Toronto Business Lawyer

Neufeld Legal Professional Corporation

 

Providing important legal assistance to the business incorporation process.

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TORONTO INCORPORATION LAWYER

What legal structure is best for your new business? It depends. There are many factors that must be considered before choosing the right type of entity. That is why seeking the advice of an experienced business lawyer is important. Some of the important factors include the following: Is it a single person or family business? Does the company need to attract outside investors? Are there employees who require equity participation in the form of stock or options? Does the business desire to reinvest its profits or does it want to distribute them? Will there be passive investors? Will there be any foreign investors? Are special profit or loss allocations desired? Does the business involve managing real estate?

The majority of new businesses seeking liability protection organize as corporations, however, not all businesses are suited to be corporations and even amongst corporations there are a multiplicity of forms that make each unique, with their own set of legal benefits and implications.

Do you need a lawyer to form and set up your new business? No. However, hiring a business lawyer to set up your business is money well spent and a prudent choice for several reasons.

Cost Effective: Legal fees for organizing a business are usually not that expensive and are tax deductible. In fact, the advice of an experienced lawyer may actually end up saving the company much more money in the long run. Many companies get suspended for failing to observe all the necessary requirements to keep the company in good standing. This could jeopardize any liability protection that the entity afforded to its owners. Also, a suspended company cannot properly authorize business transactions and contracts. The other parties may be able to void the contract and walk away at their option. An experienced business lawyer can help you get set up properly and advise you on how to maintain your company in good standing.

Time and Effort Savings: Having an experienced lawyer prepare the incorporation documents and initial steps can save you lots of valuable time and effort. Forming and setting up a company is much more than filing a single document with Industry Canada or the Ontario Ministry of Government Services, as the case may be. Some of the steps that are required or should be taken to set up a corporation include the following: obtaining a NUANS search, drafting and filing articles of incorporation, drafting by-laws, drafting minutes and resolutions relating to initial corporate activities (for the incorporator, the shareholders and the directors), issuing shares, preparing and filing securities notices, obtaining applicable tax identification numbers, preparing and filing appropriate notice documents with provincial authorities.

Invaluable Advice: Many critical decisions are made at the time of formation and a lawyer's advice is invaluable. A lawyer can help advise you on many issues relating to formation--the type of entity, whether to file in provincially or federally, initial contributions and capitalization, valuation of shares, size of board, how to choose and elect directors, the role of officers, employee compliance and compensation issues, compensation plans, stock and option plans, intellectual property protection, company contracts and more. These are very important decisions and ones that should be made in consultation with an experienced business lawyer.

At Neufeld Legal Professional Corporation, we can help you form, organize and set up the right legal structure for your business. We have formed federal corporations, federal corporations, United States based corporations, professional corporations, general partnerships, limited partnerships, limited liability partnerships, corporate subsidiaries and international offices. We can help you with all aspects of the formation process including articles of incorporation, bylaws, partnership agreements, operating agreements, incorporator's certificate, initial shareholder meeting, initial directors meeting, managing partner or manager's meeting, share certificates, share registration, tax registrations, other governmental registrations, business licenses, option plans, non-disclosure agreements, employment agreements and more.

To retain the legal services of Toronto business incorporation lawyer Christopher Neufeld, contact Neufeld Legal P.C. at 416-887-9702 or Chris@LawyerTorontoBusiness.com.

 

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Toronto business lawyer Christopher Neufeld is a corporate commercial lawyer with the law firm of Neufeld Legal P.C. and is admitted to practice law in Ontario and Alberta (Canada) and New York (U.S.A.).  Christopher's legal practice focuses primarily on business law, in particular corporate commercial transactions (mergers, acquisitions, divestitures, business purchases and sales, etc.) and business contract work. Copyright 2010.

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