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  • ABOUT
  • WHAT WE DO
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  • LEGAL FEES
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  • CONTACT
logologo

647.812.8462

  • ABOUT
  • WHAT WE DO
    • REAL ESTATE
    • WILLS & ESTATES
    • IMMIGRATION
    • FAMILY LAW
    • BUSINESS
    • NOTARY SERVICES
  • LEGAL FEES
  • BLOG
  • CONTACT
logologo

647.812.8462

  • ABOUT
  • WHAT WE DO
    • REAL ESTATE
    • WILLS & ESTATES
    • IMMIGRATION
    • FAMILY LAW
    • BUSINESS
    • NOTARY SERVICES
  • LEGAL FEES
  • BLOG
  • CONTACT
by Monica Beffa

SHOULD I OPEN A NOT-FOR-PROFIT OR A CHARITY?

While all charities and not-for-profit organizations operate on a not-for-profit basis, there are significant differences between them. To run the organization successfully, we would first need to understand the different laws and regulations that apply to not-for-profit and charitable organizations.

Read More
BLOG, Business, NewsJanuary 11, 20230 comments
by Monica Beffa

What contracts do I need for my startup?

Improve your startup’s odds is by ensuring you have all the contracts and agreements necessary as well as a well-drafted business plan

Read More
BLOG, BusinessApril 29, 20220 comments
by Monica Beffa

Startups

Ontario Business Entities for Startups

Starting a business does not happen instantly. It requires detailed preparation and your devoted time and energy. An entrepreneur who intends to start a business in Ontario is forced to make a number of important decisions with respect to the legal, finances, marketing, employment issues. Choosing the type of entity is one of the first decisions an entrepreneur faces at the beginning of the business. There are various factors affecting the choice of the entity, for example taxation, ownership, liability, investment considerations.

Do you need a lawyer when you start your small business? Contact us to find out how our Beffa Law could benefit your business.

Types of Business Entities

There are 3 main business entities an entrepreneur should consider in Ontario:

Sole Proprietorships

A sole proprietorship is the simplest form of business organization, it is easily to set up and it is automatically created as soon as you begin to carry on business in your name. You are the sole owner, and fully responsible for all debts and obligations related to your business. All profits are yours to keep. Because you are personally liable, a creditor can make a claim against your personal assets as well as your business assets in order to satisfy any debts.

PROS:

  • Easy and inexpensive to register
  • You have direct control of decision making
  • Minimal working capital required for start-up
  • You can enter into contracts with other people and entities
  • You can hire employees
  • Some tax advantages (deducting your losses from your personal income, and a lower tax bracket when profits are low)
  • All profits go to you directly

CONS:

  • You are solely responsible for your actions and the actions of any employees you may have.
  • You have unlimited liability (if you have business debts, claims can be made against your personal assets to pay them off)
  • You cannot bring anyone as a partner & can be difficult to raise capital on your own
  • Income is taxable at your personal rate and, if your business is profitable, this could put you in a higher tax bracket
  • Lack of continuity for your business if you are unavailable

This is the best type of business organization to start off with. Then, as your business grows, you can decide if alternative business is more suitable.

Partnerships

A partnership is automatically formed when two or more individuals or corporations carry on business together with a view of profit.

The Partnerships Act (Ontario) determines the rights and obligations of each partner, unless the partners enter into a formal partnership agreement. In a partnership, your financial resources are combined with those of your business partners and put into the business. You and your partners would then share in the profits of the business according to the legal agreement you have drawn up.  The partners are the sole owners and cannot be employees.

In a General Partnership, each partner is jointly liable for the debts of the partnership. In a Limited Partnership, a person can contribute to the business without being involved in its operations. A Limited Liability Partnership is usually only available to a group of professionals, e.g. lawyers, accountants or doctors.

While all of the benefits of the partnership accrue to the partners, each partner is personally responsible for the obligations undertaken in contracts entered into by the partners. This is important because it establishes the terms of the partnership and can help you avoid disputes later on.

Hiring a lawyer to help you draw up a partnership agreement will save you time and protect your interests.

