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At Right Legal, we make finding the right business lawyer stress-free. Here’s how:
Simply fill out our short online questionnaire. From there, we’ll search our database to match you with the lawyers meeting your criteria and ready to help. Once you’ve reviewed the list of Edmonton business lawyers and made your selection, we will facilitate a meeting so you and your lawyer can begin working together.
We search, investigate, and carry out background checks to guarantee you receive offers from the very best available. That way, you can feel confident that you have the right legal counsel for your needs.
Business Law in Edmonton, Alberta
Starting a Business in Edmonton
Starting a new business means taking care of a lot of details, including writing a business plan, registering your business with the government, and applying for licenses or permits.
Before long, you’ll find yourself drafting business contracts, forming partnerships, and likely hiring a business lawyer and an accountant to keep good records. Like any other risk, you’ll need a good set of guidelines to keep you protected.
Make a business plan
Your business plan should include goals and a timeline for how you’ll build your business, finance it, and deliver your products or services. Many new business owners also use their plans to solicit investments or financing for their project. More information and resources for developing business plans can be found at Alberta Small Business.
Choose a business structure
You have several options for business structure, four of the most common being sole proprietorships, partnerships, limited liability companies, and corporations.
Sole proprietorships work best if you are the only owner of your business and if you do business under your own name. That being said, you should only consider this structure if you are self-employed, if you don’t expect to hire employees, and if you’re not too concerned about personal liability.
Partnerships are businesses formed by two or more people. They can take several forms depending on the goals of the partnership. Partners are responsible for taxes on profits and losses and are personally liable for legal actions taken against the business.
Corporations can have one or more owners, who are usually called shareholders. When starting a corporation, the shareholders are often the founders of the company.
It’s important to understand the tax and legal ramifications of your business structure, so take the time to consult a business lawyer in Edmonton if you have any questions.
Register your business
To start your new business legally, you must first register it with a provincial government (find out more from the Service Alberta site here). If you have obtained funding, are buying supplies, hiring employees, or renting an office or storefront, it’s time to register.
In most provinces, business registrations can be completed at a local registry. Depending on your business structure and the province in which you file, your registration document may be called the Articles of Incorporation, Certificate of Registration, or some variation of these names.
There is much to consider when starting a business in a new location, such as business licensing, incentives for new businesses, negotiating a contract, determining the cost of the space and needed improvements, and more. Consider your business plan and other resources when making a decision.
Once you start a new business and register with the province, you may need to obtain separate business licenses at the municipal or provincial level. Businesses providing professional services like cosmetology, material handling, or plumbing must comply with additional zoning regulations and licensing requirements.
Upon starting a new business, you need to track any money you receive, earn, or spend with business activities. Hold onto your receipts, invoices, bills, bank statements, and other financial documents. Keeping up with accounting from the beginning will make tax time simpler.
While sole proprietors and other small businesses may want to handle accounting themselves, many people prefer to delegate the work to an accountant and focus on running the business.
If your new business has employees, is a corporation or a partnership, or meets one of a few other standards, you must obtain a BIN Number and or a GST Number from the CRA. This number is used for numerous tax purposes, including annual tax returns, quarterly estimated tax returns, employee tax withholding, and more.
Even if you understand the federal tax requirements for your business structure, it’s important to know the tax requirements at the provincial level.
Common Mistakes a Business Lawyer in Edmonton can Help You Avoid
Numerous new company owners in Edmonton make common mistakes that can influence the monetary practicality of your new operation. By dealing with an Edmonton business lawyer you can prevent these common errors and prevent the loss they can cause.
Mistake # 1: Not Incorporating And Handling Liabilities In Your Personal Name
By incorporating your company, you are allowing the business to act as a separate legal entity, instead of an extension of an individual and partner (an unincorporated company or sole proprietorship). This offers your company some advantages, such as keeping all the earnings rather than spreading them among its shareholders. Incorporation is not required for an Edmonton business, so numerous brand-new company owners choose not to integrate initially because of legal costs.
As a sole proprietorship, you and your partner receive all the earnings made by the business, but you both also take on all the dangers associated with a business in your personal name. This includes any type of liability with lawsuits, debts and taxes.
In choosing not to include ways to cover a liability and your assets, your house, vehicles, and personal bank accounts can be used to reach a settlement. Ask your Edmonton business lawyer how you can incorporate your organization to safeguard against these risks.
Mistake # 2: Not Getting Tax Suggestions From An Accounting Professional
In many cases, paying business taxes can be a lot more complex than personal taxes. The liability, along with the tax structure, vary and can be puzzling if you’re new to The Earnings Tax Act of Canada, so you’ll most likely require the services of a trusted accounting professional.
An accounting professional can assist you in understanding exactly which company-associated expenses are tax deductible, how often taxes are paid (quarterly or yearly), how to secure financing to expand your service, and how to determine if any reorganization is needed to make it more profitable.
In fact, it would be beneficial to hire an accountant to protect your assets when you are consulting your Edmonton based lawyer because together, they can come up with the very best plan for you, both legally and financially.
Mistake # 3: Avoiding Tax Recommendations About Company Structure & Investors
As a brand-new businessperson, naturally you will worry about limiting costs until your business sees some profits, but there are some requisites that you will have to pay for up front. Among the most important are your business lawyer and an accountant. You may believe you only require an accounting professional when tax time comes, but the reality is that the decisions you make before your company has actually been incorporated can impact financial commitments later on.
The structure of your business, as well as the decision to have shareholders, the variety of shareholders, in addition to the worth of a company share, would be a lot easier to figure out with the help of a business accounting professional. Your lawyer and accountant will help you decide if a sole proprietorship, a cooperative, or a corporation is best for your organization. This guidance, as any Edmonton business lawyer will inform you, can reduce your personal liability and avoid the seizure of personal properties.
With the help of a business lawyer, you can prevent these common startup mistakes, helping you to focus on the best ways to make your business dream a reality instead of red tape and piles of paperwork. For more information on business law, fill out our questionnaire and we’ll connect you with the right lawyers to handle these worries for you. You may also find more information on business law here. If you’re hiring staff, you may also wish to consult an Edmonton employment lawyer to confirm you’re meeting the legal requirements of a workplace.
If you need commercial retail space, consider hiring an Edmonton real estate lawyer.
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