Best Business Lawyers in Ontario Near Me
Many people dream of being entrepreneurs and owning their own businesses.
Of course, this aspiration is often linked to the appeal of freedom and self-determination that comes with being your own boss.
However, starting a business requires significant effort and planning. If you do not have the right guidance, a promising business idea could quickly become overwhelming, leaving you feeling trapped rather than liberated. Without the right preparation, what once seemed like a good idea can turn into a costly mistake.
Therefore, when you decide to embark on your entrepreneurial journey, seeking help from professionals is essential, not only to start your business but also to support its sustainable growth.
Having a skilled business lawyer is crucial, but finding the right lawyer for your specific needs is equally important, if not more. With the right legal partner, you will save your time and money in the long run and provide invaluable guidance throughout your business journey.
SME Lawyers is here to help you find the best business lawyer in Ontario to support your venture.
How can a Business Lawyer Help you?
Whether you are currently owning a business already established or you are preparing to take the plunge, a business lawyer can definitely be a vital ally for you. As you may know, business law is a broad field and, depending on your needs and goals, finding a lawyer with the right expertise will make a significant difference.
Obviously, Ontario boasts a wide range of professionals specializing in business development, and choosing the right lawyer will definitely help you save both time and money in your journey.
Here are some ways a business lawyer can help you:
Preparing a Shareholder Agreement
If your business is incorporated, you will have to deal with the different shareholders of your corporation. Consequently, you will also need to take into account their rights and your duties towards them.
Normally, in that situation, it is strongly recommended to establish clear guidelines through a contract. By doing so, you will be able to plan what to do if a conflict starts between you and the shareholders.
One of the best ways to prevent such conflicts is the adoption of a shareholder agreement. This document will allow the shareholders who signed the agreement to set regulations on specific actions, such as restrictions on selling shares.
| Good to know! As a shareholder, you are also entitled to a lot of rights. If you are actively involved in the corporation, it is a good idea to consider calling a lawyer to understand all your rights and your duties. It will allow you to avoid unexpected complications |
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Alternatively, there is also the possibility to prepare a unanimous shareholder agreement. In that case, the shareholders will take some power typically held by the board of administrators.
As the business owner, you will definitely be a shareholder, but you could also be an administrator (and a director). It will then be important for you to understand how this structure will affect your rights
In this case, it is a good option to call a business lawyer specializing in shareholder rights. This will grant you all the knowledge required to make a decision on whether or not the agreement is a good decision for you.
Start your Business with the Right Lawyer
If you are ready to become your own boss and start your entrepreneurial journey, having a lawyer by your side can be a good way to reduce the risk of making costly mistakes that could follow you for a long time.
From the moment you start planning to open a business, you should call a lawyer. This will allow you to choose the right legal form for you. Obviously, once you make your decision, you are not condemned to keep it forever. However, making the right choice from the outset can streamline your business journey.
Why is choosing your legal structure so critical?
Such a decision will not only define the rules of the game when you are conducting your business operations but it will also establish the formalities you will have to follow in order to start your business.
By choosing the right business lawyer, you will be able to quickly identify a legal structure that suits your needs. In fact, after explaining to the professional your current situation and your objectives, he will be able to provide you with the different options available.
However, to start a business, the legal form is just one of many steps you must undertake. After, depending on your decisions, you will need to fill out forms and maybe prepare articles of incorporation or a contract between you and your associates.
Of course, whenever there is a necessity to prepare such documents, the help of the right lawyer could truly make the difference. An experienced business lawyer will be able to foresee situations you might encounter in the future and provide you in advance with the right tools to find the solution.
The lawyer will also be able to make sure your business respects all the legal conditions. For instance, when you need to decide the name of your enterprise, you will be required to respect some formalities.
If you do not respect the conditions in question, you might face some financial penalties. In the most extreme cases, your company could simply dissolve and thus, your entrepreneurial journey will come to an end before it even starts.
Finding a Lawyer for Litigation
Once your business is fully established, the role of the lawyer is not done yet. In fact, you might even need him more than in the beginning. Whether your business involves selling products or services, there is always a risk of legal disputes.
That is also the case when an issue or a conflict occurs with a business partner. If your company is part of a litigation, the presence of a lawyer is not only necessary, but it is also mandatory.
Indeed, it is possible that your corporation is required under law to have legal representation. As such, might as well find the one that will be able to help you resolve the issue and protect your business interests.
For a business in a litigation case, it is not solely a question of money. The mere fact of being in front of a judge could have important repercussions on your business reputation which will then impact your profitability.
Hence, a good lawyer will strive to resolve issues outside of court whenever possible, advocating for mediation or arbitration instead. To do so, it will be required to have the consent of both parties.
With the right lawyer, you will foresee the risk of litigation and thus, you will have added, to your contracts, an arbitration clause. This will allow you to force the other party to meet you in front of an arbitrator before seeking a legal decision by a court.
To find the right lawyer for your business, all you need to do is fill SME Lawyers’ form and we will take care of the rest for you!
Incorporate your Business with the Right Lawyer
Deciding to incorporate your company or not can be a turning point in your business activities. Although some people might find this decision obvious, the reality is that incorporation is not the best solution for everyone.
Therefore, before proceeding, the first step a business owner should take is to communicate with a professional to understand the consequences of the incorporation for his enterprise as well as for himself.
With the right lawyer by your side, the incorporation process will not only be a lot easier but you will also have a complete outlook of the situation to take the right decision for the future of your business growth.
Basically, the incorporation process requires the business owner to change the legal form of his enterprise and to create a legal personality. It will then allow the company to act on its own. It also can engage its own liability which adds an additional layer of protection for the administrators.
However, the limitation does not only concern the administrators’ liability. In fact, they will also be protected from potential insolvency. In other words, if the company must declare bankruptcy, the shareholders or the administrators will not be responsible for anything more than the money they originally invested.
Another key advantage of having a good business lawyer while incorporating your enterprise is the possibility to transfer, if you decide to sell your business, your shares. By doing so, you will be able to significantly reduce the taxes on the capital gain.
Find the right lawyer to incorporate your business with the help of SME Lawyers!
What Are the Inconveniences of Incorporation?
With all of those advantages, it is totally normal that you wonder why you should hesitate any longer before incorporating your business. Although there are a lot of advantages, a good lawyer will also give you all the disadvantages of such an important decision.
Notably, the main thing to know before incorporating your business is an increase in administrative fees. Hence, you should make sure that the profitability of your company allows you to incorporate it.
Additionally, the incorporation adds a lot of complexity to the structure of your business. Lastly, the incorporation itself is long and complex. Therefore, you must keep in mind that you will be required to pay a lot of legal fees.
SME Lawyers will Help you Find the Lawyer your Business Needs!
As you now understand, there are many legal aspects to take into consideration when you decide to start your own business. From creating it to developing its activities until selling the enterprise, the right lawyer will help you throughout the existence of your business.
However, the simple fact of having a lawyer by your side is not always sufficient. Depending on your objective and the industry in which you are, different specializations could be beneficial for you.
Therefore, it is important, before hiring a lawyer, you should definitely take the time to compare different elements, notably the experience of the lawyer, his specialization as well as the type of firm he works in.
As your business grows, it is possible that you require extensive legal help. In that case, you might need to find a lawyer who works in a bigger firm. Of course, that decision will also come with higher legal fees.
To make the right decision, the best way is to communicate right away with SME Lawyers.
After a few clicks, you will be able to find the right lawyer for your business according to your standards!