Adding a child on title? Think twice!

I often receive calls from potential clients who are thinking about adding a child or other loved one as a joint tenant on property or as a joint holder on a bank account. Their thinking is: if I can save my loved ones some money on probate fees, and free up funds for immediate use…

Why you should have a will

Everyone should have a will. If you don’t have one: The distribution of your estate will be determined by the Wills, Estates and Succession Act. If you are married with children and the value of your estate exceeds $300,000, the excess value will be split among your spouse and your descendants. While a “spousal rollover”…

Some of the benefits of succession planning

Succession planning involves exploring a business owner’s options for selling his or her business and putting a plan together to maximize its value upon sale and ensure the continued viability of the business into the future. It involves tax and estate planning, updating the company’s important legal arrangements, and conversations with family members and key…

Agreements for start-ups

Every new company should consider whether it needs certain agreements. These include: 1. Shareholders Agreement If you have more than one shareholder, you should have a shareholders agreement. Read more here. 2. Employment agreement If you are hiring employees, you should have a written employment agreement with each your employees. If you don’t, you risk…

Five good reasons to have a shareholders agreement

Every company with more than one shareholder should have a shareholders agreement. Here are five reasons why: 1. Management – Without a shareholders agreement, minority shareholders are at the mercy of the majority. They can be shut out of important management decisions like hiring employees, signing a lease, taking out a bank loan, declaring dividends, issuing…

Buying a business – some legal aspects

Here is a list of some issues you’ll want to consider if you are looking at buying a business: What are you buying? Right at the start, you should ask the seller for a number of documents: Customer and supplier lists Financial statements Equipment and machinery lists Any major contracts, including the lease and any supply…

Ten pitfalls in a commercial lease

A commercial lease can be full of pitfalls for a tenant. Here are ten to consider: 1. Damage – The damage clause will often give only the landlord the right to terminate the lease if the premises are damaged. However, in that event both landlord and tenant should be able to terminate. Otherwise, the tenant…

Franchise agreements: ten things for a buyer to consider

If you are thinking about buying a franchise, here are some things you should know about franchise agreements: 1. Most of a franchise agreement is likely non-negotiable Generally speaking, franchisors have confidence in their brand and their system and want to keep contract administration and legal expense to a minimum. As a result, a franchise…