This article will discuss the benefits of having a corporate will (also known as a ‘secondary’ or ‘restricted’ will), and why you may need one.

In this article, we’ll cover the following topics:

Federal versus provincial incorporation:

- Filing fees

- Name protection

- Registration

So, you’ve decided to incorporate your business. Now you need to decide where to incorporate – in a certain Canadian province, or at the federal level.

There are three things to keep in mind when considering federal incorporation versus provincial incorporation.

Filing Fees

The cost of filing federally is $200, plus the name reservation (NUANS, which is $13.80). At the provincial level, the filing cost varies by province. In British Columbia, for example, provincial incorporation currently costs $351.50, plus the name reservation (either $31.50 to $131.50 depending on the turnaround time you require).

In this article, we’ll cover the following topics:

- What is a section 85 rollover?

What is the section 85 rollover?

A Section 85 rollover is a mechanism under the Income Tax Act of Canada that allows taxpayers to transfer eligible property to another entity, usually a corporation, without the transfer resulting in an immediate personal tax liability. Used most often by small business owners who are operating as sole proprietors of their businesses and whose sole proprietorship has significant value, Section 85 rollovers allow sole proprietors to transfer properties on a tax-deferred basis, without realizing any sort of taxable gain on the transfer of property.

In this article, we’ll cover the following topics:

- What is a non-competition clause?

- What is a non-solicitation clause?

As a business owner, you’ll encounter non-competition and non-solicitation clauses in all manner of contractual documents: employment agreements, shareholders’ agreements, partnership agreements, and more. As such, it’s important to understand what they are and how they’re different from each other.

Non-Competition Clause

Often found in employment agreements, non-competition clauses prohibit a person from engaging in competitive behavior with the business for a set period of time. Under a non-competition clause, an employee who recently quit or was fired isn’t allowed to begin working immediately for a competitor; often they will need to wait several months, sometimes a full year, before they can do so without risking legal repercussions.

In this article, we’ll cover the following topics:

What convertible notes are and how they work

There are countless ways to fund a startup. One method is what’s called a convertible note. Though complex, convertible notes can provide certain benefits for founders, such as – so let’s dispel the confusion.

What’s a convertible note?

There are two ways a company can raise capital: either they take loans from a bank (or friends, or family), or they issue equity in their company.

Benefits of Incorporation for Canadian Businesses: Everything You Need to Know

Benefits of incorporation for small businesses in Canada:

- Liability shield

- Tax savings

- Lifetime capital gains exemption

- Selling Flexibility

What are the benefits of incorporation in Canada?

If you own a small business in Canada, here are four reasons why you may want to incorporate: liability shield, tax savings, lifetime capital gains exemption, and selling flexibility.

Liability Shield

If your business is not incorporated, then you’re a sole proprietor, meaning that you and your business are one and the same. Anything that happens to the business also happens to you personally, and vice versa. Your personal assets - your home, car, savings - are on the line.

Bare Trusts: The Basic Terms Every Canadian Business Owner Should Know

In this article, we’ll cover the following topics:

- What is a bare trust?

- What are the benefits of bare trusts?

- Avoiding property transfer taxes

- Easier change of property ownership

What is a bare trust?

Often used in real estate, bare trusts are legal structures that facilitate the separation of legal and beneficial ownership of a property. The process of creating a bare trust involves appointing a trustee (or ‘nominee’) to be legal owner of the property and hold the legal title on behalf of the beneficial owner. The name “bare trust” is derived from the fact that, unlike in other forms of trusts, the trustee/nominee of the bare trust has no other responsibilities or obligations with respect to the property other than to hold legal title.

Why Every Canadian Business Needs a Shareholders’ Agreement

In this article, we’ll cover the following topics:

• Why shareholders’ agreements are useful

• The legal power of shareholders’ agreements

• The shotgun clause

• Default provisions

Shareholders’ agreements are notoriously frustrating documents, mainly because they are long – in some cases, 60 pages long – and loaded with confusing legalese. Yet they are among the most important documents in any business owner’s arsenal, and having competent counsel on your team can help to eliminate some of that confusion.

Don’t believe me? Here’s a story that will change your mind…

Employee Stock Options: Everything Canadian Business Owners Need to Know

• In this article, we’ll cover the following topics:

• What’s a share?

• What’s a stock option?

• Why employee stock options are useful

• The best time to use an employee stock option plan

• How much to put into an employee stock option plan

• Tax consequences of employee stock option plans

• What happens to employee stock option plans if a company is bought

• What happens to employee stock option plans if an employee is fired or quits

4 Ways Canadian Business Owners Can Benefit From Using a Holding Company

In this article, we’ll cover the following topics:

• What’s a holding company?

