What Questions should I ask my Lawyer when Incorporating a Business?

Incorporation of a business is a major step in the journey of starting a business. Although it can be a daunting and time-consuming task and you may have many questions for your lawyer and other advisors. The purpose of this article is to provide you with some questions to ask your lawyer and other advisors about the incorporation process and starting a business in general.

What are the fees associated with incorporation?

If you are looking to incorporate your business incorporation fees can fluctuate between the different jurisdictions in which you are entitled to register a corporation. For example, a Canadian corporation may be a different price point than an Ontario corporation. The difference in price will be reflected in the disbursements and legal fees charged by a lawyer. In our experience, we have found that Canadian corporations are generally more cost effective to organize than Ontario corporations. If you would like to see our incorporation fees, please click here.

Are there are any ongoing payments that I would have to make to maintain my corporation?

Yes, you will be required to make annual filings relating to your corporation, which set out changes (or the lack of changes) to your corporation during the preceding filing year. Such changes can include the registered office address of the corporation or the directors of the corporation. The purpose of the annual filing is for the relevant government authorities to ensure that your corporation is validly existing and complying with corporate legislations.

How can I file my taxes for my corporation?

Generally, lawyers will not be in a position to provide you with tax or accounting related advice. Rather, lawyers may provide you some general tips and things to consider in relation to these matters. Further, lawyers may be able to refer you to reputable and experienced accountants and CPAs. Having a referral from your lawyer may provide you with a trustable solution for your tax and accounting related needs.   

Can I use a post office box as my registered corporate address?

No, your registered corporate address must be a valid address that is not a post office box. We understand that people may be concerned about sharing their personal addresses as their registered corporate address, as such, we commonly recommend our clients to use their lawyer’s office as their registered address or obtain a virtual office address. Both options may cost you further fees.

The above are some basic questions that you can raise to your lawyer at the incorporation of your business. If you have any further questions or concerns about the incorporation process, feel free to contact us at info@falconlawyers.ca.

Raz Toor

April 22, 2022

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