Buying a Gas Station?
Buying a Gas Station? If you are buying a gas station, whether it is your first time or third time, it is always recommended that you request certain documents as part of your due diligence. It will give you a better idea of the condition the gas station is in, and whether it has complied […]
What is a Not-for-Profit Organization?
What is a Not-for-Profit Organization? Not-for-profit organizations, also called non-profit organizations is a club, society, or association that is organized and operated solely for either: social welfare; civic improvement; pleasure or recreation; or any other purpose except profit. It has some similarities and differences compared to a for profit corporation: The main similarities are: A […]
Directors Of A Corporation – Who Are They?
Directors Of A Corporation – Who Are They? 1) What is a Director? A director is an individual who manages and oversees the running of the business of the corporation and makes certain important decisions. A director sits on the board of directors with the other directors of the corporation, if any. 2) How Many […]
Who Does The Repairs In A Commercial Lease?
Who Does The Repairs In A Commercial Lease? First, we need to know that there are 3 main obligations when it comes to taking care of the property: MAINTENANCE REPAIR REPLACEMENT Within those 3 obligations, there are 2 subcategories: INTERIOR vs EXTERIOR STRUCTURAL vs NON-STRUCTURAL It is important that each lease should outline who is […]
The Advantages and Disadvantages Of Owning A Franchise
The Advantages and Disadvantages Of Owning A Franchise A franchise is a contract or agreement where a franchisor gives a franchisee the right to start a business under a business name that already exists in exchange for fixed payments. Think of it like a lease. You’re ‘renting’ the franchisor’s business system and brand for a […]
Find Out If You Need An Extra Provincial Registration/License In Ontario
Find Out If You Need An Extra Provincial Registration/License In Ontario What Is It? Extra-provincial registration/licence is when a corporation incorporated under laws outside Ontario is required to obtain a licence from the Government of Ontario before they carry on business in Ontario. What Does “Carrying On Business” Mean? It includes, without limit to, having […]
What You Need To Know About Shareholders’ Rights To Corporate Records
What You Need To Know About Shareholders’ Rights To Corporate Records Imagine investing your money in a company and not knowing how the company is functioning. We have had many clients who are owners (shareholders) of a company only and not a part of management and not a director, who have been denied access to […]
Non Payment Of Rent – Part 1: What To Look For In Your Lease
Non Payment Of Rent – Part 1: What To Look For In Your Lease It happens A LOT. Imagine a commercial tenant’s business suddenly starts to slow down and starts going through tough times, and naturally falls behind in rent. The landlord sends a terrifying notice letter that says “if you fail to pay in […]
The Guide To Minute Books
The Guide To Minute Books What is a Minute Book? Once the corporation has been organized, every corporation requires a book to record all the activities of the corporation and a history of all the important decisions, which is called a Minute Book. It is the story of a corporation’s life from beginning (incorporation) to […]
The Importance Of Due Diligence Searches
The Importance Of Due Diligence Searches What does it mean when your lawyer tells you they need to conduct “due diligence” searches when you are buying a business? It means that they need to run certain searches against the business to ensure that you can run it without issue. There are two types of searches: […]