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Business Lawyers Toronto
It is essential to have proper legal guidance when you are planning to purchase or sell a business, transfer shares or draft shareholder agreements, to deal with the legal requirements and procedures. At Nanda and Associate Lawyers, our business lawyers Toronto have been helping numerous clients with such business legal needs for over two decades. We can help you with the purchase and sale of businesses, shares, or assets, business registration and incorporation, commercial leases, drafting and reviewing contracts, partnerships and joint ventures, real estate financing, shareholder agreements, and more.
As the leading business law firm in Canada, we understand that the legal requirements vary from business to business, depending on the structure and scale of the business. For example, the tax implications of acquiring a sole proprietorship and a corporation are not the same. Our best lawyers near you in Toronto can guide you in figuring out such financial and tax considerations, help you with drafting and reviewing your business contracts and agreements, and protect your financial and business interests in transactions, such as the purchase or sale of businesses, shares, or assets. Reach out to business lawyers in Toronto today for guidance!
Our Business Law Services in Toronto
Corporate and Commercial Law
- Purchase and Sale of a Business
- Purchase and sale of Shares
- Purchase and sale of Assets
- Incorporations including Professional Corporations
- Reorganizations and Tax Planning
- Business Name Registrations
- Governance Matters including Minute Book Maintenance
- Shareholder Agreements
- Drafting and Reviewing Contract
- Partnerships and Joint Ventures
- Commercial Leases
- Amalgamations and Dissolutions
Banking and Finance Law
- Real Estate financing
- Asset and Equipment loans
- Business and Operating loans
- Real Estate, Bank Act and Personal Property Security Act Registrations
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How can our Toronto Business Lawyers help you?
From the very beginning of your setting out to acquire a business, you will need the services of a capable business lawyer to do the necessary due diligence and to help with the formalities and procedures. An experienced business lawyer will help you with the negotiations, drafting and reviewing the terms and conditions of the contract, and advising you on the best legal solutions based on the nature of your business operations, liability, and tax considerations. We can guide you through the process and help with the preparation of all the necessary documentation and legal formalities.
Connect with our Toronto Business Lawyers today!
Our business lawyers in Toronto can help you with the drafting and reviewing of business contracts, agreements of purchase and sale, and commercial leases. Our knowledgeable business lawyers can advise you on the specific business requirements of your industry and the various tax and financial obligations on your business. Under the efficient guidance of our business lawyers, you can protect your business and financial interests in all your transactions and business deals. Connect with our business lawyers in Toronto today for timely legal counsel for your business.
Purchase and Sale of a Business
The purchase and sale of a business is typically a complicated process involving many rounds of negotiations and redrafting of the agreement of purchase and sale until both parties are satisfied with the arrangement. The services of a business lawyer will be crucial in such a case to ensure that your business and financial interests are safeguarded in the deal. An experienced business lawyer will make sure that the provisions of the deal are not detrimental to your interests, do proper due diligence on the business before the closing, and assist you through the closing formalities. If you are planning to purchase or sell a business, reach out to our Toronto business lawyers today for legal guidance and assistance!
Purchase and Sale of Shares
Compared to the purchase and sale of assets, such transactions involving shares come with the added responsibilities and rights of a shareholder as well as the liabilities and financial obligations of the company. When buying shares, you are taking over a certain percentage of the ownership of that company. In such cases, it is highly advisable to consult with our Toronto business lawyers before you proceed with the deal. For example, if you are purchasing the shares of a public company, scrutinizing the financial health of the company will be easier. Public firms are required by law to publish their accounts. But the same is not the case with private firms. Our business lawyers in Toronto can help you with conducting the proper due diligence before you purchase the shares in such cases.
Purchase and Sale of an Asset
Unlike the purchase of shares, the purchase of an asset is much more straightforward. It is a selective acquisition pertaining to equipment, real estate, inventory, or even intellectual property. Our business lawyers in Toronto can help you with the drafting and reviewing of the formal agreement of purchase and sale to facilitate this transaction. The details of the asset to be purchased or sold, the closing date and time, and specific terms and conditions concerning the transaction must be clearly mentioned in the agreement. Reach out to our business law team in Toronto today!
