Introduction Regular legal assessments help small businesses preemptively address legal issues, ensuring compliance with laws, optimizing tax strategies, and effectively managing risks. This guide is tailored for Alberta small business owners, offering a roadmap for identifying potential legal concerns before they become legal problems. This guide covers corporate governance, contractual obligations, compliance, and more, focusing on actionable insights for incorporated business owners. Legal Disclaimer: This guide is for informational purposes and does not constitute legal advice. Contact our Alberta business law firm if you require help with specific issues. 1. Corporate Structure ☐ Review Business Structure: Evaluate if your business structure aligns with your current and future needs. Determine if changes are required for directors, officers, and shareholders. ☐ Structural …
New ISC Requirements for Federal Corporations in Canada
Introduction Recent amendments to the Canada Business Corporations Act (CBCA) have brought about significant changes in the disclosure and filing requirements for Individuals with Significant Control (ISC) registers for most federal corporations. This post aims to detail these changes and guide federal corporations through the updated process. Understanding ISC and ISC Registers An ISC is an individual who has significant control over a federal corporation. This means that the person: An ISC register is a record of all such individuals for a specific federal corporation. Current ISC Procedures Since 2019, all federally incorporated companies in Canada have been required to maintain an ISC register. This register was required to contain basic information about ISCs (such as names and addresses) and …
Flat Fee Contract Reviews: The Easy Way to Understand Business Contracts
If you’ve spent any time online, you’ve likely entered into hundreds of legal contracts without ever understanding what they mean, or what obligations they may involve. Did you read the full Facebook or Google terms and conditions when signing up for an account? Do you know the types of legal claims you’ve voluntarily agreed to waive? That’s what we thought. When you’re dealing with things like personal social media accounts, the risks of signing up without reading the full terms are relatively small. More of your personal information may be shared than you expected and your potential claims may be limited, but it’s unlikely that your failure to read the terms will have life-changing consequences. Unfortunately, if you take the …
Clarity Sessions: Get Quick Answers to Legal Questions Facing Your Business
Business owners make hundreds of decisions over the course of a single year. In some cases, a single poor decision can have devastating legal consequences. In an ideal world, business owners would consult with a legal professional before every decision is made. This would be the best way to ensure that legal risks are minimized as much as possible. But booking an appointment, especially for quick legal questions, is not always feasible. Lawyers aren’t known for being easy to deal with. It’s often difficult and time-consuming just to book an appointment with a lawyer, let alone attend a meeting at their office. There’s also the fear that the lawyer will issue a big bill, just for a quick consultation. We …
Making the Switch to Digital Minute Books
All corporations are required to keep detailed corporate records. These records are kept in what’s called a corporate minute book, or corporate records book. Why are Minute Books Needed? Maintaining corporate records in a minute book is important for several reasons. First, it ensures that rules governing the corporation can be accessed as and when they’re needed. If you need to see if there are restrictions on what a corporation can do or how it makes decisions, check the minute book. Second, it ensures that there is a clear record of who the shareholders or owners of the corporation are at any time. Without a central place for keeping such records, it would be difficult to determine how many shares …
Employee Voting on Election Day
The next federal election is taking place in Canada on October 21st. Most employers are aware that employees are entitled to take time off on election day to cast their ballot, however, many employers (and employees) are unsure how the rules work. This post will take a quick look at the rules and hopefully provide some clarity. The Rules: The Canada Elections Act provides that employees (with a few limited exceptions) are entitled to have 3 consecutive hours to cast their ballot on the day of a federal election. Many employees think that this means they’re entitled to take 3 hours off from work. That’s usually not the case. An employee will only be entitled to take time off to …