PROS

  • Fairly easy and inexpensive to form a partnership
  • Start-up costs are shared equally with you and your partner(s)
  • Equal share in the management, profits and assets
  • Tax advantage — if income from the partnership is low or loses money (you and your partner(s) include your shares of the partnership in your individual tax returns)

CONS

  • There is no legal difference between you and your business
  • Unlimited liability (if you have business debts, personal assets can be used to pay off the debt)
  • Can be difficult to find a suitable partner
  • Possible development of conflict between you and your partner(s)
  • You are held financially responsible for business decisions made by your partner(s)

Corporations

A corporation has its own legal entity. Incorporation can be done at the federal or provincial/territorial level. To set up a corporation, you have to file articles of incorporation with the government. When you incorporate your business, it is considered to be a legal entity that is separate from its shareholders. As a shareholder of a corporation, you will not be personally liable for the debts, obligations or acts of the corporation. Further, the corporation is taxed on its own, and you pay tax on what the corporation pays you, by salary or dividends.

It is always wise to seek legal advice before incorporating.

PRO

  • Separate legal entity
  • Owns assets and has the limited liabilities
  • Owns property in its own name and ownership is transferable
  • Has continuous existence
  • May sue on its name and may be sued
  • Can be an employer, you can be an employee
  • Easier to raise capital than it might be with other business structures
  • Possible tax advantage as taxes may be lower for an incorporated business

CONS

  • A corporation is closely regulated
  • More expensive to set up a corporation than other business forms
  • Extensive corporate records required, including documentation filed annually with the government
  • Possible conflict between shareholders and directors
  • You may be required to prove residency or citizenship of directors
Read More
BLOG, BusinessOctober 10, 20180 comments

Services


Real Estate Wills & Estate Immigration Family Law Business & Corporate Notary Services

Contact Us:


Phone: 647.812.8462 Fax: 647.697.2424 Email: info@beffalaw.ca

Visit Us:


231 Oak Park Blvd Suite 301, 3rd Floor Oakville, ON L6H 7S8
Copyright © 2021 - BEFFA LAW
All the information presented on this site must be regarded as general information and  not legal advice. Every case is different, so please contact us to assess your particular situation. A solicitor-client relationship will be established only after we’ve determined that there is no conflict of interest.
12 Days of Christmas - Official Rules

Beffa Law’s 12 Days of Christmas Giveaway – Official Rules

NO PURCHASE NECESSARY TO ENTER OR WIN

Participation constitutes the entrant’s full and unconditional agreement to and acceptance of these Official Rules. Beffa Law’s 12 Days of Christmas giveaway submission period commences at 7:00 a.m. EST on December 12, 2022, and ends at 11:59 p.m. EST on December 22, 2022, with the final winner announced on December 24, 2022. The contest is sponsored by Beffa Law.

  1. Eligibility: Beffa Law’s 12 Days of Christmas giveaway is open only to legal residents of Ontario who are 18 years of age or older. Entrants must also be Canadian citizens or Permanent Residents who reside in Ontario at the time of entry. Employees, contractors, directors, and officers of Beffa Law and its respective affiliated companies, distributors, licensees, and the advertising, fulfillment, judging, and promotion agencies involved in the development and administration of this promotion and their immediate family members and those living in the same households of each are not eligible to enter the contest.
  2. Promotion Period: The promotion begins at 7:00 a.m. (EST) on December 12, 2022, and ends at 11.59 p.m. EST on December 23, 2022. All submissions must be entered during the official time frame of the promotion to be eligible.
  3. How to Enter: (all entrants acknowledge their information will not be used or sold for other marketing or promotional purposes.)
    During the promotion period, go to the Beffa Law Facebook page and Beffa Law Instagram page and follow the instructions for each of the 12 days. Entrants must like the Beffa Law Facebook page and Instagram pages before December 12, 2022, to get specific daily instructions on how to enter the contest each day.
  4. Daily Entries: MUST LIMIT ONE (1) ONLINE ENTRY PER PERSON, PER DAY. For purposes of this promotion, a day is defined as a 24-hour period beginning at 12:00 a.m. EST and ending at 11:59 p.m. EST.
  5. Prize & Odds: Daily prize will not exceed $250 and will be picked up by the winner after the promotion period ends. No substitution or transfer of prize is permitted except at the Sponsor’s sole and absolute discretion. All taxes, and all other costs associated with acceptance or use of the prizes, are the sole responsibility of the winner. The odds of winning the prize depend on the total number of entries received.
  6. Claiming the Prize: IF CHOSEN AS THE WINNER, please privately message us to receive further instructions on how to claim your prize.
  7. Sponsor reserves the right to remove and invalidate from this promotion posts, comments, or statements of wishes that Sponsor determines in its sole discretion are inappropriate.

