Advantages of Incorporation for Small Businesses As a small business grows, there are risks of personal liability. The act of Incorporating a business is one way to mitigate personal liability. Limited liability is not the only advantage that incorporation provides. This post explores the advantages of incorporation, focusing on its legal, financial and operational benefits. […]
I have had a Builders Lien filed against my property; what can I do to remove it? Generally, a builders’ lien is a charge on property by a person who has supplied work or material to a building under construction. Since builders’ liens are typically simple and inexpensive to file against property, an owner may […]
Filing a Builders Lien against the owner of a property for lack of payment The Builders Lien Act (BLA) can be an important tool for those in the construction industry. One of the main purposes of a builders lien is to ensure that owners are not able to obtain an improvement to their land without […]
When purchasing a business it is essential for buyers to consider the potential tax implications and strategies to minimize them. Two key tax considerations are the Goods and Services Tax (GST) and provincial sales tax (PST). The method of acquisition, whether through share or asset transfer, significantly impacts the tax outcome. In general, when buying […]
When acquiring a business, prospective buyers should give careful attention to the realm of intellectual property (IP). Protecting and leveraging these intangible assets is paramount. A buyer would do well to consider any trademarks, and whether they are owned by the business or individuals, and to ensure they are registered. A buyer should evaluate the […]
Purchasing a business can be an exciting endeavor. However, it comes with a complex regulatory landscape that demands a prudent buyer’s attention. To ensure a seamless transition and long-term success, it is crucial to be aware of various potential permits, licenses, and compliance matters. Firstly, business licenses are a fundamental requirement, with specific criteria varying […]
Negotiating a business purchase agreement requires a systematic approach. We recommend engaging experienced legal and financial professionals to guide you through the process. A recommended step to begin with is to send a non-binding Letter of Intent (LOI) that outlines key terms and conduct thorough due diligence to uncover any issues. Either on your own […]
The acquisition of a business is a multi-faceted endeavour, where understanding and navigating a web of contracts and agreements is paramount. At the heart of the acquisition process lies the Purchase Agreement. This all-encompassing contract outlines the terms and conditions of the sale, from the purchase price to the assets and liabilities to be transferred. […]
When acquiring a business, whether in British Columbia or elsewhere, safeguarding yourself from inheriting the seller’s liabilities is of paramount importance. Several strategies can help mitigate these risks. First, a comprehensive due diligence process is vital, specifically you will want to examine the seller’s financial, legal, and operational history with expert assistance from lawyers and […]
It is essential to conduct due diligence when buying a business to ensure you are aware of any potential liabilities, legal issues, or other considerations related to the specific business you are acquiring. Consulting with your lawyer and your accountant is highly recommended to make an informed decision based on your unique circumstances. Before buying […]