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Ontario Business Lawyer |
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LEGAL SERVICES
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Incorporation in Ontario 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.
Incorporating 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. |
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163 Willowdale Avenue, North York, Ontario, M2N 4Y7 Tel: 416-227-2082 Fax: 416-227-2083 schinoy@chinoylaw.com |
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Copyright © 2005 Shameela Chinoy, Barrister, Solicitor & Notary Developed & Hosted by Fair Share Marketing |
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