Note that I am not licensed to practice in your state.
Passing the bar exam doesn't qualify or license you to be an attorney. You need to be sworn into the Bar before you can practice. Before you are sworn into the Bar, you cannot render legal advice and that includes giving advice regarding contract terms or drafting contracts. You can sign on as general counsel of the company once you get sworn in but not before.
As long as you have a law license in your state and are practicing in your state there is no ULP. In the mean time your prospective employer should send you to some corporate counsel training seminars.