Kay Law’s chief concern is the well-being of its clients and staff members. As such, we are supporting public health recommendations to reduce the spread of COVID-19.

We have implemented a “social distancing” policy, which entails limiting person-to-person contact. We have adopted phone conference calls and video meetings until this unprecedented threat to pubic health subsides. This policy is in effect from March 17, 2020 until April 6, 2020, when we will re-assess the situation.

If you are attempting to deliver or pick-up any item from our office, please see the instruction sheet posted on our outside door or please phone us at 519-579-1220 and we will instruct you.

We are fully committed to providing legal services to our clients during this period. Please phone or email us. (519-579-1220 or reception@kaylaw.ca)

We appreciate your patience and understanding as we take time to adopt policies that keep everyone safe and healthy.

Thank you.
Yours very truly,
Kay Law Professional Corporation

Wednesday, November 13, 2019

Kay Law Blog 1 - Incorporating Your Business

Incorporating Your Business

Reasons to Incorporate

Clients often ask us why they should incorporate their business and when they should do so

  • There are two important considerations: (1) income/tax planning; and (2) risk management. If your unincorporated business is generating more than enough income to cover your living expenses, then it may be beneficial to incorporate your business and thereby defer some personal income tax on the surplus income.
  • Incorporating your business can also be very helpful to manage risk. A company is a separate legal entity from its owners and therefore protects the owners from being sued personally (subject to the many ways that directors and officers of corporations can be held personally liable under Ontario law). Certain businesses are risky by their very nature and even non-risky businesses could be sued in the future for many things, such as someone slipping and falling on ice in the winter outside of the business. If such an event happens, it would be better to be incorporated so that the business owner is not sued personally.

How to Get Started

At Kay Law, we specialize in all aspects of business law and we regularly incorporate companies for our clients. We have a customized intake list which sets out all of the information needed in order to incorporate a business.

The basic information needed to incorporate is listed below:

  1. the proposed name (could be a numbered company or a named company, in which case a NUANS name search will be performed)
  2. who will be the shareholders and what share structure should be used (we can speak with your accountant to determine the best share structure)?;
  3. who will be the directors and officers of the company?
  4. what will be the registered office address for the company?
  5. who will be the accountant?
  6. what fiscal year-end will the company have?; and
  7. which bank will the company use for its accounts?
Once Kay Law has the above information, the company can be incorporated very quickly (generally within two business days). Once the incorporation is complete, our office would be in touch to schedule an appointment in order to sign the incorporation documents , we will provide you with the necessary incorporation documents in order to open the company’s bank account and we will file all required documents with the Ontario government.

Law With A Difference