• Four reasons to use a holding company

• To protect your business assets

• To maintain eligibility for lifetime capital gains exemption (LCGE)

• To use as an investment vehicle

• To control the timing of dividend payments

What Is a Family Trust, and Why Is It Useful to Business Owners in Canada?

In this article, we’ll cover the following topics:

• What is a family trust?

• How does a family trust work?

• Why are family trusts useful?

• When are family trusts needed for a family-held corporation?

• What is an “estate freeze”?

• What happens to a family trust if the family-held corporation gets sued or a dispute arises within the corporation?

5 Mistakes to Avoid When Incorporating Your Business

Incorporating your small business is a big step and if done correctly, it can result in great growth for your business. However, you need to be aware of some common mistakes that small business owners tend to make when incorporating their business.

1.Not naming your business

Many people are so concerned with the process of incorporating their business that they may forget to choose a name for their company. This does not stop the corporation from operating, but instead an incorporation number is used as its legal identifier. This number is used in place of a name for all business-related activities. It is therefore recommended to prepare a company name beforehand, as it will help the growth of your business from a branding perspective.

6 Ways to Build a Successful Partnership

A partnership can be the make it or break it moment for many businesses. If done right, it can produce great growth and results. However, quite often a business partnership will end badly and not only ruin the business but relationships as well.

There are many important factors that need to be considered when choosing your business partner and addressing these issues can help establish a successful partnership.

1.Shared vision

The first and maybe the most important conversation with a potential partner should be about expectations for the business. It is crucial to understand what exactly each partner wants out of the business. Multiple conversations regarding expectations and goals will only prove beneficial in the long-term. There are many questions you should ask, such as:

Starting a Small Business in Vancouver

The prospect of starting your own business is a life changing step full of emotions. Many small businesses fail within the first five years and that is why it is important that you take all the necessary steps to protect your business and get it off the ground

1.Conduct market research

The first step should always include researching the market for the product or service you wish to offer. There are several questions you should seek to answer during this research stage. Start by determining if there is market/demand for the product/service you are planning to offer. You should also consider who your customers will be and if there are any competitors and who they are.

Should I Incorporate my own Company?

It is possible to incorporate yourself. You can do this without any legal help as BC has an online incorporation system. It is important to note however, that even with online resources, it is still possible to make mistakes before, during, and after your incorporation.

Common mistakes

Although the government website provides forms for incorporation, this does not include all of the forms that you require. Relying on government-provided forms alone will not be sufficient for you to incorporate your company. In addition, the forms or online incorporation system may prove confusing to some people and a small business lawyer can help clear up that confusion. There is also the possibility that you may make mistakes when completing the forms and that is why it is always good to have a lawyer look them over.

What is a Shareholders' Agreement | Why They're Essential To The Success Of Your Business

These agreements are some of the most notorious agreements because they are very challenging for clients to actually get around and sign. They're very long. There can be 15 to 60 Pages. They contain a lot of language that is very difficult for a non-practitioner to understand and they just seemed like something that just gets pushed to the end of the list. It's one of those things that you know is good for you but you just don't want to get done. It's kind of like going to the dentist. So let's take a look at these agreements because while they're not all that sexy they're extremely important and they can be essential to the success of your business over the long haul.

Why you need a Shareholder’s Agreement

Growing your small business is exciting, but it can just as easily come to an end if the proper steps aren’t taken to protect yourself and the business. A great way to do this is by putting together a shareholders’ agreement. This can help ensure that the shareholders are on the same page, while protecting all members and the business itself.

What is a shareholders’ agreement?

A shareholders’ agreement is a formalized agreement between most if not all of the shareholders of a corporation. This agreement outlines how the business should operate, as well as the rights and responsibilities of the shareholders. A shareholders’ agreement is not the same as company articles or bylaws, which are mandatory, and a shareholders’ agreement is optional. The shareholders’ agreement is a private agreement that members of the public do not have a right to inspect, unlike the company’s articles.

Federal vs Provincial Incorporations | The Two Main Differences

What are the main differences between Federal and Provincial Incorporations? Watch the video below! Today we're going to talk about the difference between Federal and Provincial incorporations. So if you've decided that you need to incorporate your company, the next step is to decide where you're going to do that whether it's in BC or another Province or if you're going to incorporate federally so we'll take a look at the differences.

There are two main differences that I want to highlight today.

The first one is filing fees. So the cost for filing a federal registration is $200 plus the name reservation search and in BC is $351.50 and also the name reservation fee on top of that.