Incorporations – Business and Corporate Lawyers in Calgary
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If you’re asking yourself, “should I incorporate?” Business and Corporate Lawyers in Calgary Osuji & Smith talk about Incorporations.
A corporation is a legal entity, and in law, a corporation has an independent legal personality. That might sound confusing, but essentially the process results in a business being separate from its owners. When starting out as a new business, many entrepreneurs begin their venture as a sole proprietor or partnership. As the company continues to grow, there’s a point when choosing to incorporate is the more beneficial path.
- Liability: If someone were to take legal action against you as a sole proprietor, you would assume all liability. As a corporation, however, liability would be more limited.
- Financial benefits: Especially when it comes to taxes and tax planning.
- Lending: Improved access to grants and loans.
Continuity: Because a corporation is an independent legal personality, it can continue in the absence of the founding director or shareholder. So if a member of the company passes away, the company will not cease to exist.
Anyone can incorporate, but there is no magic number that determines the perfect time to do so.
Often choosing this option for your businesses is reflected in the stage you are in as a company. Since you are not locked into the form of the business structure you started as, making the switch once your company is more established is a typical course of action.
For example, if you, as a sole proprietor, is making just ,000 a year, incorporation might not be the best choice. But once the business has reached a point where it’s bringing in 0,000, we would recommend incorporation.
Between the costs, the administrative work, and the time involved in choosing to make the swap, some small businesses in Calgary aren’t sure if that business structure is ideal for them. Some even see it as a headache. At Osuji & Smith, our Calgary lawyers understand the confusion that business owners face. We are here to help. Our business lawyers tailor all of our legal advice based on your unique business’s priorities and goals. We will find strategic solutions that will offer the best outcomes for your company. If you are considering incorporating your business, do not hesitate to talk to us.
Please feel free to contact our friendly staff by calling 403-283-8018 or email our office and we can schedule an appointment for you.