Working With a Lawyer to Start a Business in Ontario, Canada
Entrepreneurs who are planning to start a business venture often seek information from a corporate lawyer / business lawyer. The following information can assist entrepreneurs who would like to know what to expect when working with a corporate lawyer / business lawyer.
Usually, the corporate lawyer / business lawyer will interview you to obtain key pieces of information related to your business plan. During the interview, the corporate lawyer / business lawyer will be able to give an entrepreneur a better understanding of steps that should be taken, timelines involved with the steps, and costs associated with taking those steps.
The corporate lawyer / business lawyer may then discuss the particular industry related to the entrepreneur's business venture. That particular discussion may be more detailed if the industry is regulated. For most entrepreneurs operating in an unregulated industry, the next thing discussed will be the business vehicle which best suits the proposed business. A business vehicle is the type of entity used to perform business. An example of a business vehicle is a corporation.
Once the business vehicle which best suits an entrepreneur's needs is determined, the corporate lawyer / business lawyer will discuss the entrepreneur's desired structure. For example, the number of shareholders, the share structure, and share terms. Other structure-related discussions may occur in regard to laws related to securities, which entrepreneurs may run afoul without first consulting their corporate lawyer / business lawyer.
Sometimes entrepreneurs ask whether incorporating a corporation, or otherwise structuring and registering their desired business vehicle is something that should be done through a lawyer. Working with a lawyer to structure and register a business vehicle, such as incorporating and organizing a corporation, is not a straightforward task. Incorporation and organization of a corporation requires many steps under the law: it requires more than just submitting articles of incorporation. The entrepreneur should discuss incorporation and organization with a corporate lawyer / business lawyer to avoid common start-up pitfalls.
Next, a discussion regarding timelines and costs will be discussed with the entrepreneur's corporate lawyer / business lawyer. The timelines can range depending on the industry and business vehicle.
The final step in the discussion with the entrepreneur's corporate lawyer / business lawyer is in regard to future services. Perhaps the entrepreneur plans on starting a software company or selling a service, such as SaaS. In those cases, the corporate lawyer / business lawyer can discuss items which should be contemplated before selling to customers. Other times an entrepreneur may be concerned about branding and protection. In those situations, a trademark lawyer / IP lawyer can discuss various trademark and branding considerations. Sometimes entrepreneurs look to lease commercial space and need assistance with reviewing offers to lease and other lease agreements.
Regardless of an entrepreneur's situation, it is best to consult with a corporate lawyer / business lawyer to assist with the new business venture.
All materials contained on this website should not be construed or relied upon as legal advice. The content of the SLC Law website is provided to you for informational purposes only and should not be construed as legal or other advice on any subject matter. Contact a lawyer or other professional for advice regarding your particular circumstances.