Business
The rising spirit of entrepreneurship coupled with the opportunities in today’s economy is prompting many people to go into business for themselves. We restrict our work to small business law. In other words, we do not work with publicly traded companies. We welcome any privately held business. Starting and operating a business is not always easy. Most new businesses fail within the first five years. Fortunately, there are professionals who can help you make the decisions which put your business on the road to success.
Galbraith Law can provide advice and assistance in all areas of business law. We handle such matters as incorporation, business name registration, partnership and shareholder agreements, business purchases and sales, leases and contracts.
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Incorporation
As the owner of a small business, you should explore the benefits of incorporating. The advantages include limited liability, tax savings and the ability to do sophisticated estate planning.
Limited Liability protects your personal assets if the business runs into debt or goes bankrupt with some minor exceptions. In addition, there may be a significant reduction in your taxes. The exact amount will depend on your income and the type of business you operate. If you have substantial property, you can use the corporation to structure your estate to minimize the taxes payable on your death.
See us. We will examine your situation and give you professional advice on incorporation and how to arrange your business affairs. Should you decide to incorporate, we will handle all of the paperwork and government filings from start to finish. If you would like a numbered company (one which does not have a specific name), we can do the incorporation in one day. If you have a particular name in mind for your corporation, the process takes a bit longer.
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Buying or Selling a Business
It has become more common for people to enter the business world by purchasing an existing business. Whether you are buying or selling, there is a lot to consider. It is important that you have a carefully drafted Offer of Purchase and Sale. The Offer sets out such items as the price, deposit, closing date, items sold, transfer of leases and other contracts, provision of financial statements, warranties as to the accuracy of information, and non-competition clauses. You should see us prior to signing the Offer of Purchase and Sale. Remember - once the Offer is signed, it is a legally binding contract.
We will review the Offer with you to make sure it has all the proper terms and does not contain any hidden loopholes. If you wish, we can prepare the entire Offer for you.
After the Offer is signed we get to work. We do corporate searches, check taxes, verify leases and other contracts, prepare all the agreements and corporate minutes and attend on the closing to handle the exchange of funds.
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Partnership or Shareholder Agreements
Whenever two or more people go into business together, they should have their lawyer prepare a Partnership or Shareholder Agreement. The purpose is, quite simply, to set out in writing what was actually agreed to. This is best done before any problems arise. The Agreement will spell out who owns what, how profit is divided, how much money or work is required from each party, and what happens if a party dies or wants to leave. A Partnership Agreement is used when the business is not incorporated and a Shareholder Agreement is used when the business is incorporated.
Galbraith Law can help. We will discuss your situation with you, and suggest various options. Once you and your partners have agreed on the basic terms, we will prepare a Partnership or Shareholder Agreement that accurately reflects your wishes.
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Contracts and Agreements
Business must deal with a wide variety of complex contracts and agreements. Failing to obtain legal advice can lead to major problems. Whether it's a lease, loan or financial agreement, supply or services contract, or an employment agreement we can help. We can draft or prepare an original agreement, negotiate an agreement on your behalf or review a prepared agreement. TOP
For further information call one of our friendly staff at 780.483.6111 or toll free at 866.483.6111 or click here to send us an e-mail. |
