There are several types of lawyers. There are constitutional lawyers, who work to interpret the laws of the land. There are criminal lawyers, who represent their clients in a variety of cases. In this report, we will look at commercial law and some of the top work that is done by commercial lawyers in Cyprus.
Joint Ventures Formation
Joint ventures are very popular in Cyprus. Many foreign companies that come to establish themselves in the country form joint ventures with local companies. These joint ventures help the foreigners access the market without doing a lot of work initially. A joint venture usually goes through a complex legal process. This legal process helps come up with the contract of the deal. It also helps to prevent disputes between the parties. Commercial lawyers like Pavlaw helps these companies deal with the problem.
Company Liquidation and Winding Up
Forming a company is usually a leap of faith. Unfortunately, many companies don’t survive forever. Many companies are usually liquidated at some point. In most cases, this happens when these companies are high in debt and are unable to pay the money. When this happens, the lenders usually go to a court of law and request permission to liquidate the firm. These companies and banks are usually represented by commercial lawyers.
Trust Formation and Administration
Trusts are very important in the lifestyle of a company. Many founders usually create trusts to ensure that the company continues to do well long after they are gone. This is the reason why many companies in the United States are still going strong decades after their owners died. Commercial lawyers are called upon to create legally-binding documents that set trusts and how they will be administered.
Partnership Formation and Dissolution
Partnerships are important in businesses. Companies of all sectors form these partnerships all the time. For example, a forex trading company can form a partnership with forex marketing company. Lawyers are very useful when any type of partnership is being formed. They help to draft contracts and ensure that everything is being done in accordance with the law. This is not the only way they are used. They area also very useful when the partnerships are being dissolved.
The reason why many companies prefer Cyprus is that it is a well-known tax haven. The country is known for its low corporate taxes. Still, Cyprus has taxes that companies must pay on time. A good corporate lawyer can help the company plan their taxes well.
When a company is not doing well, reorganization is usually a good option. Reorganization is a process where a company changes its strategy. It can achieve this by selling some of its divisions. It can also achieve this by buying some companies and laying-off employees. When this happens, lawyers are usually called upon to help the company do everything according to the law.
Commercial law is one of the most important fields of the legal sector in Cyprus. Commercial lawyers do other things like financing negotiations, compliance, corporate due diligence, and shareholders agreements among others.