What is a shareholder agreement and why do I need one?
A shareholder agreement is a written agreement between shareholders, which sets out shareholder rights, protections, and obligations; the method by which shares will be valued; and how the corporation and its business will be structured, managed, and operated. A shareholder agreement can ensure that shareholders are treated fairly and can minimize disagreements by clarifying how certain matters […]
Incorporating (Part 5): Your first meeting with a lawyer
Once you have gathered the necessary information, and if you have decided to incorporate, the next step is to meet with a business lawyer who will start-up and help maintain your corporation with the best interests of your business in mind. To streamline and tailor your experience with your lawyer, it is helpful to prepare […]
Incorporating (Part 4): How and when?
How do I incorporate? If you would like to incorporate your business, enlist the professionals who will guide you through starting up, maintaining, and operating your corporation. A corporate accountant can work with you to uncover potential tax benefits, develop a suitable share structure, and, once your business is incorporated, he/she can produce annual financial statements, […]
Incorporating (Part 3): Extra considerations
To plan for the creation and future maintenance and operation of your corporation, there are some important issues to consider, such as: (a) the impacts of pre-existing contracts on your new corporation, (b) using and registering trade names, (c) transferring your personal assets to your corporation, (d) having a secondary will, (e) entering into a […]
Incorporating (Part 2): The obligations
In Part 1 of this blog series, we discussed what it means to incorporate and the potential benefits of incorporating a business. Incorporating also comes with one-time and recurring legal obligations, some of which require money, time, and attention, such as (a) filing annual income tax returns; (b) filing annual information returns; (c) registering a federal […]