Professional Corporation | Barristers, Solicitors, Notaries Est. 1955
Contact us today | Tel (905) 683-2741 | Email: info@lcolaw.ca

Updates

Apr10

Passing on the Family Business: Estate and Tax Planning Strategies

Categories // Updates

A family owned business would typically involve the parent or parents owning and operating the business, as well as the children or other family members possibly offering a helping hand. The parents may want the next generation to continue the business after the parents' deaths. There are many estate and tax planning strategies to consider when contemplating and executing the succession of a private, family-held business.

Mar15

Estate Planning Strategies to Minimize Ontario Estate Administration Tax

Categories // Updates

Ontario estate administration tax (formerly "probate fees") is a tax imposed on the estate of a deceased person, and is paid in order to receive a court order, which under present Ontario court rules is called a “certificate of appointment of estate trustee with a will” (formerly a “grant of letters probate”). This court order certifies that the will of a deceased person is valid and also confirms that the person(s) named as executor(s) in the will of the deceased person has the legal authority to administer the estate. Recent legislation has also imposed a more rigorous reporting regime on anyone applying for and receiving a certificate of appointment of estate trustee, which includes rules regarding complex asset valuations and substantiating the reported asset values.

Mar01

The Non-Binding Letter of Intent

Categories // Updates

The legal documentation that is involved in the purchase or sale of a business, or in other major business transactions, can be complex. To assist with fleshing out the main points of the deal (e.g., transaction structure, price, etc.), many parties in commercial transactions typically enter into a "Letter of Intent" ("LOI") (also referred to as a "Memorandum of Understanding" or "Term Sheet").

Feb17

What is a Shareholders' Agreement and Does my Small Company Need One?

Categories // Updates

When setting up a company with family or friends it is easy to assume that nothing can go wrong in the future. You might assume that because you trust one another you do not need to put in place something like a Shareholders’ Agreement. Hopefully nothing will go wrong in the future. However, even relationships between family members and best friends can fall apart and, if the worst should happen with the business, you could then end up with nothing. Or, you may face the breakdown of a friendship alongside a costly and acrimonious legal dispute related to the business. A fully considered and well drafted Shareholders’ Agreement can act as a safeguard, prevent costly litigation, and give you and your fellow shareholders more protection against these types of scenarios.

 

Feb03

Holding Property as Joint Tenants vs. Tenants in Common

Categories // Updates

There are two ways to own property with more than one person: (a) joint tenancy or (b) tenancy in common. There are important distinctions between these two forms of co-ownership that can lead to very different implications for co-owners. 

Dec01

What You Should Know Before Buying a New Home in Ontario

Categories // Updates

Purchasing a new home is an exciting and enticing endeavour to many people in today's real estate market.  However, it involves complexities and considerations that significantly differ from the purchase of a resale home. The following are 10 factors to consider before purchasing your new home from a builder in Ontario.

Nov04

Reviewing the Status Certificate: An Essential Part of a Condo Purchase

Categories // Updates

Condominiums are sprouting up rapidly around Durham Region and are providing an increasingly common route to home ownership. One of the key differences between purchasing a freehold home compared to a unit in a condominium presents itself prior to committing to a binding agreement of purchase and sale - that being the review of the status certificate.

Sep21

Thank you for nominating Lawson Clark & Oldman as Best Law Firm!

Categories // Updates

Thank you to our valued clients who have once again nominated us as Best Law firm for the 2016 Readers Choice Awards!

In order to be recognized as Best Law Firm we need your vote! Please take the time to cast your ballot in the Ajax/Pickering category at http://www.durhamregion.com/news-static/3923126-durham-region-readers-choice-2015-nominations.

Voting closes September 25.

Thank you for your continued support!

Jun24

Buying a Business: Asset vs Share Purchase

Categories // Updates

When purchasing a business, the transaction can be structured in one of two ways: an asset purchase or a share purchase.

Feb26

Don’t Be a Sad Statistic – Get a Will

Categories // Updates

In a recent survey released by LAWPRO of more 2000 Canadians, only 56% of those polled had a signed Will. What's worse is that Torontonians falls behind other provinces when it comes to this vital document. According to this survey, only 37% of Torontonians have a signed Will compared with Montreal and Vancouver at 44% and 46% respectively.

Feb26

Buying a New Home – Involve your lawyer at the outset

Categories // Updates

Believe it or not, it is common practice for home buyers to sign an Agreement of Purchase and Sale and after the fact, provide it to their lawyer for review. Some don't even go through this process, thinking that since the contracts are 'similar' for all those buying from the same builder, then it must somehow be 'okay'.

May31

Welcome to the new website of Lawson Clark & Oldman!

Categories // Updates

Welcome to the new home of Lawson Clark & Oldman! We hope you find the site informative and hope to have the opportunity to be of service to you in the near future.

May31

Readers Choice Awards Winner!

Categories // Updates

Our clients have voted us Readers Choice Diamond Award Winner for the third year running. We would like to take this opportunity to thank you for the vote of confidence. We’re committed to continuing to offer the excellent service our clients have come to expect.

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LCOLAW

65 Old Kingston Rd, Ajax, ON L1T 3A5

Tel (905) 683-2741

Email: info@lcolaw.ca