Starting your own business or buying into a partnership? Make sure that your interests are protected, legally.

Drysdale Bacon McStravick offers a broad variety of legal services in both commercial and corporate law to Coquitlam and Langley businesses. Our business lawyers are experienced in negotiating and preparing legal documents for all types of business transactions, from simple incorporation to complex acquisitions.

We strive to provide our corporate law clients in Coquitlam and Langley with sound legal advice on all their business endeavours.

FAQ on Corporate Law for Coquitlam and Langley businesses

Q. What is the difference between an incorporated business ( "company" ) and an unincorporated business?
A. A company is a separate legal "person", and is therefore responsible for its own debts. The owners ("shareholders") are not generally responsible for company obligations, unless the owners have provided personal guarantees. The owner of an unincorporated business does not enjoy this "limited liability". Incorporation may sometimes result in lower taxes on the income the company earns from its business. On the other hand, the proprietor of an unincorporated business may be able to deduct business losses against his or her other personal income. This depends on the type of business and type of other income.

Q. Can I incorporate my own company?
A. It is not difficult to incorporate a company, by corresponding with the Registrar of Companies. However, before you proceed, you need to make decisions about the types of shares you will issue, and the rights of the various shareholders; you may be better able to make those decisions once you have talked to a lawyer about the options that are available. 

Q. In a partnership am I responsible for my partner's debts?
A. This is one of the most important differences between companies and partnerships. Each partner in a partnership is personally responsible for the debts of the business; partners may also be responsible for wrongful acts of their partners (and employees) if committed in connection with the business. A partner in a "limited" partnership does not have these liabilities; the Partnership Act limits the obligations of limited partners similar to the liabilities of shareholders in a company.