Do you need a small business lawyer to open a business in Toronto? Our law firm has several business lawyers that can you set up your company and protect it. Some of the things you should consider before starting a small business is:
- A shareholder agreement
- Your corporate set up
- Contract creation
- Contract review
- Corporate minutes
Small Business Lawyer Ontario
One of our business lawyers can help you set up your company, call us toll free at 1-844-466-6529. You can also reach us via the live chat box at the bottom right of the screen.
We have business law locations downtown Toronto and in Yorkville. Let us know which is best for you. We also have offices in Ottawa but the business law work would be done in Toronto.
A shareholder agreement is very important in case there are future disputes between partners. If things go well, there can be disputes about the direction of the company. If things go poorly, there can be disputes around who must pay costs.
A shareholder agreement is normally quite long, and it lists many of the common (and uncommon) disputes that can come up in business partners. If you are looking for capital from outside investors, they often will ask to see the shareholder agreement. If you don’t have one, it doesn’t look good.
Small Business Lawyer Toronto
You also want to make sure your corporation is set up in a way that protects you from personal liability. Your family doesn’t want to lose your house and car because of your business. You need to talk to an accountant and a lawyer to decide which is right for you.
Most people are scared to talk to a lawyer because they think they can’t afford it. If you can afford to open a store, you can afford a lawyer. Take legal protection very seriously.
Small business lawyers don’t need to cost a lot of money. But make sure you are not waiting until a problem occurs before you reach out to a lawyer. Most people don’t want to pay to plan, they want to pay to fix. That is not a great business decision.
Some people end up paying 50% in taxes because the entrepreneur did not select the correct business structure. Also, if you don’t have something written down, things can go to litigation. Court costs are often $100,000+. Legal planning with a business lawyer normally costs around $5000.
It’s also important to note some of our business lawyers charge per hour and some offer flat fees. It’s important to find the right Toronto business lawyer for you.
Read more: Ways To End A Contract
Being A Toronto Business Owner
Owning a business is stressful. You must worry about cash flow, hiring the right people, getting rid of the wrong people, building a brand, and sometimes raising money. Some businesses are meant to stay small; others are meant to innovate and change their industry.
If you are building a brand in Toronto, it’s very hard. Unless you are doing targeted marketing like Google Ads and SEO, you are hitting 6 million people. That means that in a city with 1 million people, each person would have been hit with your marketing message six times. In Toronto, the person would have only been hit once.
ClearWay Law understands the changes of growing a company out of Toronto, because we are doing it. We are innovating the legal industry but standing out against lawyers that think they can charge whatever they want once a client retains. To make matters worse, those old school lawyers do a terrible job communicating with clients. It’s our hope that lawyers that provide terrible CLIENT service won’t be in business within a decade.
Offload some of your stress on us. Get a small business lawyer that works for you! Tell your lawyer what stresses you out. Here is a good example of where it pays to hire a small business lawyer.
Business Law Firm
Someone entered into a contract with a construction company to build a house for them. A day before construction, the Toronto construction company asked for an additional $200,000. Was the client responsible or the construction company? They had been going back and forth for months, and construction was very delayed.
A business lawyer was hired and was able to convince the construction company to cover 75% of the extra costs. This saved the client around $150,000. The business owner paid the lawyer around $5000 and saved $150,000. Don’t be penny wise and dollar stupid.
Small business lawyers can also be used for small or medium sized lawsuits. If someone has broken contract with you, don’t assume you won’t win in court. Yes, litigation costs can be very high. And yes, they can go on for years. But again, if you spend $100,000 on a lawsuit, and win a $500,000 judgement (and collect), you are up $400,000! The very least you should do is a book a free consultation with a business lawyer.
Make sure you have a small business lawyer and a good accountant on your team. Reach out to our business law firm at 1-844-466-6529 or email info (at) clearwaylaw.com