Corporate Law Archives | Page 2 of 3 | Nava Wilson LLP

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 with regulatory standards. We […]

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 corporation has perpetual existence, It […]

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 Directors Must a Corporation Have? Every corporation must […]

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 responsible for these 3 main obligations to avoid […]

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 time, and when that time is up, it’s […]

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 an agent, representative, warehouse, office, and/or an interest in real property […]

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 information about the company. Being left in the dark about what […]

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 5 days from the date of this letter, as per the lease agreement, we […]

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 end (dissolution). This book is […]

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: 1) Title Searches, and 2) Off-Title […]