Businesses are important to their owners. One single mistake due to negligence can prove costly to them. Hence, it is essential to safeguard your business from any unwanted circumstances in a legal manner.
The most experienced lawyers in Kitchener have come across such cases in which many business owners have lost thousands of dollars. Many of these people avoid taking any legal procedures to protect their businesses from any legal consequences.
Business Incorporation
When a business owner converts his business into a corporation, it becomes a separate legal entity. It means that the business owner running the company has all the powers. He won’t face any scrutiny from the shareholders.
An incorporated company has a bank account of its own and files its own taxes. It is also responsible for all kinds of liabilities and debts of your business. Hence, it will protect you from any unwanted consequences that can hamper your business’ productivity.
Corporate Record Maintenance
Once your company is incorporated, you have to file annual reports in Victoria every year. You also have to maintain a minute book, which includes all the important documents along with the history of the firm.
Many people either prefer to maintain a minute book by themselves. Some don’t even prefer to have one. In both cases, it becomes difficult for them to get a loan or credit union or sell off their businesses. Lawyers in Kitchener suggest people to consult a legal supervisor and maintain a minute book with their help.
They have gone through such cases where a business owner had to fight their former partners in the court to determine the ownership of their businesses. It all happens due to lack of awareness about a minute book and its importance in the business.
Maintaining such legal documents needs expert guidance and the lawyers will definitely help you secure the future of your business.
Reviewal of Commercial Lease By a Lawyer
It is extremely important to get in touch with your lawyer before going through a commercial lease agreement. You get a Landlord’s Standard Form of Lease from your leasing agent. It is usually 60 pages long.
At that time, the agent will also recommend you seek independent legal support and advice. You will be able to understand the terms and conditions in a better manner.
In many cases, people refuse to seek legal help. It becomes a problem for their lawyers in Kitchener as after they sign the agreement, these individuals won’t be able to protect business owners from the provisions that are not favorable to them.
Hence, it is advisable to consult your lawyer and go through all the terms and conditions before signing such an agreement.
Sign An Agreement Amongst All The Shareholders in The Company
If you are running a business in a partnership, you should sign a shareholders’ agreement. It will help you navigate various aspects of a partnership, such as dispute, default, or departure of a shareholder.
Without such agreements, you will face a lot of shareholder disputes that can waste a lot of your valuable time and resources.
Apart from that, you need a certified chartered accountant to keep all the records that contain all the shares and their percentages, along with all the legal documents related to the company.
That will help you maintain the legitimacy of your company and a peaceful relationship with your shareholders.
Consultation With a Qualified Accountant For Tax and Accounting Advice
Various clients refrain from seeking assistance from a qualified accountant for taxes and accounting assistance. You need professional chartered accountants to handle such things.
These accountants will help your company by planning the initial ownership of shares, the optimum mix of dividend versus employment income, preparation of financial statements etc. They will also guide you in other things, such as:
- Filing of important corporate tax returns
- Valuation of the fair market value of the shares
- Instructions for future corporate reorganizations to revitalize your company before any sale or other disposition.
You will save a lot of money with the help of the advice and strategies offered by chartered accountants. It will thoroughly benefit you if you have any plans to transfer the ownership of the business to other family members or other desired successors.
Top Reasons Why Legal Aid is Necessary For A Business
You need to comply with the laws of the nation while running your business. Not only that, there are various technicalities that can be hard for us to understand.
At that time, the most experienced lawyers in Kitchener will help you understand these terminologies. It will help you keep your businesses in line with all the laws.
Not only that, a lawyer will provide you with some advice that can help you with your business. It will definitely help you avoid breaking the law in the first place and prevent unwanted situations with the law.
Final Verdict
Legal advice is the most important stuff that can help you safeguard your business. It will help you keep your businesses in line with the law. Apart from that, you will safeguard it from any unwanted dispute.
Hence, you should consult a lawyer and get your business protected.
