Frequently Asked Questions
General
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We provide flat fees and bundled packages whenever we can. Depending on the matter, our fees are sometimes billed hourly.
Whether flat fee or an hourly rate, we are transparent and will try to provide a quote of legal fees for the matter.
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Yes! We offer free 15-min discovery calls. The call is intended for us to learn about you and your business, what you require assistance with, and provide some information on process and fees.
While we are happy to answer questions during this complimentary call, we cannot offer legal advice until we are formally retained to act for you.
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Our remote operations mean you don't have to physically visit an office and wait to see a lawyer. Instead, we offer seamless remote consultations and meetings that save you time and effort. We’ve made legal services more accessible and convenient for you.
We believe that signing legal documents should be hassle-free. Our clients can sign documents electronically and securely with just one click. No more printing, scanning, or mailing physical copies.
We also accept easy and secure e-transfer and credit card payments.
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As a virtual law firm, we do not have a physical office and operate entirely remotely. Our mailing information can be found here.
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We value clear and effective communication with our clients. We primarily use e-mail, phone, or video-conference to ensure that we can quickly and efficiently address any questions or concerns you may have. While we appreciate the convenience of texting or DMs, we prefer to communicate in a more professional manner to ensure the best possible service.
To get in touch with our firm today, please complete our contact form.
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We start with a free consultation call to get to know each other and what you need assistance with. To schedule a call, get in touch with our firm by completing our contact form.
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Yes! If you already have an accountant, we can work with them on setting up your incorporation or implementing tax-driven corporate reorganizations.
If you don’t yet have a dedicated accountant, we’d be happy to recommend some great ones we work with.
Corporate
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Choosing the right business entity is crucial for your success. Here are some of the most common types of business entities in BC:
1. Sole Proprietorship: A business owned by a single individual who is responsible for all aspects of the business.
2. Partnership: A business owned by two or more individuals who share the profits and losses of the business.
3. Corporation: A legal entity that is separate from its owners. This type of business entity offers limited liability protection to its shareholders.
4. Limited Liability Partnership (LLP): A partnership where each partner has limited liability for the actions of the other partners.
5. Cooperative: A business owned and operated by the people who use its services or products.
It is important to choose the right type of business entity for your venture. Each type has its own advantages and disadvantages, so it is important to consult with a legal professional before making a decision.
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Incorporating a company in British Columbia can offer numerous benefits, including limited liability protection, tax advantages, and increased credibility with customers and investors. With a business structure separate from its owners, a corporation can shield personal assets from business liabilities, providing peace of mind and greater financial security. Additionally, British Columbia's corporate tax rates are among the lowest in Canada, allowing businesses to retain more of their profits. Overall, incorporating in British Columbia can provide a solid foundation for your business, setting you up for growth and prosperity.
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Deciding whether to incorporate provincially or federally depends on your specific business needs and goals.
Incorporating provincially allows you to conduct business within the province and may be sufficient if you don't plan on expanding to other provinces. Provincial incorporation can also be less expensive and involve fewer regulatory requirements than federal incorporation.
However, if you plan on doing business in multiple provinces or internationally, federal incorporation may be more appropriate as it provides national recognition and protection of your business name. Federal incorporation also allows for greater flexibility in share structure and ownership, and can make it easier to access capital from investors outside of the province.
Ultimately, the decision of whether to incorporate provincially or federally depends on your business goals, size, and growth plans.
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The time it takes to incorporate a British Columbia company depends on a variety of factors, including the complexity of the corporate structure, the accuracy of the initial filing documents, and the workload of the BC Registry.
Typically, it takes between 2 to 4 weeks to complete the incorporation process. However, this timeline can be expedited in certain circumstances by paying an additional fee for expedited processing, such as submitting a priority request to the BC Registry for a name request in 24-48 hours.
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A holding company (“Holdco”) can be a useful for asset protection, tax planning, and centralized management of subsidiary companies or investments.
Holdco is a type of corporation that exists solely for the purpose of owning other companies, investments, or assets. The holding company itself doesn't engage in any operational activities, but instead holds and manages the assets of its subsidiary companies.
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While you don't necessarily need a lawyer to incorporate your business, incorporating your company involves various legal requirements and procedures that can be complex and time-consuming. It’s highly recommended to consult with a lawyer or a legal service provider to ensure that you follow all the necessary legal procedures and requirements, especially if you are unfamiliar with the incorporation process.
A lawyer can assist you in preparing and filing the incorporation documents, advise you on the appropriate corporate structure and share class, provide guidance on legal and regulatory compliance, and answer any questions you may have.
