Company - Business Incorporation Toronto



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    Incorporating your Business in Toronto

    Incorporating a business can be a complex process. It requires you to consider different factors before finalizing how to incorporate.

    Where to incorporate

    A federally incorporated corporation has the right to carry on business and use its name in all provinces. By contrast, a corporation incorporated provincially can only carry on business in that particular province, where it was incorporated. After reviewing your business plan in detail, you should decide where to incorporate.

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    Finding a name for your business can be a time-consuming process while incorporating. There are complex legal requirements for choosing a name for a business. For instance, NUANS search report would be required to ensure that your chosen corporate name is not identical or similar to an existing registered business name. You may also be required to check if anyone has already registered a trademark for your desired name.

    Some businesses choose to incorporate under a numbered company, as it eliminates the requirements for searching the name database.

    Benefits of incorporation

    A corporation is considered a separate legal entity.  This means that your personal assets will remain protected if something goes wrong within the business. Moreover, Corporations are taxed differently than individuals. If you have questions about taxation and your business, speak to your accountant whether transferring your business into a corporation is beneficial to you.

    How we can help?

    We at MB Law can help you in efficiently incorporating your business to ensure that your needs and the needs of your company are met.

    Do I Need a Lawyer to Incorporate My Small Business?

    The Canadian government has made it possible for small business owners to incorporate their businesses in a short duration, typically within a week. If you have some time on your hands, it is possible to handle the process of incorporating your small business on your own. You will be required to fill some government forms, perform a name search, and educate yourself on the different business structures in order to understand which you fall. As legal professionals, we encourage small business owners who’ve never incorporated a business before to hire a lawyer even though it’s not a requirement.

    Corporate and business lawyers can provide so much value in the process of incorporating a business. For starters, they will handle the paperwork and ensure all forms required by either the federal or provincial governments have been filled out and submitted correctly. Legal professionals also advise their clients on choosing the right business structure, conduct the name search on behalf of their client, among other services.

    By consulting with a corporate and business lawyer, you can get sound advice on important issues such as how the shares are issued among the directors in your business, licensing requirements, and any registrations that your business may require. By working with a lawyer, you will register a small business that complies with Ontario or Canadian regulations and begin on the right note.

    Get Help To Choose The Right Corporate Structure

    If you are not sure about the corporate structure that’s right for your small business during incorporation, a lawyer with experience can help. Incorporation process begins by choosing a corporate name (you can use your corporate number assigned by the Ministry of Government and Consumer Services). If you choose this option, you do not need to search the name registry to ensure that there is no conflict. Corporate names are unique from business to business, which is why a name search must be conducted.

    Your lawyer can help you draft the Articles of Incorporation required during the incorporation process. This document is the one that provides more details on the structure of your small business. For instance, in the articles, you would clearly state the minimum and the maximum number of directors in your business, the classes of shares and the names of all business owners.

    You also need legal advice to decide whether your business should be incorporated federally or provincially. As corporate and business lawyers, we often advise our clients to incorporate under federal law if they intend to operate the business in more than one province or in different regions abroad. By incorporating federally, you will not require a special license to conduct business in all the Canadian provinces.

    You may face some challenges when looking to register your business outside of the province you live in or if your directors are not Canadian residents. This is because some regions have residency requirements, such as requiring that at least 25% of directors be Canadian residents. As legal professionals, we advise our clients on what the law is when incorporating a business, as stated in the Canadian Business Corporation Act and Ontario Business Corporations Act.

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