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Whether you are a successful business owner and you wish to expand using a franchise model, or if you are keen to invest in someone else’s successful money making franchise recipe, it is crucial that you understand the components of what makes a franchise successful. A clear understanding and realistic expectations of what a franchise
What happens in an asset purchase transaction? As discussed in other posts, there are differences between purchasing assets of a business or shares of a company. This post will give a very brief overview of the process and steps involved when purchasing assets of a business. Step 1 – Purchase Agreement When clients engage me
How to Purchase a Business? Assets or Shares The Difference between purchasing Assets and Shares: When referring to ‘buying a business’ (buying an existing business that is, i.e., an ongoing or operating business from someone), entrepreneurs are typically referring to one of two scenarios (whether they realize it or not). The first is to purchase the
Do you or your business you send email to Canadians? If so, you will want to learn more about Canada’s new Anti-Spam Law which comes into effect on July 1, 2014. On July 1, 2014, Canada’s new anti-spam law, known as CASL, will come into effect. This article will provide a brief overview CASL insofar
How a Shareholders Agreement can keep an Infant small business alive – By Garnet Brooks, Halifax Business Lawyer Most Entrepreneurs have heard their lawyer and advisers discussing how shareholders agreements are useful for managing contingencies over the long term in situations where there is an incorporated business with more than one shareholder. However, these important agreements can
Loan Security: How a common practice by lenders could inadvertently void a guarantee By Garnet Brooks, Business Lawyer According to the Ontario Superior Court of Justice in the June 2012 case of Royal Bank v Samson Management & Solutions Ltd., 2012 ONSC 3612 [Samson], a lender can lose its guarantee security when making subsequent advances to a
By Garnet Brooks, Business Lawyer In a previous article on sole proprietorship, I described that there are consequences to operating a business under an unregistered business name. An example of this is illustrated in a Nova Scotia Small Claims Court decision by Adjudicator Eric Slone in Cole v. Mark Lively Welding Ltd., 2012 NSSM 23.
Legal Mistakes Entrepreneurs Make – Get it in Writing! “This case is yet another example of the all too frequent situation where parties in on-going commercial relationships fail to set out clearly the incidents of that relationship once it became apparent that the commercial relationship would become long-term rather than short-term in nature.” The above
The Business Corporation: Limited liability and the corporate entity by: Garnet Brooks What is a Corporation? Entrepreneurship involves risk. One of the most common ways entrepreneurs limit their risk is through the operation of a corporate entity, known as a corporation, or company. A corporation or company is a creation of law. The federal legislation
Aboriginal Entrepreneur Law – The Limited Partnership (“LP”) by: Garnet Brooks (As featured in the Mi’kmaw & Maliseet Newspaper – Atlantic Canada) With an increase in Aboriginal entrepreneurship in Canada, there is an increasing desire for entrepreneurs at all stages to become more informed on the basic legal concepts which concern them and their respective
Aboriginal Entrepreneur Law – Business Partnerships By Garnet Brooks As Aboriginal entrepreneurship is on the rise in Canada, there is an increasing need for budding, as well as established entrepreneurs to become more informed on the basic legal concepts which concern them and their respective businesses. There can be serious legal consequences associated with being
Aboriginal Business – Sole Proprietorship (Aboriginal Considerations) With Aboriginal entrepreneurship on the rise, it is increasingly necessary to have a basic understanding of the legal issues that entrepreneurs, their businesses, and business partners face, in particular when issues unique to Indian status in Canada are thrown into the mix. There are various ways an entrepreneur can structure
Limited Liability Partnerships (“LLP”) A limited liability partnership (“LLP”) is very similar to a general partnership. The biggest difference is that “innocent” partners have some protection from the unknown negligence or misconduct of other partners. Limited liability partnerships are governed by the Partnership Act, in Nova Scotia. As in a general partnership, all partners in
The Limited Partnership (“LP”) Introduction: Previous articles discussed characteristics of sole proprietorship and general partnership. This article will discuss the limited partnership business structure. Limited partnerships can carry on any business that a general partnership may, and offers limited liability to some partners, known as the “limited partners”. For this reason, this business structure is
Partnerships – The General Partnership Entrepreneurs often get involved in business projects together, or in ‘partnership’ with one or more other entrepreneurs or investors. There are various types of partnership structures. Three common partnership structures include general partnerships, limited partnerships, and limited liability partnerships (LLP). These blog posts will provide a brief overview of the general characteristics of
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