If you have decided to start up a business, you’ll need to ensure that your operations are legal. There is a lot of information to learn before starting up, which is why a legal consultation with a commercial or business lawyer in Richmond Hill can help tremendously. At Epstein & Associates, our corporate lawyers can advise you about the business you would like to set up, including the risks and liabilities involved. We can also help you legally start the business once you decide on your preferred structure and provide standard form contracts that you will need with customers, clients and suppliers. Our firm can also help you to manage and respond to legal contracts from 3rd parties.
Deciding on Your Business Structure
One of the first decisions you will need to make is what business structure to have – a sole proprietorship, partnership or corporation. The decision you make may ultimately depend on the amount of potential liability you can expect. It will also depend on how much experience you have, how much you can invest in the company when it is needed, your anticipated annual revenues and costs, and tax planning considerations.
Incorporating the business is one of your available options, which has both costs and benefits. Incorporating entails higher setup costs and more costly annual tax reporting, but there are significant benefits that can make incorporating worthwhile. Recognizing the business as a separate legal entity is a key benefit of incorporating which avoids personal financial liability if a business lawsuit arises and you end up in debt as a result. Lawsuits in business can arise for all kinds of reasons, including due to a defective product claim, if there were errors or omissions from you or your staff, inability to pay a lease, damage to a leased property, and more. Business insurance will provide you with some financial protection from loss but it may not cover all your costs.
Once you determine the business or corporate structure that suits you, our law firm in Newmarket, Barrie or Richmond Hill can prepare the necessary organizational documents for the company and obtain any registrations and licenses that you may need, such as liquor licensing. If you incorporate your business, our law firm can update your corporate minute book each year as well.
Choosing a Business Name
As part of the set up, you will need to choose an available name to identify your business. A business name that provides information about the products or services you offer is a good option, especially one that is easy to remember. You will need to search the name to ensure that the name you select isn`t already taken. As part of our new business set up, we will conduct a NUANs name search for you to verify if the name you seek for your business is available.
Registering the Business Name or Incorporating the Business
Before you begin operating, the business should be provincially registered or incorporated, which our Richmond Hill law firm can arrange for you. If the business is registered directly with the appropriate government department, then you will receive a Master Business Licence, which is valid for five years. If you wish to incorporate the business, you will receive Articles of Incorporation, which is document that is valid in perpetuity. Both documents confirm registration of the business with the Ontario government.
Once your business number is assigned, it is your single account for dealing with the federal government regarding taxes, payroll, import/export and other activities. If you plan to hire employees, you will need to be familiar with employment standards and register with the Workplace Safety and Insurance Board, among any other requirements related to staffing your business.
If your business operates extra-provincially, our lawyer can also discuss and review with you the advantages of incorporating federally.
Ongoing Availability to Meet Your Specific Business Needs
Our Richmond Hill corporate lawyers can assist you with many business needs. In addition to advising you about your options and setting up the business structure you desire, we can advise you on issues specific to your business, including explaining which laws pertain to you, how they affect your business, and what potential problems may arise. We can draft any agreements you need (e.g., partnership agreements, joint venture agreements), help you to negotiate a lease for office or retail space, prepare employment contracts, and we can direct you to where grants and financing programs may be available to you. Like you, our objective is to help you minimize risks and maximize your company`s potential returns so your business can succeed long-term. We have clients who began their business as a start-up and grew to become a large successful corporate entity.
Contact Epstein & Associates, Barristers and Solicitors
Our clients tell us that our legal advice is straight-forward and helpful, even for those with extensive experience in the industry chosen for the business. Contact our corporate law lawyers in Richmond Hill for legal assistance at 1-866-463-2266.