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Going into Business (part 2)

Going into business

Limited Liability Company

Forming this type of company requires a director, employee and shareholder.

Shareholders – Have only liability and you can include as many as you like.

Directors – Have far more important duties and responsibilities as set out in Corporation Legislation Tax record keeping and reporting are examples of the duties and responsibilities of a director of a company. Your solicitor can explain how these and other structures work.

How your solicitor can help

If you are buying, selling, starting or running a business there are a number of ways your solicitor can help, including:

  • Advising you on the best structure for your business
  • Preparing a partnership agreement or a shareholders agreement.
  • Drafting a lease or reviewing a lease you’re asked to sign.
  • Advising on borrowing and funding arrangements.
  • Explaining your rights and obligations under a franchise agreement.
  • Preparing and advising you on terms of trade and other business contracts.
  • Helping you estimate and protect the value of a business goodwill.
  • Advising you of your obligations to employees.
  • Negotiating the terms of sale or purchase on your behalf.
  • Advising you on how to avoid and manage business disputes.
  • Helping you get answers from government and other authorities.
  • Advising you on your obligations to customers.
  • Protecting and enhancing your intellectual property rights including your business name.

Again, in nearly every article I write I am drawn to a familiar theme. It is so important to develop a strong working relationship early with your family solicitor.

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