Most people understand that there are costs involved with buying and selling properties, whether you live in Ontario, Canada, or somewhere else. However, it can be worthwhile learning what these costs are before starting the buying and selling process.
Most people know that lawyers are the people you go to when you need legal assistance, but few know exactly what they do. This blog post is going to shed some light on the role of a Canadian tax lawyer. Generally speaking, tax lawyers help individuals and businesses with tax planning, preparing and filing tax returns, as well as representing them in disputes with the Canada Revenue Agency (CRA). They can also provide advice on how to reduce your taxable income. If you’re looking for help with your taxes, or if you need representation in a dispute with the CRA, then a Canadian tax lawyer is the professional for you.
If you’re looking to expand your business or are just starting, buying a pre-existing, well-established business can serve as an effective stepping stone towards fulfilling your corporate goals.
Purchasing an existing business instead of starting a new one certainly has its benefits. For example, it can save you the effort of hiring new employees and securing a new facility and equipment. However, you’ll still need to take certain things into account, which we’ll cover in detail soon.
Buying a business isn’t a straightforward process. It all boils down to signing a set of documents and paying the seller, but there is also a highly demanding preparation period that must be attended to before you seal the deal!
If you are buying a business, it is essential to engage in proper due diligence. Many people do not fully understand the purpose of due diligence or what it entails. In a business acquisition, due diligence may be the critical factor that allows you to determine whether you’re buying a profitable business or a lemon.
ONTARIO’S CORPORATE RECORD-KEEPING REQUIREMENTS
It can be easy to forget all the legal obligations you have as a corporate owner. We are not talking about taxes, which are always with us. With your incorporation comes reporting and record-keeping requirements that never go away. Do you know what those requirements are? Failure to meet reporting and record-keeping requirements could prove very costly with fines or other penalties involved.