A good corporate lawyer is vital to every business
A corporate lawyer from AGB Lawyers can help ensure your business complies with all its legal obligations and responsibilities. In fact, AGBL’s primary focus is on corporate and commercial law. We represent over 300 small and medium-sized local businesses, so you can trust that we’ll be able to provide you with the legal advice you need.
Our team has significant depth and experience, including two full-time corporate law clerks, each of whom has more than 20 years of experience.
Our corporate law services include:
- tax-related advice;
- assisting with business reorganizations;
- preparing partnership agreements, shareholders’ and non-disclosure agreements;
- business purchases, sales and mergers;
- records maintenance; and
We take the time to identify and explain the most appropriate structure for our small-business clients, the structure that’s most appropriate for you.
Benefits of Incorporation
Incorporation results in your business becoming a formally registered, legal entity that is separate from you. This means it can acquire assets, borrow money, go into debt and be a party in a contract.
Our incorporation-related services include
- incorporating or registering companies (provincially and/or federally);
- tax-efficient business structuring;
- keeping your business compliant by overseeing government filings;
- establishing the duties and liabilities of directors and officers;
- preparing corporate agreements, such as shareholder or partnership agreements;
- employment contracts and the like; and
- maintaining records—we ensure your company’s records are accurate, current and accessible.
Whether you are just starting your business, or have been in business for some time, if you are considering incorporating, or if you simply want to discuss a legal issue, please contact us for a free, no-obligation consultation at 613-232-8832. It could be one of the best business decisions you make.
What are the benefits of incorporation?
A corporation is a legal entity that is distinct from the business owners. Incorporation is affordable and offers major advantages, including:
Protecting you by limiting your liability. If you’re a sole proprietor, your personal assets—such as a house or a car—can be seized to pay the business’s debts. This is not the case if you are a shareholder in a corporation—even when you own 100 percent of the shares.
- Saving you money. Not only can it protect you and your family from legal and financial liability, it can also result in tax savings since, in some instances, small businesses pay a lower corporate tax rate than individuals.
- Helping you get money. Incorporation can make it easier to raise capital.
- Providing continuity. An incorporated company can exist in perpetuity.
Whether you are just starting your business, or have been in business for some time, if you are considering incorporating, please contact us for a free, no-obligation consultation at 613-232-8832. It could be one of the best business decisions you make.
Frequently Asked Questions
If you do business under a name (e.g., ABC Consulting), it is still possible to incorporate as a numbered corporation. But, in Ontario, any name used by the corporation must be registered under the Business Names Act.
According to the Act, the company’s registered name (i.e., the named used when conducting business) and the corporation’s name must be set out in all contracts, invoices, negotiable instruments and orders. For this reason, it is often preferable to simply incorporate under the desired name, if it is available.
There are two reasons why it is important that the full corporation name, including the legal element (e.g., ABC Consulting Inc.), always be properly set out.
1. “ABC Consulting” is not the company’s complete name, so, if it is used, “ABC Consulting” should be registered under the Business Names Act as belonging to “ABC Consulting Inc.,” and both names would need to be set out in all contracts, etc., as explained above.
2. Operating the business as “ABC Consulting” could result in you being perceived as operating a sole proprietorship, which means you could be held personally liable for the company’s business actions.
Maintaining the minute book is a legal requirement. The incorporating act that governs your corporation mandates the organization of the company, including the holding of annual meetings, the timing of documentation and the mandatory issues to be addressed. The records of these activities are maintained in the minute book.
The minute book may also be reviewed in the course of an audit by, for example, the Canada Revenue Agency (CRA).
Failing to properly maintain corporate records can result in government penalties and fines. In the case of a CRA audit, it can also result in improperly documented transactions being disallowed, which could result in tax reassessments.