So you’ve run up your own small business and now it’s established and working well. What is the next step? Should you carry on as a sole proprietor and personally take care the risks of the business? Or should you consider giving the company its own legal liability and identification through the process of small business incorporation?
CORPORATE, COMMERCIAL & SECURITIES
Whether you are involved in a start-up company or operating a well-established business, our business lawyers and entrepreneurs will seize your business plan and priorities instantly and deliver advice and services that make practical and financial sense in your situation. We can help you structure, develope, modernize,and sell your business. Our mission is to help your business be protected and updated. Our team of professionals offer a broad spectrum of expertise to businesses and organizations ranging from multinational to local companies. Our corporate and commercial lawyers have routinely advised our clients in matters including:
- Structuring and restructurings of businesses: incorporating entities, preparation of shareholder agreements and resolutions; short and long-form amalgamations.
- Corporate and Commercial transactions: structuring, reviewing, drafting and negotiating commercial documents such as purchase and sale and trade contracts; joint venture agreements and mergers and acquisitions.
- Distribution arrangements and Conducting business in Canada.
- Initial Public Offerings and other securities-related legal services: preparation and review of Offering Memorandum, prospectuses, continuing disclosure documents, and exemptive relief applications.
- Mediation and Arbitration: assisting and representing clients in commercial disputes.
- Employment and labour relations: negotiating and drafting employment agreements on behalf of employers and employees.
- Not-for-profit organizations: review and drafting of charity constitution and bylaws; ensuring regulatory compliance with the new Societies Act of British Columbia; acting as an external legal counsel and/or a member of the board of directors of the organization.
Sooner or later, every business will need legal representation. A lawyer can either be a huge asset for your business or turn out to be just an expensive line item.Why is it so? This actually depends on the choice of a lawyer. Hiring the wrong attorney can be very costly for your business and it is something you want to avoid. Yet, the hiring process is very intimidating, especially if the business doesn’t know what it is looking for. How to choose the right lawyer for your business? Here are some tips that can guide you during this process.
Figure out the ideal time to hire a lawyer
This is different for every business. Generally speaking, it is better to establish this relationship as early as possible and not wait until you need the services of a lawyer to find one. This gives you plenty of time to do your research, ask different lawyers about their rates and services and do an initial consultation to see if you are comfortable.
Focus on the type of lawyer you require
Most business attorneys have the training and skills needed for dealing with formation needs. This includes creating an LLC or corporation, drafting business contractors or even putting together a partnership. But, if you just need to know about tax law or you want to get a trademark, it is better if you hire a lawyer specializing in these areas. If you are looking for long-term general counsel for your business, you can find a good business lawyer. Later on, they can also put you in touch with specialists when needed.
Look for a Right Lawyer who understands your niche
Sure, you need a business lawyer, but if they don’t have any clue about how your business operates or your industry, you are going to face various communication challenges. This is especially applicable in situations where the industry is highly specialized and regulated because you don’t want to make legal mistakes. Even if they don’t have the knowledge, hire a lawyer who is willing to learn and ready to make the effort to understand your market or niche.
Select a lawyer who brings other resources
Good legal services don’t really come cheap. Therefore, you want to get the most bang out of your buck. It is recommended that you hire a business lawyer that can bring other resources to the table. How can you figure that out? Check if the lawyer you are considering is members of trade associations or other groups that can benefit you. Do they have a network of lawyers and professionals they can refer to you when you need specialist services? Are they willing to make introductions to potential customers, other clients, and strategic partners? Get detailed answers because they can help you in making the right decision.
Make sure you understand their fee structure
You shouldn’t be nervous or afraid of discussing any potential fee with your lawyer. Whether you are a small startup or a large business, you do need to plan for your legal costs. Traditionally, lawyers charged hourly for their services, but now a lot of them have chosen to quote fixed prices for a service. However, the most common approach is a combination of fixed and hourly billing. You need to discuss your preferred arrangement with the lawyer and be upfront about your expectations to avoid problems in the future.
As long as you consider these tips, you will be able to cull out the best lawyer from the crowd for dealing with all legal aspects of your business.
Many people start businesses as a single or sole proprietor type, running their business under their own SIN number and reporting their income on their personal tax return each year. Although, given the ease with which you can incorporate your business and the Security that it offers you, it is well worth going through the incorporation process. First, any successful business is to form the right business entity. Incorporation is essentially the first step of a process that a business goes through. Although it is only one step it is extremely important and significant step that has many legal and financial implications that will have a huge effect on the success and well being of your Business.
Why Incorporate your business?
The fundamental reason for incorporating your business is to secure the owners from liability in the case of bankruptcy or a lawsuit. Once incorporated, a business is seen as a divided “person” from the owner in the eyes of the government. The owner or owners are not liable for the debts and/or obligations of the company .
Other reasons for incorporating are more practical. Once incorporated, the business can be sold or transferred to another entity. Additionally, a retirement plan, can be set up more easily under a corporate protection. Employees can be provided with healthcare and other benefits available only to incorporated businesses category.
Incorporating your business sends a message to the financial globe that your business will be active for the long term, and that feeling of security makes it easier to find additional finance.
Business tax rates are much lower than personal tax rates. There are some issues of double taxation to consider though. Whilst there may be tax benefits, there will be some additional legal costs and administration costs associated with being an incorporated business to consider.
Noble Business Incorporate Package
Grey PackageBusiness Incorporation
- Professional Consultation Session
- Complete Minutebook
- Maximum in 48 Hours
- Act as registered office
- NO Hidden fees