Beyond.ca

Registration is free! Car Forums - Member Rides Car Forums - Find other members Car Forums - Calendar Car Forums - Frequently Asked Questions Forum Rules and Regulations Car Forums - Search Logout
Beyond.ca - Car Forums : Powered by vBulletin version 2.3.9 Beyond.ca - Car Forums > Lounge > General > Benefit of hiring a lawyer for incorporating


Author
Thread
BavarianBeast
First Gear

Location: Calgary
What I drive:
Posts/Day: 0.51
Trader Rating: (0)
User Rating: 98%


Benefit of hiring a lawyer for incorporating quote:

Hello Beyond,

A friend and I have recently decided to start a business. We are currently looking at our options for incorporation. We would like to set up the company with a buy/sell clause and a shotgun. We figure that this will be easy enough to do on our own through the registry as we will be 50/50 partners and it seems straight forward.

Some think that we are crazy to go forward with a lawyer, so I am wondering if Beyond can convince me to spend the extra cash to hire one.

Thanks.

Report this post | IP: Logged

Old Post 03-09-2017 06:09 PM
BavarianBeast is offline Click Here to See the Profile for BavarianBeast Click here to Send BavarianBeast a Private Message Find more posts by BavarianBeast Edit/Delete Message Reply w/Quote
 
Zhariak
First Gear

Location: Calgary, AB
What I drive: 2015 CLS63 AMG S-Model Coupe
Posts/Day: 0.20
Trader Rating: (0)
User Rating: 100%


Re: Benefit of hiring a lawyer for incorporating quote:

Originally posted by BavarianBeast
Hello Beyond,

A friend and I have recently decided to start a business. We are currently looking at our options for incorporation. We would like to set up the company with a buy/sell clause and a shotgun. We figure that this will be easy enough to do on our own through the registry as we will be 50/50 partners and it seems straight forward.

Some think that we are crazy to go forward with a lawyer, so I am wondering if Beyond can convince me to spend the extra cash to hire one.

Thanks.



Normally, I recommend one to incorporate themselves, however adding a partnership in to the mix, I'd recommend getting a lawyer.

You want to make sure the partnership agreement is as clean cut, and covers absolutely every type of situation that can arise, and provides a course of action in any of the possible events (divorces, buyouts, health issues, mental capacity, unrelated personal lawsuits, disputes among partners, death, etc...).

Even if you guys are tight, you want a partnership agreement that would cover rules as if you were arch enemies. Do it now at the beginning instead of later...

__________________
Sig was pwned by Moderator!

Report this post | IP: Logged

Old Post 03-09-2017 06:19 PM
Zhariak is offline Click Here to See the Profile for Zhariak Click here to Send Zhariak a Private Message Find more posts by Zhariak Edit/Delete Message Reply w/Quote
ercchry
Fifth Gear

Location: calgary.ab.ca
What I drive: E90M3 510 Wagon
Posts/Day: 1.51
Trader Rating: (6)
User Rating: 99%


quote:

for my next one i think im going to go with the lawyer/accountant combo just to help minimize taxes as much as possible. always been a fan of letting the experts handle the things they do best while i focus on what i do best

__________________

Report this post | IP: Logged

Old Post 03-09-2017 06:33 PM
ercchry is online now Click Here to See the Profile for ercchry Click here to Send ercchry a Private Message Visit ercchry's homepage! Find more posts by ercchry Edit/Delete Message Reply w/Quote
ExtraSlow
Third Gear

Location: Food Court Wifi
What I drive: 2010 Recession Fighter LX
Posts/Day: 1.12
Trader Rating: (27)
User Rating: 101%


quote:

For a partnership, Yeah get a lawyer.

50/50 partnerships are the most complex and troublesome business arrangements I can imagine. I hope this isn't a close friend. You are likely to seriously change this relationship once you are business partners.

__________________
Make fun of me in the 2017 Tow Rig thread!

Report this post | IP: Logged

Old Post 03-09-2017 06:33 PM
ExtraSlow is offline Click Here to See the Profile for ExtraSlow Click here to Send ExtraSlow a Private Message Find more posts by ExtraSlow Edit/Delete Message Reply w/Quote
roopi
Second Gear

Location: Calgary, AB
What I drive:
Posts/Day: 0.31
Trader Rating: (49)
User Rating: 237%


quote:

Brewery?

Report this post | IP: Logged

Old Post 03-09-2017 07:24 PM
roopi is offline Click Here to See the Profile for roopi Click here to Send roopi a Private Message Find more posts by roopi Edit/Delete Message Reply w/Quote
shakalaka
WILSUU2

Location: Edmonton/Calgary
What I drive: SCUZEM3
Posts/Day: 0.76
Trader Rating: (56)
User Rating: 97%


quote:

No advantages at all. Lawyers are useless.

Report this post | IP: Logged

Old Post 03-09-2017 08:51 PM
shakalaka is offline Click Here to See the Profile for shakalaka Click here to Send shakalaka a Private Message Find more posts by shakalaka Edit/Delete Message Reply w/Quote
killramos
Third Gear

Location: Technically the NE
What I drive: C63S
Posts/Day: 1.12
Trader Rating: (2)
User Rating: 100%


quote:

Originally posted by shakalaka
No advantages at all. Lawyers are useless.

