Limit your liability and incorporate your business today.
Incorporating Your BC Company
Are you planning to set up a new company?
For the past decade, the incorporation lawyers at Patrola Law have formed hundreds of successful incorporations for new startups, growing entrepreneurs and small businesses across BC.
That means providing you with practical, real-world experience to ensure that your company is legally set up right the first time to maximize incorporation benefits and strategically position your business for long term growth.
Benefits of Incorporating
- The protection of personal assets from the claims of creditors or lawsuits
- Enable owners of business to transfer their ownership in a company more easily to others
- Lower corporate tax rates because corporations are taxed separately from their owners.
What Does the Incorporation Process Entail?
Step 1: Choosing a Corporate Name
The first step to every corporation is deciding on a corporate name. The name must be distinct and not include a misrepresentation of your business. That name must be approved and reserved by the Corporate Registry.
It is composed of three elements:
- A distinctive portion that identifies the particular corporation;
- A descriptive portion that identifies the particular activities of the corporation;
- And a legal element, identifying the company as a corporation, such as Limited, Incorporated, or Corporation.
You must have a name search done once you’ve submitted a Name Approval Request or Name Reservation Request Form.
Step 2: Preparing the documents
Typically, you will be required to prepare the following documents:
The Memorandum
Sets out the rules for the conduct of the company.
The Articles of Incorporation
The rules and regulations that will govern the conduct of the company members and directors.
The Articles of Incorporation application will include the following information:
- Corporate name
- Completing party
- Share structure – Need to decide on who the shareholders will be
- Registered and record office
- Information of directors.
The Notice of Offices
States the location of the two required offices for your corporation, the registered office, and the records office.
Step 3: Filing the Incorporation Application
Once Patrola Law has received all the information mentioned above, we can incorporate the company by E-filing the Incorporation Application.
After this step has been completed, the post incorporation documents will be prepared for your signature, to add to the Corporate Minute Book.
Why Incorporating Without a Lawyer is a BAD Idea
First off, yes there are resources available online where you can learn to incorporate yourself. We understand that startups need to save money, but the last thing you need to be frugal with is setting up your business structure.
There's a common misconception that incorporation is a one-time transaction. You set it and forget it. It's definitely not.
If your incorporation isn't properly executed from the beginning, mistakes that happen down the road can come back to hurt your business.
Lawyers are able to assist you with multiple legal facets of your business during and after incorporation:
1. Create and maintain corporate organizational documents required by the Business Corporations Act
2. Drafting, negotiation, and advising on important contracts and agreements
3. Advise and resolve any legal issues that may arise in the future
When you hire an incorporation lawyer, you get the peace of mind knowing that your company stands on a solid legal foundation as your business grows.
