Corporate Law Archives | Nava Wilson LLP

Why do you need a corporate lawyer for your business?

Recently Nava Wilson LLP was named the Best Corporate Lawyers in Toronto by The Best Toronto. The Best Toronto serves as a guide to the best things that Toronto offers, from the top products to the most dependable services. In light of this event, we’ve decided to share some core information business owners should know […]

Shareholder’s Agreement in Ontario – Key Considerations for Every Company

Shareholders in Ontario know that there is no “one size fits all” shareholder agreement that can be applied to all companies. Every company has its own unique needs and concerns, which is why a customized shareholder agreement is crucial. A cookie-cutter template may actually do more harm than good, which is why every shareholder’s agreement […]

Selling Your Cannabis Store In Ontario? All the Legal Stuff you Need to Know.

As I am sure you have noticed, there are more and more cannabis retail stores popping up in Ontario every week. That is because the lottery process has finished, and now there are hundreds more cannabis retail stores to pop up as they are still being processed by the Alcohol and Gaming Commission of Ontario […]

Help! My Shares Are Getting Diluted!

We’ve had clients calling us in a panic when they hear the words “share dilution“. They are not wrong in worrying about their money losing value. It’s important, however, to understand what it really means and why it happens. There are TWO basic types of dilution: dilution of the percentage holding of the existing shareholder […]

AFTER CREATING A COMPANY

Once the corporation is incorporated, there are several things to do before the corporation can begin carrying on business: Extra-provincial registrations. If the corporation is incorporated under the CBCA (Canada Business Corporations Act), it needs to obtain any necessary extra-provincial licence or registration. You need to check the specific requirements of each province and territory. […]

NAME CONSIDERATIONS WHEN CREATING A COMPANY

Name of Corporation Before drafting articles of incorporation or filing the articles, determine the name ofthe corporation. Different jurisdictions have different naming requirements or prohibitions. The CBCA (Canada Business Corporations Act) requires that the name contain one of the words as an ending, "Limited", limitée", "Incorporated", "incorporée", "Corporation" or "société par action de régime fédérale", […]

TAX CONSIDERATIONS WHEN CREATING A COMPANY

Tax Considerations Many private corporations qualify as Canadian-controlled private corporations (CCPC) under the Income Tax Act. CCPC status is useful to gain access to several important tax advantages, including the: Low effective tax rate applicable to the first $500,000 a year in active business income earned in Canada. Ability to deduct 50% of certain losses […]

DO I INCORPORATE FEDERALLY OR PROVINCIALLY?

When forming a business, the first step is deciding what type of entity is best (for example, a corporation or partnership). The best form of entity depends on structure, liability, tax and management considerations. Most small businesses choose a corporation as a common form of entity because it allows owners (shareholders) or managers who desire: […]

BUYING A BUSINESS – HOW TO CHOOSE BETWEEN BUYING SHARES OR ASSETS?

In a share purchase transaction, the only asset being sold is the shares in the Company. Typically, a Vendor prefers a share purchase transaction due to the favourable tax treatment, while a Purchaser would prefer the transaction to be structured as a purchase of assets, because it permits the Purchaser to cherry pick and exclude […]

What Happens When There Is A Leak In A Gas Tank?

When operating a gas station, one should be familiar with the Technical Standards and Safety Act but also, the forgotten Liquid Fuels Handling Code. The Code has requirements for licensing, corrosion protection systems, maintenance, testing, leak detection systems etc. The Code provides the frequency and methods for testing and monitoring for the detection of leaks […]