Aaron Grinhaus of Grinhaus Law Firm, located in Ontario, Canada, offers professional legal help concerning tax and business law, including Ontario business incorporation, wills and estate planning. He offers trusted legal aid to Burlington, ON and the greater Toronto area and operates on low, flat-rate fees. Whether you have personal affairs in mind or those of a small business, Grinhaus Law Firm can help.
Incorporation of a business is the legal act of making a personally owned business into a corporation; a corporation is a company that can be legally considered its own entity. Once incorporated, a company can earn money, own assets, owe liabilities, and even commit crimes. Ontario incorporation is no different, at least principally. However, expertise in the area is required to make the best decisions about the specific details of incorporation, especially depending on the local regulations of the area.
There are many advantages to the incorporation of your business, the most obvious of which is the legal separation of the company from the owner. This means a certain amount of liability can be transferred away from the owner and onto the company itself. Often, the company owner’s personal property cannot be claimed as compensation for an incorporated business’ dues.
Certain tax benefits may also be found through incorporation. As a broad example, corporate taxes are generally lower than taxes on personal income; therefore, money that a corporation earns, instead of a person, is more profitable for the corporation.
Grinhaus Law Firm knows how to help businesses best deal with Ontario incorporation, as well as a variety of legal matters concerning small businesses, wills and estate planning. If you are in the greater Toronto area and are looking for legal assistance, contact Grinhaus Law Firm for a consultation.