of the first issues an entrepreneur needs to consider is the legal form in
which to operate the business. The legal forms in which you can
operate your business in
The importance of having a partnership agreement that documents the agreement of the partners on the issues listed above cannot be stressed.
Chinoy has helped businesses in
Incorporation provides limited liability and peace of mind that a bad business judgement will not destroy the family's assets. In addition to limited liability there are other advantages to incorporation including the small business deduction for Canadian-controlled private corporations and the $500,000 capital gains exemption on the sale of eligible shares. Other advantages include estate planning such as estate freezes, reduction in probate tax and income splitting.
There are some issues that should be considered prior to taking the step to incorporate including which jurisdiction should the incorporation take place, an appropriate name for the corporation, organizing the corporation including issuing shares, appointing officers and directors, creating by-laws, written resolutions, setting up the minute book of the corporation and making appropriate governmental filings. As well incorporator(s) should consider whether there will be restrictions on the transfer of the shares. Certain businesses and professionals require regulatory approval. If you incorporate and there will be more than one shareholder it is recommended that you consider executing a shareholders agreement.
a federal or Ontario corporation can provide numerous benefits. Shameela
Chinoy has helped businesses set up their operations using the corporate
structure and if you are interested in learning more about how Shameela
Chinoy can assist you with incorporating your business please contact us.
Purchase and Sale of a Business
Chinoy has assisted businesses in Ontario in preparing agreements of purchase
and sale and in the closing of transactions for the purchase or sale of a
business. If you are interested learning more about how Shameela Chinoy can
help you in the purchase or sale of your business, please contact us.
Reorganization of business
If you are interested learning more about how Shameela Chinoy can help you with the reorganisation of your business, please contact us.
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