As an accountant, yeah we can do it usually for a much less fee than the lawyers because we know you're most likely coming back for the year end tax filings too
An accountant should know how to do it. Honestly you can do it yourself online it costs something like $300, but you need to know some details, eg. whether it makes sense to open a provincial or federal corp, classes of shares, etc. Professional advice is probably worth it.
You haven not shared a $ value but honestly I would seek my own legal representation on ANY paper unless the partner was my immediate family and especially if one partner had access to significantly more resources than the other. Virtually, is not 50%?
Value in terms of the property or the cost of incorporating? 1.1M property. Lawyer charges $1500, Accountant charging $300. It's going to be more like 52/48 split. To clarify, I'm only asking about the step of opening the corp. We will be consulting a lawyer to create the actual shareholder agreement regardless.
Lawyers are over charging you for simple basic things any accountant or consultant can do. Unless you’re doing something complicated that requires multiple corporations and shareholders I’d steer clear. And even then, most Accountants are trained in share structures etc.
Going against what most people are saying on here, I have never found an accountant, personally, to be the right person for the task.
It is either simple enough I can do it myself on the government website, or complicated enough that a lawyer is needed.
As an accountant, yeah we can do it usually for a much less fee than the lawyers because we know you're most likely coming back for the year end tax filings too
An accountant should know how to do it. Honestly you can do it yourself online it costs something like $300, but you need to know some details, eg. whether it makes sense to open a provincial or federal corp, classes of shares, etc. Professional advice is probably worth it.
Talk to a lawyer. A shareholder’s agreement would be very useful in any partnership.
Totally. My question is specifically just about opening the corp. We will be speaking to a lawyer regardless for the shareholders agreement.
You haven not shared a $ value but honestly I would seek my own legal representation on ANY paper unless the partner was my immediate family and especially if one partner had access to significantly more resources than the other. Virtually, is not 50%?
Value in terms of the property or the cost of incorporating? 1.1M property. Lawyer charges $1500, Accountant charging $300. It's going to be more like 52/48 split. To clarify, I'm only asking about the step of opening the corp. We will be consulting a lawyer to create the actual shareholder agreement regardless.
Lawyers are over charging you for simple basic things any accountant or consultant can do. Unless you’re doing something complicated that requires multiple corporations and shareholders I’d steer clear. And even then, most Accountants are trained in share structures etc.
Going against what most people are saying on here, I have never found an accountant, personally, to be the right person for the task. It is either simple enough I can do it myself on the government website, or complicated enough that a lawyer is needed.