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Directors act as a company leader and guide the company’s business operations. They are elected by the shareholders of the company and can also decide on when to issue shares and when to declare a dividend.
Officers are appointed by the company’s director(s) and are responsible for the company’s day-to-day operations. Officers may have different titles such as President, Secretary, CEO, CFO, to name a few.
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A shareholder is an individual or entity who own shares of a company. The minimum number of shares a shareholder can hold is one share.
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Yes, your company needs a share structure in order to incorporate and will be reflected in the incorporation documents and are established in the company’s Articles. There are legal, accounting, and tax implications in share structure which is why it is important to devise a share structure that suits not only the company’s needs now, but for future.
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A company’s minute stores a company’s important corporate records and tracks the company’s activities . Companies have a legal obligation to maintain their corporate records, which are reflected in the minute book.
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The registered office of a company is statutory address of a company where legal documents may be delivered.
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The records office is the location where a company is required to keep its corporate records. The records office must be open for public viewing of required information during a company’s normal working hours.
Personal Real Estate Corporations
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The time it takes to incorporate a PREC can vary based on a number of factors, such as the complexity of the corporation's structure, the accuracy of the initial filing documents, and the BC Registry’s time to review name request.
Typically, it takes approximately two to four weeks to complete the incorporation process, including the filing of required documents with the BC Registry.
However, this timeline can be expedited such as submitting a priority name request to the BC Registry.
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A Personal Real Estate Corporation (PREC) is a legal entity that allows licensed real estate professionals in British Columbia to incorporate and conduct business through their own corporation. However, there are certain restrictions and allowable activities that must be adhered to in order to comply with provincial regulations.
A PREC is only allowed to conduct business related to real estate services and ancillary services directly associated with the provision of real estate services. Ancillary services are defined as services that support or are secondary to the primary entity.
Therefore, a PREC can only provide real estate services and services that are subordinate to and exist to support real estate services. Any services whose primary purpose is not to facilitate or further the provision of real estate services cannot be provided by a PREC. In other words, a personal real estate corporation cannot conduct a standalone business.
As a result, a PREC cannot trade in stocks or bonds, except for modest trading that constitutes a capital gain, and is not so extensive that it is regarded as the business of the personal real estate corporation. Additionally, a PREC cannot hold real estate beyond what is required for the provision of real estate services or engage in the business of real estate development.
It is important to understand the restrictions and allowable activities in order to operate within the parameters set by provincial regulations.
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A personal real estate corporation may have non-voting shares, which may only be owned by yourself (the controlling individual) or:
By an affiliated person — spouse, common-law partner or child (including step-child).
A corporation whose shares are owned by you, spouse or child.
A trust in which the beneficiaries are yourself, spouse or child.
Due to the restrictions, parents of the controlling individual or spouse, siblings of the controlling individual or spouse, or friends of the controlling individual or spouse cannot hold non-voting shares of PREC/Holdco.
Other Regulated Industries
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Medical residents in British Columbia are generally not eligible to incorporate a medical corporation as they are not yet fully licensed and registered with the College of Physicians and Surgeons of British Columbia (CPSBC).
According to the CPSBC's Professional Standards and Guidelines for Incorporation of a Medical Practice, a physician must be a registered member in good standing with the CPSBC to incorporate their medical practice. This means that they must have successfully completed their medical education and training, obtained their medical license, and fulfilled all other requirements set forth by the CPSBC.
Medical residents, on the other hand, are still in the process of completing their medical training and have not yet obtained their full medical license. As a result, they are not eligible to incorporate a medical practice in British Columbia.
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No, you do not need to incorporate a medical corporation in British Columbia to practice medicine. You can operate your medical practice as a sole proprietorship or partnership.
However, there are benefits to incorporating a medical corporation in British Columbia, including tax advantages and liability protection. By incorporating your medical practice, you can separate your personal assets from your business assets, which can protect your personal assets from any legal action taken against your medical practice.
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To incorporate a dental corporation in British Columbia, a dentist must be a registered member in good standing with the CDSBC. This means that they must have completed their dental education and training, obtained their dental license, and fulfilled all other requirements set forth by the CDSBC.
Dental students who are still in the process of completing their dental education and training and have not yet obtained their full dental license are not eligible to incorporate a dental corporation in British Columbia.
Resources
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For more information regarding standard BC Corporations, please visit Government of BC.
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For more information regarding federal corporations, please visit CBCA.
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