Incorporating your business is a crucial step toward establishing a legal entity that can conduct business activities. Many entrepreneurs often wonder about the costs involved when hiring Corporate Lawyers in Edmonton to assist with the incorporation process.
Whether you’re a startup entrepreneur or an established business looking to formalize your structure, understanding the expenses and advantages of engaging a corporate lawyer is essential for making informed decisions about your business’s future.
In this article, we will break down the expenses and benefits of hiring a corporate lawyer, providing clarity to those considering this important step.
What is Business Incorporation?
Before getting into the cost aspect, it’s important to understand the significance of business incorporation. When you incorporate your business, it becomes a separate legal entity. This means that you can own property, enter contracts, and be held liable for your business’ actions.
This legal separation protects your personal assets and provides a professional image for your enterprise. Incorporation in Edmonton can be done through a registry office or with the assistance of a corporate lawyer.
Corporate Lawyers in Edmonton: How Much Do They Charge?
Many entrepreneurs in Edmonton choose to enlist the help of a corporate lawyer for the incorporation process. Although this option is typically more expensive than going through a registry office, it offers several advantages. On average, hiring a corporate lawyer in Edmonton to incorporate your business will cost between $800 and $900, in addition to out-of-pocket expenses. This cost might seem higher than the DIY registry option, but the value you receive is well worth it.
Here are some reasons why entrepreneurs opt for the services of corporate lawyers:
- Expertise
Corporate Lawyers in Edmonton specialize in business law and are experienced in the complex legal requirements of business incorporation. They can navigate the process efficiently and ensure that your business complies with all laws.
- Customization
Corporate lawyers can tailor the incorporation to meet the specific needs of your business. They can advise on share structures, articles of incorporation, and bylaws, ensuring that your business is set up in a way that suits your goals.
- Peace of Mind
Hiring a corporate lawyer provides peace of mind. You can rest assured that your business is being established correctly, reducing the risk of legal issues down the road.
- Ready for the Bank and the Accountant
One of the most significant advantages of hiring a corporate lawyer is that they provide a complete, “ready for the bank and the accountant” package. This means that your business will have all the necessary legal documents, making it easier to secure financing and manage your finances effectively.
- Time Savings
Incorporating a business can be a time-consuming process. Hiring a corporate lawyer frees up your time, allowing you to focus on other aspects of your business.
- Dispute Resolution
Corporate lawyers possess the skills to mediate and resolve potential business disputes, reducing the risk of costly legal battles and maintaining a harmonious business environment.
Out-of-Pocket Expenses
In addition to the lawyer’s fees, there will be out-of-pocket expenses associated with the incorporation process. These expenses typically include government fees, name reservation fees, and the cost of obtaining a NUANS report (a name search report that ensures your proposed business name is unique).Your corporate lawyer will handle these expenses on your behalf and charge them as disbursements on the file, ensuring that the process is streamlined.
Conclusion
As an entrepreneur, it’s a wise step to incorporate your business to establish a legal entity and protect your personal assets. While hiring a corporate lawyer may be more expensive than using a registry office, the benefits far outweigh the cost. With an average price ranging between $800 and $900, you get the expertise, customization, peace of mind, and a complete package that simplifies your interactions with banks and accountants.
For professional assistance with incorporating your business, consider reaching out to KBL Law. Our team of Corporate Lawyers in Edmonton is ready to guide you through the process, ensuring that your business is prepared for success.
Contact us today to schedule a consultation, or learn more about our business incorporation services.