Okanagan Business Lawyers
Patrick A. Bell has been providing clients with the full range of commercial law services for over 30 years. With his UBC Commerce Degree and business background he is completely versed in all aspects of commercial activity as they relate to the law.
If you are contemplating going into business with a partner, our commercial law services help you determine if a partner is mutually beneficial for business success. Before entering into any partnerships, bring your business plan in to discuss legal options. A business partnership is a legally binding relationship between individuals who contribute by combining skill sets and labour. Each partner is entitled to share the profits, or losses based on the details in the legal agreement. Your legal rights, and the rights of your partners should be clearly documented. We can help you set up a general partnership, limited partnership or limited liability partnership in the early stages of business development, to protect all parties as your equity grows. Starting new in business with partners can be complicated. For example, what happens to jointly owned assets if your business partner dies? Does their share of the business go into their estate or will you take full ownership? Seeking legal advice before entering a business with a partner allows you to start business with a strong foundation for continued success.
Bell, Jacoe & Company’s corporate law department uses the most up to date, legally tested, corporate structures for new incorporations, ensuring that our client’s new companies are prepared for the ever-changing tax laws and corporate environment. Corporate registry staff answer general questions and help you file your document, but do not give business or legal advice. That’s where we help.
There are four basic steps to incorporation:
- First, we reserve your company name with the corporate registry
- We enter into an incorporation agreement
- We establish the company’s articles
- We file an incorporation application with the corporate registry.
There are other steps beyond these few basics to consider. For example, establishing a central securities register and issuing share certificates, getting consents from directors and setting up records books. Your incorporation agreement must be completed prior to the company being formed. The agreement must contain the signature of each incorporator and the number of shares of each class being taken by each incorporator. The set of articles must be established, meaning your company will have a set of rules that govern the conduct of shareholders, directors and officers. Articles can be customized, and must be kept by the company as part of the company’s records. After Step 4, you will receive a certified copy of the Notice of Articles, Incorporation Application and the original Certificate of Incorporation.
Tax laws for businesses change every year, so it’s vital to know what’s new. Patrick Bell has provided corporate reorganization advice for hundreds of clients. Working in unison with your accountants, we can structure your company to maximize the return to you and your family. Call us to discuss your reorganization.
Business Law FAQ
Q: I want to dissolve my partnership; can you help me with that?
A: Yes. There are several regulations to comply with when dissolving a business partnership. Every partnership exit is unique and needs the services of a competent business lawyer to finalize withdrawal. Questions to consider before coming in for your consultation include – Do you want to sell your share of the business, and what is your full or partial share worth? Financial records from your accountant, do you have them? Does your partnership termination include land or lease transfers? If you are passing your share of the partnership to the next generation, what assets do you need to transfer? Exiting a business in entirety can be complicated and emotional, especially if your other partners depend on your skill set for business success.
Q: I want to start a small solopreneur business making cannabis edibles. Can you help me with my legal paperwork?
A: Yes, we can help, and currently, we have other clients involved in the industry. Your first step is to call the office and make an appointment for a consultation. Bring in your business plan, financials, and all your questions in a list so we can work through your specific needs. The cannabis industry can be lucrative, yet federal, provincial, and municipal laws continue to confuse entrepreneurs interested in selling, growing, and marketing THC/CBD products. Don’t allow policy confusion to stop you from proceeding with your business plans. This industry has grown into a multi-billion dollar opportunity across Canada and continues to expand.
Q: Can I write intellectual property into my will?
A: Yes. Intellectual property can be passed onto a beneficiary or passed on to your business partners. These details may be included in the legal documents when you formed a partnership. Intellectual property includes business assets such as logos and branding, registered copyrights and trademarks. Complications may arise with partnerships and resolved through your carefully worded will.