Truth

__________________

Originally posted by Thales of Miletus

If you think I have been trying to present myself as intellectually superior, then you truly are a dimwit.

Originally posted by Toma
fact.

Report this post | IP: Logged

Old Post 03-09-2017 09:33 PM
killramos is offline Click Here to See the Profile for killramos Click here to Send killramos a Private Message Find more posts by killramos Edit/Delete Message Reply w/Quote
BavarianBeast
First Gear

Location: Calgary
What I drive:
Posts/Day: 0.51
Trader Rating: (0)
User Rating: 98%


quote:

Originally posted by roopi
Brewery?



Zoo Keeping Services.

Thanks for the replies. We decided to take the general consensus and just hired a lawyer. I figured it would of cost a lot more. Not even worth the thread for the $1500 they charge lol.

Cheers guys.

Report this post | IP: Logged

Old Post 03-09-2017 10:57 PM
BavarianBeast is offline Click Here to See the Profile for BavarianBeast Click here to Send BavarianBeast a Private Message Find more posts by BavarianBeast Edit/Delete Message Reply w/Quote
Buster
First Gear

Location: Calgary
What I drive: 2012 CTS-V Wagon, 2012 GL350
Posts/Day: 0.13
Trader Rating: (1)
User Rating: 97%


quote:

It's not the incorporation that's costs. It's the USA.

Report this post | IP: Logged

Old Post 03-09-2017 11:08 PM
Buster is offline Click Here to See the Profile for Buster Click here to Send Buster a Private Message Find more posts by Buster Edit/Delete Message Reply w/Quote
roll_over
First Gear

Location: Local
What I drive: Can't driver because I'm legally blind
Posts/Day: 0.21
Trader Rating: (5)
User Rating: 101%


quote:

Originally posted by BavarianBeast


Zoo Keeping Services.

Thanks for the replies. We decided to take the general consensus and just hired a lawyer. I figured it would of cost a lot more. Not even worth the thread for the $1500 they charge lol.

Cheers guys.



Which lawyer did you decide to go with? Iím looking for one for the same purpose right now.

Report this post | IP: Logged

Old Post 03-10-2017 03:48 AM
roll_over is offline Click Here to See the Profile for roll_over Click here to Send roll_over a Private Message Find more posts by roll_over Edit/Delete Message Reply w/Quote
Mostwanted
Neutral

Location: Calgary AB
What I drive: 4Runner
Posts/Day: 0.06
Trader Rating: (1)
User Rating: 95%


quote:

Same, negotiating a partnership, didnt know whether to do it myself with all the what ifs answered and signed or go through a lawyer. Pretty sure that if you have the what ifs answered and laid out i dont think youll need one?

Report this post | IP: Logged

Old Post 03-10-2017 03:11 PM
Mostwanted is offline Click Here to See the Profile for Mostwanted Click here to Send Mostwanted a Private Message Find more posts by Mostwanted Edit/Delete Message Reply w/Quote
BavarianBeast
First Gear

Location: Calgary
What I drive:
Posts/Day: 0.51
Trader Rating: (0)
User Rating: 98%


quote:

I went with a buddy's friend who is operating with Lawson Lundell out of Yellowknife so his rate was pretty good.

Report this post | IP: Logged

Old Post 03-10-2017 05:01 PM
BavarianBeast is offline Click Here to See the Profile for BavarianBeast Click here to Send BavarianBeast a Private Message Find more posts by BavarianBeast Edit/Delete Message Reply w/Quote
ExtraSlow
Third Gear

Location: Food Court Wifi
What I drive: 2010 Recession Fighter LX
Posts/Day: 1.12
Trader Rating: (27)
User Rating: 101%


quote:

My company is solely owned by my wife and myself, so that was simple. I did look into creating it as a partnership with a colleague of mine, and after talking it through with him, we both decided a two-par partnership was terribly complex and would impact our working relationship.

My way of thinking about it is that it's just as hard to build it with two partners as it would be with ten or more shareholders. Actually worse because with only two you are MUCH more likely to run into an impasse that can't be solved with a simple vote.

__________________
Make fun of me in the 2017 Tow Rig thread!

Report this post | IP: Logged

Old Post 03-10-2017 07:48 PM
ExtraSlow is offline Click Here to See the Profile for ExtraSlow Click here to Send ExtraSlow a Private Message Find more posts by ExtraSlow Edit/Delete Message Reply w/Quote
The time now is 02:32 AM (GMT) Post New Thread   
  Last Thread   Next Thread
Beyond.ca - Car Forums : Powered by vBulletin version 2.3.9 Beyond.ca - Car Forums > Lounge > General > Benefit of hiring a lawyer for incorporating



Show Printable Version | Email this Page | Subscribe to this Thread


Forum Rules:
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts
HTML code is OFF
vB code is ON
Smilies are ON
[IMG] code is ON
 

Google
 
Web beyond.ca

Terms of Use - Contact Us - Advertising Info - Archives - Car Blog

Powered by: vBulletin Version 2.3.9
Copyright ©2009 Jelsoft Enterprises Limited.

Bringing Car Enthusiasts together in discussion on our car forums

Page Statistics : Page generated in 1.77698398 seconds (97.43% PHP - 2.57% MySQL) with 35 queries.