“Why do I need to use a lawyer to incorporate? I can press a button online. OK, so I shouldn’t use “Dr. Google” but come on, lawyers are just a scam to take money from us. This is easy stuff. ”
I wish the above comments were hypothetical, but they are not. Lawyers in our firm have had conversations like this for years. So. Why should you use a lawyer to incorporate?
That’s a very good question. I’ll tell you why. Because they know stuff.
Even as someone who works closely with lawyers, I do not know all the ins and outs of the Ontario Business Corporations Act, and chances are that you don’t either, and there is more to consider like the Income Tax Act. Yes, there is the information highway, and yes you can get very basic precedents of almost anything; but is it suited to what it is that you want to do with your business?
For example, does your share structure allow you to bring on investors down the road if you were thinking of expanding and allowing for investors? Do you have the right classes of shares when you want to have family members be shareholders? No? Well, now you have to spend money to get your “basic” Corporation amended. Why not just deal with the professionals at the outset to avoid that extra step and cost?
When you come to our offices and discuss your corporate planning, we bring to your attention these little things to think about. And you know what else we do, we talk about:
- the implications of having employees and the importance of agreements and handbooks;
- discuss Trademarks and Intellectual Property;
- refer you to an accountant who can assist you with your tax planning needs; and
- discuss Estate Planning aspect of owning shares in the company.
To me, that sounds like an all around service. Oh wait, that’s what we are, a full serviced business law firm. We even take it one step further when you incorporate with our office, we remind you when it’s time to do your Annual Resolutions so that you don’t forget.
If you think that you have a great business plan, get out to see those professionals now before you end up being out of pocket for something that you should have just done, to begin with. Trust me.
Christine Allan, Law Clerk