Richmond Hill Law Blog

Professional Corporations vs. Standard Corporations

What is the difference between a professional and a standard corporation? Unlike a standard corporation, which can be formed by (almost) anyone, a professional corporation can generally only be established by licensed professionals in certain fields which include medical doctors, dentists, engineers, lawyers, accountants, and so on. In most jurisdictions, if these regulated professionals choose to incorporate, they must do so as a professional corporation. There are certain key benefits to incorporation, and they come down to liability and tax. [...]

4 Common Commercial Transactions Explained

Commercial transactions involving corporations are very common and are often implemented to increase profits or efficiency, to rapidly grow a business, for tax benefits, or to address financial trouble. Below are some of the more common forms of commercial transactions, simplified and explained: Mergers & Acquisitions A merger (or an amalgamation) generally refers to a transaction where a company acquires another company and amalgamates to form a new entity. Following a merger, both companies that existed prior to the merger [...]

New Requirement: Part XI of the Business Corporations Act (Ontario) (“OBCA”)

On January 1st, 2023, Part XI of the Business Corporations Act (Ontario) (“OBCA”), will be amended to create a new requirement for most private corporations governed by the OBCA to maintain a register of “individuals with significant control” (“ISC”) over the corporation. This new requirement in Ontario follows suit of similar amendments affecting private federal companies governed by the Canada Business Corporations Act which came into force back in 2019. Similar legislation has also been introduced or enacted in other [...]

What Is a Minute Book and Why Does Your Corporation Need One?

What Is a Minute Book and Why Does Your Corporation Need One? A minute book is a compilation of some of the most important legal documents about your company’s history. Traditionally, most of these documents were stored in a physical book (hence the name), but now many have moved to digital formats to improve security and transparency. The records typically included in a minute book are: Articles of incorporation By-laws and amendments Shareholder meeting minutes & resolutions Board of director’s [...]

What to Consider When Buying or Selling a Business in Ontario

What to Consider When Buying or Selling a Business in Ontario When buying or selling a business, there are several items to consider, both financial and legal. Two of the most common methods of acquiring a business are by way of an asset purchase or a share purchase. It’s important to understand what property you will receive with each type of agreement because it differs greatly between the two. A prospective business owner needs to conduct their due diligence with [...]

6 Steps to Set Up a New Business

6 Steps to Set Up a New Business If you’re looking to launch a new business in Ontario, there are six steps you should consider before commencing operations. 1. Determine Your Legal Business Structure Your legal structure will determine, amongst other things, your business’ tax burden, ownership structure, management, liability, and workflow. The three most common structures are as follows: Sole Proprietorship: This is the simplest form of business structure. It involves one individual who is responsible for the day-to-day [...]

How To Prevent Bicycle Accident Injuries

How to Prevent Bicycle Accident Injuries Cycling is becoming more popular both as a method of transportation and for recreation. However, cycling does come with the risk of injury. Statistics Canada has released statistics that an average of 74 deaths per year in Canada are caused by bicycle accidents, and 73% of those accidents are caused by a collision with a motor vehicle. Cycling accidents also account for an average of 3,690 hospitalizations per year across the country. If you [...]

Executor Fees In Ontario: Expenses And Compensation

Executor Fees in Ontario: Expenses and Compensation Acting as the executor of an estate can take a significant amount of time and energy. It is a serious responsibility that can expose the executor to liability. In recognition of these facts, the executor of an estate is entitled to compensation. Our Richmond Hill wills and estates lawyer may be able to help you determine the amount of executor fees to which you may be entitled. Contact us with any questions you [...]

Filing Annual Returns in Ontario for Corporations

Filing Annual Returns in Ontario for Corporations Every corporation incorporated, amalgamated or continued in Ontario is required to file an annual return with Ontario’s Ministry of Government and Consumer Services (“Ministry”) within six months after the end of its tax year (“Annual Return”). The Annual Return discloses certain basic information about the corporation, such as its legal name, mailing address and information about its directors and officers.  The obligation to file an Annual Return is in addition to the existing corporate requirement to [...]

Things to Consider When Buying Real Estate With a Business Partner in Ontario

Things to Consider When Buying Real Estate With a Business Partner in Ontario Maybe you have a contact who has offered you an ideal real estate investment opportunity, but you do not currently have the financial ability to take advantage. Or maybe you have some money to invest, but do not have the time necessary to manage or oversee your real estate investment. Investing with a business partner can allow you to jump into the real estate investment business now, [...]

What Happens if a Person Has Multiple Wills in Ontario?

What Happens if a Person Has Multiple Wills in Ontario?  If you have multiple wills that purport to deal with the same asset in different ways, only one will be found valid and given effect after your death. Generally, when you prepare a second will, it replaces the first (older) will. If your will is prepared by a lawyer, it will contain words to the effect that it replaces any previous wills. However, if done properly, multiple wills may be [...]

What is a Shareholder Resolution in Ontario?

What is a Shareholder Resolution in Ontario? Some decisions can be made by the director or directors of a corporation, without consulting with the shareholders. Other decisions require the approval of a majority of a corporation’s shareholders. A shareholder resolution is the way in which the shareholders show approval for a particular decision. Our Richmond Hill business lawyers may be able to provide you with more information on what constitutes a shareholder resolution in Ontario. For What is a Shareholder [...]

Pedestrian Accident Injuries in Ontario

Pedestrian Accident Injuries in Ontario Even a slow-moving vehicle can do a lot of damage to a pedestrian. If you have been injured by a motor vehicle or have injured yourself walking as a pedestrian, you may be entitled to receive compensation. Alternatively, you may be able to sue the driver of the vehicle or the entity/person responsible for your injuries. Our Richmond Hill personal injury lawyers can walk you through the process of dealing with pedestrian accident injuries in [...]

Registering A Trademark – What You Need To Know

Registering a Trademark – What You Need to Know A trademark is a unique combination of elements that you use to distinguish your business’s goods or services from the goods and services of others. The more you use your trademark in conjunction with your business, the more the trademark comes to represent your company, your product, and your reputation in the public eye. Registering your trademark lets you protect the time and effort you put into developing your reputation by [...]

Things a Buyer Should Know About Home Inspections

Things a Buyer Should Know About Home Inspections A home inspection enables a potential home buyer to have a knowledgeable professional inspect the property prior to purchase. A home inspection report can help you decide on an appropriate purchase price, understand whether a property has more potential problems than you want to take on, and make plans for future repairs. Our Richmond Hill real estate lawyers may help to ensure that you understand everything a buyer should know about home [...]