A corporation (also referred to as a company) has a separate legal existence than its owners and is considered its own legal person. The rights and liabilities of the corporation are not the rights and liabilities of the shareholders. As a separate legal entity, a corporation has the rights, powers, and privileges (and potentially the…
A partnership is created where two or more persons carry on business together with a view to a profit. There are mainly two types of partnerships – general (or ordinary) and limited. Registering a General Partnership If the general partners do not have a specific partnership agreement, the provincial partnerships acts govern their relationships. In Ontario,…
A sole proprietorship comes into existence whenever an individual starts to carry on business for his/her own account without taking the steps necessary to use some other form of organization, such as a corporation. You don’t need to register your sole proprietorship under any statute unless if you intend to use a name other than…
A not for profit corporation (non-profit corporation) is an entity that is created for a non-profit purpose eg. social welfare, civic improvement, recreational activities, or for any purpose except for earning a profit. Any money earned by a non-profit is used to support the administrative and financial requirements of the entity or to further the…
Five Things to Consider When Buying a Business in Ontario, Canada There are many things to consider when buying a business in Canada. In this article, we highlight five important things to consider before finalizing a business sale purchase deal. 1. Are you buying assets or are you buying shares? You can either buy the…
Top Ten Current Legal Issues in Business in Ontario, Canada I. Employment Employment is an important topic for any business. Whether you are a sole proprietor or an incorporated company, you need to comply with employment law and regulations within the territory. The two most important aspects of employment that business owners need to consider…
A shareholders agreement defines the relationship between the owners of a business. If your business is incorporated and has more than one shareholder, you may need a shareholders agreement. A well-drafted shareholders agreement helps guide the parties throughout their business relationship. It is especially helpful during a sale of the business or when adding/removing a…
Meenakshi Tewari Jham giving advice to entrepreneurs on business law and on wills and estate planning on the program “What’s going on in our community!” – a show by Vicky C. Read about five things to consider when drafting a will. Transcript of video: Vicky: Hello everyone, its Vicky Chiappari on “what’s…
In Canada, business can be registered and operated as any of the following: Sole Proprietorship; Partnership; or Incorporation Each business form offers some advantages and disadvantages to a business owner. Not all businesses need to be incorporated as a company. There are a number of things that you would need to consider before deciding on…
Now that you have an innovative product or service, you may be wondering what your options are to monetize it. There are a few things you can do with your product or service. You can take your innovation directly to the market; You can sell your innovation to someone else; You can license your technology…
