Legal Requirements: Complying With New Laws as You Grow
Legal Requirements Can Grow as Your Business Grows
You’ll likely be making more and more legal decisions as your business matures. Whether it’s changing your business structure, charging the Goods and Services Tax (GST), filing for intellectual property protection, hiring employees, expanding overseas, importing, or considering a foreign investment, there are laws and regulations you’ll want to be aware of.
Should You Incorporate?
As a new business, a sole proprietorship or partnership may have been the most appropriate form of business structure. As your business grows, however, there might come a time to consider incorporation.
Some of the advantages of incorporating are:
- Name protection in British Columbia
- Limited liability protection
- Transfer of ownership
- Continuous existence
- Separate legal entity
- Ease of raising capital (compared to a sole proprietorship or partnership)
- Possible tax advantages if you qualify for a small business tax rate
However, the disadvantages of incorporating include:
- Cost
- Increased regulations
- Recordkeeping requirements
- Possible double taxation of profits
- Charter restrictions
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Getting Incorporated—Essential Steps and Legal Tips You Need to Know Seminar
Are you considering incorporation? Attend this seminar to learn about corporations, how to get incorporated properly, and legal tips that will help you carry on business as a corporate entity.
Register today! Contact a client services coordinator at (604) 775-5541 or 1-800-667-2272.
See All ProductsSmall Business BC offers a multitude of services to assist you with growing and managing your business:
- You can register for our informative seminars that provide strategies and assistance with growing your business, such as Tax Tips from an Accountant, Moving From a Proprietorship to Corporation – Tax Concerns, Exporting from Canada, Ready to Import, and Are You Thinking of Importing.
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You can schedule a meeting with one of our advisors to discuss your situation in detail and to receive information, referrals, seminars, specialized tools, and individual coaching that will enable your company to expand your markets, enhance your productivity, strengthen your competiveness, and achieve international sales.
Protect Your Intellectual Property
Protect your brand. Your trademark is your most valuable asset. Register it.
File early and often for patent protection.
File first, then publish.
Set up an employee invention disclosure program.
Have all consultants sign non-disclosure agreements.
Have your employment agreements cover ownership of IP.
Obtain copyright transfers from outside programmers and contractors.
Reward employees for new ideas and inventions.
Monitor your competitors through their patent filings.
The best defence is offence. Obtain patents for defensive reasons.
Tips by Oyen Wiggs Green & Mutala
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