Members of the Business and Corporate Law Practice Group at Veritas Law pride themselves on their ability to assist clients design and implement thoughtful, innovative and practical solutions to resolve business issues.
Our active corporate-commercial group regularly work on the following kinds of transactions:
Are you starting your own business? Or perhaps are you currently running a business and are curious about the legal benefits of operating as an incorporated Company? There are several advantages and disadvantages for you to consider when deciding if you wish to officially incorporate a company or if you’re better suited to register your business as a Sole Proprietorship or Partnership.
Incorporating a company in British Columbia is governed by The Business Corporations Act and enables your business to operate as its own legal entity which is separate and distinct from its shareholders. The incorporated company possesses its own rights to enter into agreements and loans, participate in law suits, and purchase and sell assets, including real property.
The cost base and maintenance of an incorporated company increases in comparison to operating as a sole proprietorship or partnership. This is due to maintaining the filing requirements of an incorporated company with the BC Registry Services. For example, an incorporated company is required to keep the BC Registry Services updated with its company information by filing an annual report each year, as well as updating and director address changes.
To proceed with incorporating a company, you will firstly choose a name of your liking. The company name must contain 3 elements, namely a distinctive element, descriptive element and corporate element. For example:
Linda's Daycare Ltd
Your company name of choice will be compared to the many incorporated companies that currently exist in the BC Registry. A name approval request is the first step to incorporating your company. The name approval request may contain up to 3 company names to be submitted to BC Registry Services who will review the first choice and, if unavailable, will proceed to review the second choice and so forth.
Once your company name has been approved for use by the BC Registry Services, you will then be ready to proceed with filing an Incorporation Application. Some of the information to consider which will be required for this filing will include the following:
Our lawyers will work alongside your accountant to advise you on many of the various issues that rise and need to be considered as part of the planning of your business. We aim to provide you and your business with practical legal advice. A discussion with our lawyers will help you to address issues that you may have not considered, including the requirements of federal and extra-provincial registrations pursuant to the area in which you do business.
Business Corporations Act
BC Registry Services