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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.

A professional corporation is just one of many business forms available in Canada. However, as the name suggests, the professional corporation was created to serve the needs of – you guessed it – professionals who want to form a business group with other professionals.