Embarking on your entrepreneurial journey offers numerous advantages, yet navigating the complexities of incorporating a business can be challenging. To streamline the process and set your business up for success, it is highly recommended to seek guidance from a business lawyer.

From the beginning, your business lawyer will guide you through choosing a suitable business structure and can help with registering it if needed. Once your business is up and running, they can offer advice on completing transactions effectively and assist in drafting the required documents. In case of a business dispute, your lawyer can aid in finding a resolution to safeguard your interests and, if needed, represent your business during any legal proceedings.

Selecting a Business Structure:
Prior to setting up a business, one of the key decisions that must be made includes determining what kind of business structure would be most appropriate for the nature of your business. Generally speaking, businesses can operate as sole proprietorships, partnerships and corporations. Given that there are variations of each type of structure, a business lawyer can not only suggest which business structure is most appropriate for your business but can also work with accountants to provide insight on the most tax-efficient structure for your operation.

At De Novo Law Corporation, we endeavour to be your one-stop shop for all your business’s needs and have partnered with accountants to not only provide you with dependable business structuring advice from both the legal and tax perspectives.

Registering your Business Structure:

Depending on what type of business structure has been selected, registration of the business may be necessary or advisable. In those circumstances, your lawyer can affect the registration of your business, provide advice as to your continued personal obligations to the business, and keep your business compliant with any annual maintenance requirements.

Advising on Specific Business Transactions:

Regardless of whether you operate a small or large business, it is advisable to seek the advice of your business lawyer on any commercial transactions that your business embarks on. Your business lawyer will assist with due diligence, spot legal issues before they arise and present possible solutions to those issues.

Commercial Dispute Resolution:

A dispute can arise in the lifetime of a business among different individuals involved in that business or between other businesses that it deals with. The role of a lawyer in resolving a business dispute is strategic in that they will consider every option that is available to resolve that dispute efficiently including, litigation if necessary. Your business lawyer would be in the best position to help you resolve any business dispute that may arise given their prior involvement with your business and their understanding of your business operation and goals.

The Takeaway:

Involving your business lawyer from the outset of your business is the best way to mitigate risk. Your business lawyer can ensure your business’s compliance with registration and annual maintenance requirements and can oversee your business’s business transactions to reduce the risk of any potential disputes.

We hope that this article has been helpful to your business planning process. If you have any further questions concerning your business’s legal needs, please feel free to get in touch with us at 778-761-1719 or email us at info@denovolawyers.ca.

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