Schedule a consultation with Abbotsford corporations lawyer Gordon J. Dykstra to get help reviewing and/or planning your small business legal documentation. Even if you plan to handle the paperwork on your own or with the aid of online business templates, you can have your prepared business legal paperwork reviewed by Gordon Dykstra at any step of the process.
This way only pay for the consultation time and do not need to hire him to prepare all the documents and/or handle all of your corporate legal work.
This is a perfect low-cost solution for small businesses who want some legal guidance but don’t with to pay the full cost of having a corporate lawyer handle all legal matters.
For any business that grows from the initial start of a sole proprietorship or partnership the question comes up eventually as to whether the business will grow further into its next evolution, a corporation. When that decision is made to go forward, it triggers a number of hoops and challenges that the business must go through that are specific to British Columbia. However, being a corporation also opens the doors for the business to leverage significant investment from other players who want to be a partner in the business, which can easily create the necessary capital for fast and exponential growth.
Under the Business Corporations Act of the Province of Business Columbia, specific requirements have to be met for a corporation to exist. It is, after all, a legal entity separate from the individuals that own or run the company. As a result, the construction and official structure of the corporation have to be on file and record with the Province’s business regulation offices and agencies.
Known as the process of incorporation, the creation of a corporate status for a business involves both fees and documentation as well as legal title and distribution of ownership rights among specific stakeholders under the law.
The requirements are various and range from the mundane to the extremely technical. Some of the most basic details for a successful incorporation include:
- The filing of a distinct and unique corporation name for the business.
- A minimum of at least one distinct shareholder in the corporation as well their identification.
- A company director who is at least 18 years old or older, and who has a clean record from any issues of financial insolvency either in personal affairs or with another business ownership. The director must also be clear of any past offence regarding fraud, business fraud or fraudulent promotion.
- A registered office for the corporation and an office where the business records are official kept.
Because the incorporation process is required for any business that wants to enjoy the benefits of being a corporation, including the investment opportunities, getting the application and filing documents put together correctly is critical. Whether the corporation is being established in Abbotsford, BC or in Vancouver, BC, the Province’s requirements are the same, and many times complex in nature. This is why a qualified corporation attorney’s help is critical and highly advised.
It is technically possible to file all the related paperwork and fees without an attorney’s help. However, given the fact that the business will be held legally responsible for all the information provided, as well as potential perjury penalties and denial of incorporation if major issues are found by government regulators, a legal review just makes common sense. Most issues that turn into big reviews are entirely preventable by having the right expertise on the paperwork in the first place. Ergo, letting an attorney prepare the paperwork not only ensures they are prepared right the first time, troublesome issues are identified internally and can be fixed before becoming misunderstood and big external problem otherwise.
Further, corporation legal requirements don’t stop with the initial incorporation being approved. Annually, the corporation has to file continuing paperwork, report on its members, file is records of operation, and issue annual reports. All of these documents need to be reviewed for both accuracy as well as consistency from year to year. Again, a corporate officer could do all of this work without qualified help, but it doesn’t make sense to take such risks. Instead, relying on the help of a corporate attorney is the standard and expected approach for most professionally-run corporations today.