General Rules: Beffa Law 12 Days of Christmas Giveaway rules and guidelines:

  1. You must be 18 or older to participate.
  2. All submissions must be entered during the official time frame of the promotion to be eligible.
  3. Sponsor reserves the right to remove and invalidate from this promotion posts, comments, or statements of wishes that Sponsor determines in its sole discretion are inappropriate.
  4. All federal, provincial and municipal laws apply. Winners will be notified through Facebook and Instagram and have 24 hours to redeem their prize. The return of any prize/prize notification as undeliverable or failure to respond to notices or return any documents in a timely manner, as determined by the administrator, may result in disqualification and an alternate winner may be chosen. By participating, participants agree to release, discharge, and hold harmless promotion parties from and against any and all liability or damages associated with this promotion or acceptance, use, or misuse of any prize received in this promotion. Promotion parties are not responsible for any typographical or other error in the printing of the offer or administration of the promotion. Acceptance of the prize constitutes permission for the Sponsor and their agencies to use the winner’s names and likenesses for purposes of advertising and publicity without further compensation unless prohibited by law. By participating in this promotion, participants agree to be bound by the Official Rules and decisions of Beffa Law, which shall be final in all matters relating to the promotion. Promotion parties are not responsible for lost, late, misdirected, stolen, illegible, inaccurate, damaged, incomplete, non-delivered, or postage-due mail; or for printing, distribution, or production errors or technical, hardware, software, or telephone malfunctions of any kind, lost or unavailable network connections, or failed, incorrect, incomplete, inaccurate, garbled or delayed electronic communications caused by the user or by any of the equipment or programming associated with or utilized in this promotion, or by any human, or other error, which may occur in this promotion. If in the administrator’s sole opinion, there is any suspected or actual evidence of tampering with any portion of the promotion, or if technical difficulties compromise the integrity of the promotion, Beffa Law reserves the right to void suspect entries and/or modify and/or suspend and/or terminate the promotion and/or conduct a random drawing to award the prizes in a manner deemed appropriate by the administrator. In the event of a dispute regarding the identity of the person submitting an entry, entries will be declared made by the name appearing on the online entry. Sponsor reserves the right to disqualify any individual who tampers with the promotion or website or acts in a disruptive manner. This promotion is offered only in Canada and is governed by the laws of the province of Ontario, Canada. By entering, entrants irrevocably consent to the sole and exclusive jurisdiction of the courts of the Province of Ontario for any action, suit, or proceeding arising out of or relating to this promotion.
  5. Waiver: By participating in this promotion, participant waives all rights to claim punitive, incidental, and consequential damages, lawyer’s fees, or any damages other than actual out-of-pocket costs incurred to participate. The Prize winners waive all rights and indemnify the Sponsor against any loss or liability resulting from the Grand Prize.
  6. Winners’ names will be posted on Beffa Law’s Facebook and Instagram Pages.
  7. Sponsor: Beffa Law Professional Corporation, 301-231 Oak Park Blvd., Oakville, Ontario, L6H 7S8, Canada.
  8. Facebook and Instagram are not sponsors of Beffa Law 12 days of Christmas Giveaway and any entrants agree to release both Facebook and Instagram from all liability related to the contest.
  9. Beffa Law reserves the right to modify, change, or cancel this promotion at any time, without notice.
  10. Disputes: Each entrant agrees that: (i) any and all disputes, claims, and causes of action arising out of or connected with Beffa Law’s 12 Days of Christmas, or any prizes awarded shall be resolved individually, without resort to any form of class action, and exclusively by the courts of the province of Ontario; (ii) any and all claims, judgments, and awards shall be limited to actual out-of-pocket costs incurred, including costs associated with entering the contest, or statutory damages, but in no event lawyers’ fees. All issues and questions concerning the construction, validity, interpretation, and enforceability of the Official Rules, or the rights and obligations of the entrant and Sponsor in connection with the promotion, shall be governed by, and construed in accordance with, the laws of the province of Ontario, without giving effect to any choice of law or conflict of law rules which would cause the application of the laws of any jurisdiction other than the Province of Ontario.

 

REFINANCE
  • Review mortgage instructions for refinancing.
  • Conduct and review title searches for any defects in the title.
  • Conduct and review writ searches and execution searches.
  • Secure title insurance and all correspondence with the title insurance company.
  • Review mortgage instructions.
  • Draft all mortgage documents
  • Register mortgage documents.
  • Extensive correspondence with the lenders and banks.
  • Receive mortgage funds.
  • Review certificate of insurance.
  • Meet with client to explain and sign all legal documents
  • Close the refinance transaction and securely transfer the funds
  • Register mortgage on title
  • Open the refinance file and access to client portal
  • Report to client, lender & realtor about closing
  • One in person appointment or remote signing on zoom
  • After office hours appointment.

