Incorporation
Incorporation is the legal process used to form a corporate entity or business. A corporation is the resulting legal entity that separates the business’ assets and income from its owners and investors.
At TLE we can guide you through this new and exciting experience of incorporating and growing your business. We will advise you of the benefits of incorporating your business. The following benefits can be expected from incorporating your business today:
Liability
Shareholders will not be responsible for the debts or obligation of the corporation (unless they have personally guaranteed the company’s debts).
Separate Legal Entity
This is a unique feature of a corporation as under Canadian law, incorporating a business grants the corporation the same legal rights and obligations as a natural person, such as: entering contracts, owning property and taking loans and much more.
Tax
Depending on how your corporation is set up you can reap tax benefits once your business reaches a certain level. It is best to consult with your local accountant or alternatively we can recommend one!
Continuous Existence:
This is another distinguishing feature of a corporation as it will not cease to exist upon death of its owner(s), it will continue to exist unless it is specifically liquidated.