KR Law Firm
20 Bay Street, WaterPark Place, 11th Floor M5J 2N8 Toronto, ON, Canada

Happy new year from KR Law Firm We wish you nothing but the best in all that you do in 2021

Thinking of turning your idea into a business? Want to know how best to structure your business? Need legal advice on contractual clauses? Privacy laws? Employment laws? Liability? Taxes? Intellectual property? At KR Law Firm we apply Canadian laws to your unique facts to find you legal solutions for your legal matters!... Visit our website to book your FREE consultation today. Also check out our latest blog posts for some useful legal information. (416) 366-4305 [email protected] www.krlawfirm.ca

Thinking of turning your ideas into a reality? Have questions about structuring your business? Intellectual property? Taxes? Liability? At KR Law Firm we apply Canadian business laws to your unique facts to find you legal solutions for your legal matters! Visit our website to book your FREE consultation today. Also check out our latest blog posts for some useful legal information. ... (416) 366-4305 [email protected] www.krlawfirm.ca #startup #corporatetaxation #dividendincome #businesslaw #businesslawyer #smallbusiness #legalresearch #corporatelaw #privacylaw #trademark #trademarklawyer #copyright #patent #humanrights #corporatefinance #employeepension #contracts #intellectualproperty #torontolawyers #freeconsultation #krlawfirm #incorporationprocess #copyrightlaw #copyrightlawyer #ontariolawyers #corporatetaxlaw #shareholdertaxation

Do you want to know more about corporation taxation? Please check out our latest blog on how corporations and also their shareholders get taxed at www.krlawfirm.ca

Deciding Whether to Incorporate Provincially or Federally? Once you have decided that you want to carry on your business through a corporation, you must decide whether you want to incorporate provincially under the Ontario Business Corporations Act (OBCA) or federally under the Canada Business Corporations Act (CBCA). A federally incorporated corporation gives you the right to carry on business in all Canadian provinces. A provincially incorporated corporation under the ...OBCA gives you the right to carry on business in Ontario only. Incorporating your corporation federally under the CBCA will allow you to have your registered head office in any province in Canada, while incorporating your corporation provincially under the OBCA will only allow you to have your registered head office in Ontario. A benefit of incorporating federally under the CBCA is the benefit from the widely held public perception that a federally incorporated corporation carries with it greater international prestige. Furthermore, incorporating federally under the CBCA provides protection for your corporation’s name across Canada, with the exception of the province of Quebec (please note that a federal corporate name protection is not the same as trademark protection). Check out our blog section at www.krlawfirm.ca for more details on this topic. If you have any questions about services we offer, comment below or visit our website to book your free consultation today! (416) 366-4305 [email protected] www.krlawfirm.ca #taxlaw #taxlawyer #lawfirm #capitalgains #corporatetaxation #dividendincome #businesslaw #businesslawyer #legalservices #smallbusiness #legalresearch #corporatelaw #privacylaw #databreach #trademarklawyer #copyright #patent #bankruptcylaw #bankruptcy #taxplanning #humanrights #corporatefinance #employeepension #contracts #intellectualproperty #torontolawyers #consultation #freeconsultation #krlawfirm #incorporationprocess

1 Have a successful history together before founding a company. Great business partners almost always have had a prior history of working with each other. The more closely they've worked together, the better. If you think you've found a promising person to pair up with but you don't have that kind of history, then get it. Work on small projects together, or at the very least, spend a lot of time together before you agree to do anything. You don't want the first time you hav...e to work through a disagreement to be at a crucial point in the early life of your company. 2 Start by creating a shared vision and mission. Look for what energizes and motivates each of you about your business. Give it a purpose and define what the ideal business will look like. Put the joint Vision and Mission in writing and use it as the reference for everything else you do. 3 Identify both of your strengths and weaknesses and delegate to each other the business responsibilities accordingly. For example, if you are a better finance manager and your partner is a better marketing manager, then delegate the authority to those responsibilities in accordance with your strengths and trust in your partner to get the job done. 4 Plan out your exit strategy ahead. Having an exit strategy ensures your interests are protected and reinforces for the partners that the new venture is a business relationship, not a personal one. Defining the exit strategy before any exit is underway allows all involved to agree on terms that will be fair. It's easier to make equitable decisions when an exit isn't already underway. 5 Hire an attorney to help prepare a business partnership agreement. It's so easy to forget what you verbally agreed to when you were in intial stage of your partnership. People forget what they committed to and start blaming each other for everything wrong in the business. Without a legally binding contract to hold each other accountable, it's your word against theirs in court. Give us a call for a free business consult! (416) 366-4305 www.krlawfirm.ca #contractlaw #taxlaw #businesslaw #taxlawyer #businesslawyer #torontolawyers #contracts #freeconsultation