CLOSING COSTS &  NOT INCLUDED IN FEES;

  • Title Insurance (as per Invoice)
  • Registration Costs/ per Mortgage;
  • Software Charges;
  • Flat disbursements cost, title searches, writ searches, execution searches, bank charges, courier charges etc.

CALCULATE YOUR COSTS

OCCUPANCY
  • Acting for you in matters relating to your purchase of the property
  • Review the Agreement of Purchase and Sale
  • Conduct and review title searches for any defects in the title Submit requisitions on the title and review the responses
  • Search for arrears of taxes and obtaining a certificate
  • Confirm that utilities were in satisfactory standing and arranging for meters be read
  • Search for executions
  • Examine the draft deed
  • Review the statement of adjustments
  • Reviewing the documentation provided by the builder including warranties, declarations and vendor’s and purchaser’s undertakings, and verifying enrolment with Tarion Warranty Corporation
  • Draft documents and statements in accordance with Land Transfer Tax Act
  • Correspondence with the Condominium Corporation and obtain a Status Certificate and Certificate of Insurance and review the same
  • Meet with client to explain and sign all legal documents
  • One in person appointment or remote signing on zoom
  • Close the transaction and securely transfer funds
  • Register transfer

OTHER CLOSING COSTS

  • Software charges ;
  • Disbursements includes one title search

CALCULATE YOUR COSTS

TITLE TRANSFER
  • Complete the required documents and gather the supporting documents
  • Obtain appropriate legal advice for the tax and other implications of the title transfer
  • Review the forms for completeness and accuracy
  • Perform title searches
  • Obtain title insurance
  • Update the contents and fire insurance policy
  • Update ownership records in the utility bills
  • Advise current mortgage lender of the title changes
  • Get the title change documents registered and report them to the clients
  • Send information to the city’s tax department and condo property management of changes in ownership

CLOSING COSTS NOT INCLUDED IN FEES

  • Software charges
  • Flat disbursements cost – includes one title search
  • Registration Fee

CALCULATE YOUR COSTS

SALE
  • Review mortgage instructions for refinancing.
  • Conduct and review title searches for any defects in the title.
  • Conduct and review writ searches and execution searches.
  • Secure title insurance and all correspondence with the title insurance company.
  • Review mortgage instructions.
  • Draft all mortgage documents
  • Register mortgage documents.
  • Extensive correspondence with the lenders and banks.
  • Receive mortgage funds.
  • Review certificate of insurance.
  • Meet with client to explain and sign all legal documents
  • Close the refinance transaction and securely transfer the funds
  • Register mortgage on title
  • Open the refinance file and access to client portal
  • Report to client, lender & realtor about closing
  • One in person appointment or remote signing on zoom
  • After office hours appointment.

OTHER CLOSING COSTS 

  • Title Insurance (as per Invoice)
  • Registration Costs/ per Mortgage
  • One Mortgage payout with a Tier 1 bank
  • Software & office disbursements
  • Flat disbursements cost includes one title search

CALCULATE YOUR COSTS

PURCHASE
  • Review the Agreement of Purchase and Sale.
  • Conduct and review title searches for any defects in the title.
  • Submit requisitions on the title and review the responses.
  • Conduct and review writ and execution searches.
  • Secure title insurance and all correspondence with the title insurance company.
  • Examine draft transfer deeds and draft closing documents.
  • Review the statement of adjustments.
  • Draft documents and statements in accordance with Land Transfer Tax Act.
  • Draft documents to apply for first-time home buyer rebate for the client.
  • Correspondence with the lender and banks.
  • Review the certificate of insurance.
  • Meet with client to explain and sign all legal documents
  • Close the purchase transaction and securely transfer funds
  • Register transfer
  • Report to client, lender & realtor about closing
  • One in person appointment or remote signing on zoom
  • After office hours appointment

OTHER CLOSING COSTS

  • Land Transfer Tax
  • Title Insurance (as per invoice)
  • One Mortgage with a Canadian Tier 1 bank
  • Government Registration fees
  • Teranet and search fees;
  • Software fee and other office disbursements

CALCULATE YOUR COSTS

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