There are a number of good reasons to incorporate a business, including limited liability of the shareholders, preferred corporate tax rates, and succession planning. Also, some companies, particularly oil and gas companies, prefer to hire incorporated service providers rather than employees. The decision to incorporate should only be made with the assistance of your lawyer and your accountant because there are also disadvantages to incorporation such as reporting requirements and corporate financial statements and tax returns. Amy K. Murphy will canvass these considerations with you.
She will ensure that your corporation is incorporated properly with the right articles of incorporation and a share structure that will give you wide flexibility in the treatment of various owners of the business and for the purposes of succession planning. She will keep your minute book up to date and ensure that the requirements of the Alberta Business Corporations Act are met so that the corporation does not lose its status as a separate legal entity and to ensure that it has the power to declare dividends and to borrow money or consummate contracts.
Should your corporation need to re-structure for tax or growth reasons, or if amalgamation or succession planning is appropriate, Amy K. Murphy will prepare the necessary documentation in conjunction with your tax advisor. She will also canvass with you the scope of a director's liability for such things as wages, GST, and environmental infractions, and advise you as to whether a unanimous shareholders' agreement is advisable for your corporation to address such things as a buyout in the event of death, disability or dispute. A unanimous shareholders' agreement is an important estate planning tool.