Kozhikode is a coastal city in the south Indian state of Kerala. It was a significant spice trade center and is close to Kappad Beach, where Portuguese explorer Vasco da Gama landed in 1498. The central Kozhikode Beach, overlooked by an old lighthouse, is a popular spot for watching the sunset. Inland, tree-lined Mananchira Square, with its musical fountain, surrounds the massive Mananchira Tank, an artificial pond.
SL Kozhikode Legal is one of the Best Law Firm in Kozhikode, India. We assist our clients with all kinds of legal matters including Intellectual Property Services, Legal Research and Drafting and much more.
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Legal Counsel – Functions in Business
A legal counselor handles all law-related matters that a company encounters, including:
- Conducting research on different laws and regulations in various geographic and political environments
- Drafting legal documents as required by the company, based on situations and clients
- Negotiating settlement terms with individuals of interest
- Handling legal disputes with other corporations and/or individuals
- Documenting and filing taxes according to different systems of taxation
- Documenting and filing documents related to Intellectual Property
- Managing legal risk
Why Legal Counselors?
Lawyers often tend to specialize in a single area of practice – such as intellectual property, real estate, bankruptcy, immigration, negotiation, and so on. Therefore, companies that do not employ in-house legal counselors must pursue different individual lawyers for different types of legal matters.
On the other hand, a legal counselor functions as a general lawyer who handles all the legal matters in a company – reducing the costs of recruitment and the need for multiple individual lawyers. Legal counselors can be especially beneficial for companies that tend to come across legal matters and disputes regularly.
A corporation may accurately be called a company; however, a company should not necessarily be called a corporation, which has distinct characteristics. In the United States, a company may or may not be a separate legal entity, and is often used synonymous with “firm” or “business.” According to Black’s Law Dictionary, in America a company means “a corporation — or, less commonly, an association, partnership or union — that carries on industrial enterprise.” Other types of business associations can include partnerships (in the UK governed by the Partnership Act 1890), or trusts (Such as a pension fund), or companies limited by guarantee (like some community organizations or charities). Corporate law deals with companies that are incorporated or registered under the corporate or company law of a sovereign state or their sub-national states.
The defining feature of a corporation is its legal independence from the shareholders that own it. Under corporate law, corporations of all sizes have separate legal personality, with limited or unlimited liability for its shareholders. Shareholders control the company through a board of directors which, in turn, typically delegates control of the corporation’s day-to-day operations to a full-time executive. Shareholders’ losses, in the event of liquidation, are limited to their stake in the corporation, and they are not liable for any remaining debts owed to the corporation’s creditors. This rule is called limited liability, and it is why the names of corporations end with “Ltd.” or some variant such as “Inc.” or “plc.”
Under almost all legal systems corporations have much the same legal rights and obligations as individuals. In some jurisdictions, this extends to allow corporations to exercise human rights against real individuals and the state, and they may be responsible for human rights violations. Just as they are “born” into existence through its members obtaining a certificate of incorporation, they can “die” when they lose money into insolvency. Corporations can even be convicted of criminal offences, such as corporate fraud and corporate manslaughter.
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