All businesses may need ongoing legal advice on corporate governance, including operations and internal processes. While businesspeople could feel that they can handle these issues themselves, a lawyer provides more insight into the reasons behind corporate governance requirements and helps develop long-term strategies for compliance.
What Is Corporate Governance in The Bahamas?
The term corporate governance refers to the processes, procedures, and practices that help a business keep running. To maintain medium to large size companies, you must balance the needs of many different stakeholders – directors, shareholders, employees, management, suppliers, vendors, financial backers, the community, and the government. Rules and processes help you and the rest of company management get business done.
Corporate governance issues that could arise for your business include:
- Compliance with current or new laws and regulations
- Keeping business licenses current
- Paying taxes in a timely fashion
- Establishing contractual relationships with other businesses
- Internal procedures for expenses, approval of deals, employee discipline, and more
- Creating an internal hierarchy of management
For many of these issues, a lawyer's advice could be invaluable.
How Can a Lawyer Help Your Business?
Many businesses run into trouble when they spend time doing business but not ensuring compliance with the law. While there is temptation to ignore legal compliance, the risks of doing so are great. For example, your business could face expensive fines or a lawsuit. You may even have financial difficulties.
Especially with the government increasing oversight of money laundering activities and other new regulations, your legal compliance efforts matter. A lawyer who keeps up to date on new law and gives good advice about personnel issues could save you from a disaster.
If you are not sure whether you need a lawyer for your business, consider talking to a few in initial meetings. You may learn that your business needs more help than you think.