Partnerships and Joint Ventures
Multiple individuals or organizations can come together to set up a joint venture for a specific project meant to achieve a well-defined goal. The regular business operations of individuals or companies involved will continue separately, regardless of the joint venture, and the venture will expire once the goal is achieved. On the other hand, a partnership refers to multiple individuals, corporations, or trusts coming together to start a business. In terms of the scope and duration, a joint venture is much more limited than a partnership for these reasons. If you are planning to set up a joint venture or a partnership, connect with our legal team in Toronto for support.
Incorporations, including Professional Corporations
Setting up your business as a corporation gives you many benefits, such as limited liability, tax savings, status as a separate legal entity, and perpetual existence of the business. It separates the business from its owners and shareholders, especially when it comes to the liabilities. This means that the liabilities of the company do not extend to the personal assets of the owners. A corporation will generally attract a lower tax rate than a sole proprietorship. Our business lawyers can help you with the legal documentation and procedures associated with the incorporation of your business.
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Contact our Business Lawyers in Toronto today!
You can rely on us to take care of all your business legal needs, such as the purchase and sale of businesses, shares, or assets, commercial leases, drafting and reviewing contracts, partnerships and joint ventures, real estate financing, shareholder agreements, business registration and incorporation, and more. Our legal team will take care of your requirements with the confidentiality and attention they require. Connect with our business lawyers in Toronto today!
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Business Law FAQs — Toronto
Why is limited liability important?
Limited liability is one of the main benefits of incorporating your business. This means that the liability of your business will be limited to the assets of your firm and does not extend to the personal assets of the owners and shareholders. In the event of a bankruptcy, the creditors can request the liquidation of the company’s assets to pay back the debts; they cannot touch the personal assets of the owners and shareholders. This separation offers necessary protection to the owners and encourages investment.
What is a sole proprietorship?
Of all the legal business structures available, sole proprietorship is probably the simplest of them all. It is very easy to set up, and it has only one owner. The main features of a sole proprietorship are:
- Single owner: The business will be owned and run by a single person without any other partners or shareholders. The owner also retains full and complete control of all the business operations.
- Personal Income tax rate: Generally, all the income from a sole proprietorship will be subject to the personal income tax rate. This will be higher than the tax rate you have to pay as a corporation.
- Personal liability: Unlike a corporation, there is no limited liability in the case of a sole proprietorship. This means that there is no separation between the owner’s assets and the business assets. In the event of a bankruptcy, the creditors can hold the owner personally responsible for clearing the debts.
- The simplest of all legal structures: It is very easy to set up, and the process of running the operations, management, and accounting of the business is also simple and straightforward.
What is a shareholder agreement?
It is worth noting here that a shareholder agreement is not a legal requirement for setting up a business in Canada. However, when you have multiple owners or shareholders in your business, it is crucial to have a shareholder agreement to clarify their rights, responsibilities, obligations, and the governance structure of the business. Without such an agreement in place, there are bound to be disputes among the shareholders concerning various aspects of the business. The agreement will clarify the procedure for dispute resolution, any restrictions on share transfers, and the process of decision-making.
What is meant by free transferability of shares?
Free transferability refers to the right of the shareholder to sell or transfer the shares to anyone of their choice without taking approval from the company. Most public companies allow the free transferability of shares. On the other hand, there are likely to be some restrictions on share transfer in place in a private company. In most cases, the other shareholders will retain the right of first refusal on the shares to be sold or transferred.
What is an agreement of purchase and sale?
It is a legal contract between the buyer and the seller, clearly laying out the terms and conditions of the transaction. It is a legally binding document, executed to clearly define the rights and obligations of both parties involved in the transaction and to avoid any unnecessary disputes. The contract must clearly state the details of the property, the purchase price, the closing date and time. For example, in a real estate transaction, the agreement must clearly mention the details of the property, such as its location, boundaries, total area, the purchase price, and the closing date.
Is it necessary to have separate lawyers for executing an agreement of purchase and sale?
Yes. It is highly recommended to have different lawyers representing the parties involved in the agreement of purchase and sale. This is to avoid any conflict of interest that could potentially invalidate the entire agreement in the event of a dispute. The vendor and the purchaser must be represented by their own lawyers. Each lawyer is expected to safeguard the interests of their client involved in the transaction. In fact, all law societies, such as the Law Society of Ontario, prevent their members from representing both parties, with exceptions allowed only in limited cases.