Before incorporating, a business owner should think about tax implications, a corporation's perpetual existence, and protection from liability. A common question among small business owners is whether to incorporate a company to carry on their business. However, this simple query often leads to a … [Read more...]
Small Business Essentials: An employment lawyer’s perspective
Three essentials all small business owners should have in place are employment agreements, policies, and termination letters and releases. One of the most common mistakes small business owners make is assuming a small number of employees means proper employment documents are less important. On the … [Read more...]
What happens when a business owner divorces? Part 2
In this second part, let's look at protecting a business, and calculating child and spousal support. Part 1 of this article explained the various ways a divorcing spouse can be compensated for their family property claim to a business. Part 2 now looks at how to insulate a business from the … [Read more...]
What happens when a business owner divorces? Part 1
In this part, let's look at buying spouses out and corporate assets. Whether you are a business owner, the spouse of a business owner, or in business with another family, you may be curious about what impact a divorce can have on the business. If your business partner is divorcing or you are … [Read more...]
Top 5 Legal Mistakes in Starting a Small Business (Part 5)
Mistake #5: Not Getting a Lawyer for your Business As the owner of a business, you would likely never try to do all of your own accounting, computer support, and cleaning – you would probably hire someone. After all, you are there to run the business part of your endeavour – that is what you … [Read more...]
Top 5 Legal Mistakes in Starting a Small Business (Part 2)
Mistake #2: Not Having an Operating Agreement (Partnerships and Corporations) An “Operating Agreement” is a contract between the founders of the business. This includes people involved in the management, people who provide capital, and people who do both. This agreement sets out operative issues … [Read more...]
Top 5 Legal Mistakes in Starting a Small Business (Part 4)
Mistake #4: Not Being Adequately Insured New businesses often have insufficient insurance. In deciding what kind and how much insurance to secure, a new business owner should carefully examine the needs of the business. Here is a summary of the most common forms of insurance coverage. Property … [Read more...]
Top 5 Legal Mistakes in Starting a Small Business (Part 3)
Mistake #3: The Contents of Leases When you start a small business, you will need to consider where that business will be located. If your business is not a home-based one, this may be the first time you have had to deal with a commercial lease. Although such leases generally favour the landlord, … [Read more...]
Top 5 Legal Mistakes in Starting a Small Business (Part 1)
So you want to start a small business? You have your business plan at the ready, you can get a start-up loan with an interest rate that is at an all-time low, and your determination is at an all-time high. You are ready to go. Ironically, now – during this flurry of energy, excitement, and … [Read more...]
School’s In: Dogged Determination
Download this lesson plan as a PDF worksheet. To the Teachers: Activities in this lesson are designed for students taking Law Studies in high schools. The activities are created to teach students about becoming entrepreneurs of small businesses, a venture they could pursue during the summer … [Read more...]