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

Updates

Articles tagged with: creditor protection

Nov20

Creditor-Proofing Techniques for Your Incorporated Business

Categories // Updates

Whether you’ve built your own business from the ground up or have been tasked with taking over the long-time family business, it would be prudent to ensure the hard-earned assets contained in your business are protected as much as possible from third parties, namely creditors.  Creditor proofing for a business owner means protecting significant business assets from exposure to potential future creditors – that is, from persons who may have legal rights against the business and its property for various reasons (e.g., for money owed). Although the law in Ontario generally prohibits creditor-proofing techniques performed with improper intent, such as those that hinder or impair the rights of existing creditors, it is perfectly acceptable (and highly recommended) to organize your business’ affairs in a way that reduces the risk of the business’ property becoming vulnerable to the claims of future creditors. There are numerous methods of structuring your business to minimize creditor risk that can and should be implemented to safeguard your business’ assets.

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.

LCOLAW

65 Old Kingston Rd, Ajax, ON L1T 3A5

Tel (905) 683-2741

Email: info@lcolaw.ca