The incorporation of a business can be a long and complicated process, but it is also one that offers a variety of advantages; for example, owners of incorporated businesses frequently obtain a large degree of protection from the liabilities of their businesses. The actual word “incorporate” means to create a corporation; in other words, create a body with legal standing. In the eyes of the law, this body has the same legal standing as a person. In order to decide whether incorporation is right for your business, it is helpful first to understand the process in general.
The first step in incorporation is the filing of forms, which include the articles of incorporation. Right from the beginning, this process can be more than a bit tricky. There are several types of incorporation for which a business owner may apply, and each type has its own specific advantages. Establishing exactly how your business will best function is an important part of making this decision.
Also, deciding whether your business should file for provincial or federal incorporation is of great consequence. For example, federal incorporation requires that the business must file an annual return, while provincial incorporation does not.
A business attorney who has years of experience in aiding business owners with incorporating their companies can provide you with legal advice and help you make the correct decisions. The attorney can also contact the appropriate authorities in your province in order to start the process and ensure that you fill out all paperwork accurately and on time. For more information both on the benefits of different types of incorporation and the process by which it is done in your area, contact a local, professional business attorney.
If you are in need of incorporation in Toronto ON or would simply like more information, feel free to contact us at Grinhaus Law Firm. We offer legal services such as wills, trusts, tax reduction, incorporation, and more. Give us a call today for a free consultation.