Should I be incorporating my business?
Although it is often written that there are two primary reasons to incorporate; namely, limiting personal liability and utilizing tax advantages (and these are good reasons to incorporate), there may be other equally good reasons for you to incorporate. For example, a corporate structure can be the best model for a business with more than one owner, or an owner who wants to involve others – including possible creditors – as participants on some level. Additionally, ease in transferring ownership where a shareholder wishes to move on from the corporation, or passes on, are available with a corporation.
Depending upon your specific situation, incorporating your business or venture may yield important advantages for you. A corporation exists as a separate legal entity from both the directors and shareholders of a company. (The terms “corporation” and “company” can be used interchangeably in our context.) As such, a company can be liable for what it owns or undertakes, and is taxed separately from its directors and shareholders.
Among other things, we will help you:
- Understand the roles and responsibilities of directors and shareholders.
- Choose and confirm the availability of your corporate name.
- Ensure that the share classes and articles of the corporation are tailored for your circumstances.
- Incorporate the company online.
- Assemble and maintain your corporate minute book.
At Olive Waller Zinkhan & Waller LLP we work with you and your accounting professional to ensure that every angle is considered in building the most appropriate and best business model for you. We have the experience and expertise to review your business needs and help determine whether incorporation – either now, or at some point in the future - makes sense for you. Contact us to discuss your options.
Disclaimer: This article contains general information only as of the indicated date. It relates to Saskatchewan, Canada and may not be applicable in your jurisdiction. It does not constitute legal advice to you and no solicitor client relationship will be established by reading this article. Specific legal advice should be obtained by the reader on any topics discussed above from a lawyer entitled to practise law in your jurisdiction.
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