Where can I find out how to incorporate my business? What is the role of a lawyer in incorporating a small business?
There are two things to consider when thinking about setting up a new company,
One is whether to incorporate or not and the other is what are the procedures, steps and costs required to incorporate your business.
There are benefits of incorporating a business. Incorporating a business is a good legal instrument to protect yourself, your family and your assets.
Whether or not you should incorporate is an issue that you should discuss with your lawyer and your accountant because there are both legal and financial consequences to incorporation, and there is a point at which the balance tips in favour of incorporation. The lawyer knows how to incorporate a business, why you should do so and when.
There are several factors to consider when incorporating a business in Ontario and incorporating in Canada including the financial reporting rules and the laws about your type of business, and size of business.
The factors include:
- Whether or not you are engaging in a particularly risky business
- The opportunities you have to insure your business
- The number of participants in the business and their relationship to each other
- The needs you may have regarding financing
- The time it might take to make your business prosperous
This is a great opportunity to establish a relationship with a lawyer you can work with so he can understand your business so if legal challenges arise, you will have legal counsel in your corner, quickly.