities and businesses. What would that be like? The business laws include limited LLC companies, partnerships and sole proprietorships. In fact, the corporate and business laws may relate to each other as corporations are a part of business entities.

For instance, the management and directors of a corporation must choose whether to let a corporation make a distribution of dividends to the owners. What is a dividend? It is the share of profits provided by a corporation to its shareholders. Now, the shareholders or owners of a corporation deserve the right to get dividends. If your corporation does not let you get a dividend, you are authorized to sue that corporation. If you are still confused, feel free to get in touch with Garfield Logan Law.

On the contrary, the business law includes a lot of other laws. For instance, you can learn about the effects of employment law as that is a part of the business laws. The employment law is concerned with issues such as the hiring of employees, firing them and the behavior of the company towards the employers.

So, this is the basic difference between these two laws. Garfield Logan Law possesses in-depth knowledge of both the laws. So, get in touch with us now!

Summary: Garfield Logan Law serves its clients from all over the world with precision. This blog is all about the insights into corporate and business laws.