CORPORATE LAW FIRM TORONTO, ON
Types of Partnerships
- This is the most common type of partnership. Every partner has an equal amount of power and liability unless there is a partnership agreement stating otherwise
- Each partner has the duty to act honestly, in good faith, and in the best interest of the business.
- Similar to a general partnership
- Must consist of, at least, one general partner and one limited partner.
- A limited partner may invest in and profit from the business, but may not be involved in any of the daily operations of the business. As well, since the limited partner is not a named partner, their liability is limited.
- Partnership for professionals only that limits personal liability
- The firm name must contain “limited liability partnership” or “LLP” and be registered
- Each partner is responsible for all partnership expenses and obligations
- Each partner is responsible for their own negligence, therefore restricting the liability of the other partners
- In an LLP you must have professional liability insurance
- Draft partnership agreements
- File business name registration
- The main purpose of an incorporated business is to protect the owner’s assets against the company’s liabilities.
- It offers your company tremendous benefits, such as protection from creditors and tax advantages.
- This document also details how you should plan to structure and run your corporation. This is how a business formally acknowledges that they intend to form a corporation. It also maintains the records required to conduct the affairs of an existing corporation, like drafting contracts and agreements.
- It helps clients understand the advantages of establishing a business corporation as opposed to a partnership or sole proprietorship.
- Incorporating a business shall abide by all the legal requirements pursuant to the Ontario Business Corporation Act (OBCA) or the Canada Business Corporation Act (CBCA) in its implementing rules.
- Corporations are owned by their shareholders, but it is the directors that run it.
Types of Corporations
- We will render services and information to our clients to better appraise the relevance of incorporation, their issues and concerns, and the legal rights of the corporations and its members.
- If a decision has been made to incorporate, we will provide you with the detailed format and procedures regarding incorporation and help you to determine whether to incorporate provincially, federally or both.
- We will also conduct a NUANS name search to ensure that your business name complies with all legal requirements. We will also manage the filing, registration, documentation, and other necessary legal requirements to properly incorporate your business provincially and/or federally.
- We will obtain any required Business licenses and permits necessary for you to carry on business.
- If required, we will also search for Articles of Revival
- We aid with the formulating of Articles of Incorporation that must specify basic details about your corporation, such as its name, principal office address, and sometimes the names of its directors.
- We create by-laws to establish the operating rules for your corporation.
- We assist in outlining the functions and roles of the corporation’s board members, officers, and members in order to establish a strong business organization.
- We help you draft a Shareholders’ Agreement, which is an agreement among a corporation’s shareholders, to outline how the company should be operated and the rights and obligations of shareholders.
- We help the Board of Directors draft board resolutions, written documents or statements, which record any decisions or action made by a Board of Directors during a board meeting.
- We also prepare and manage your minute book, which every corporation is required to keep by law so that you will never have to worry about losing your corporation