Canadians - Incorporating experience?

[JKC]

Hello!

I'm looking for people that have incorporated their one man online companies in Canada (B.C. even better!). How difficult is the process? Do did you get legal advice with the articles? Did you incorporate federally or provincially? Any special precautions with doing business internationally online?

There is just so much government mumbo-jumbo out there that my head is spinning. Obviously, if I do need a lawyers help, I would like to use as little of his/her (expensive) time. Any stories are helpful. Thanks in advance!

:confused:

[daelx]

I'm in the Lower Mainland.

I used a lawyer, total cost $1100 + $289/yr. Lots of cash, but that's the cost to do it right.

PM me and I'll be happy to share with you why I did it this way.

[jdoc]

I've incorporated 4 provincially incorporated companies in Alberta in the past 5 years. It's a relatively painless process if you get a good lawyer. I would go with someone who will keep the corporate minute book, resolutions and handle all annual return forms unless you really can't afford it. My lawyer (who is on the cheap side) costs about $1000 to start. Our annual return fees are around $150.

[JKC]

JDOC- were the business that you incorporated all 1 person start-ups?

[jdoc]

Nope, all companies had at least two founders involved. The most complicated one had 7, including a local University and an incorporated National Centre of Excellence.

When dealing with more than one person (perhaps with the exception of your spouse if they are the only other shareholder), I would recommend also creating a Unanimous Shareholders Agreement. This document will stipulate the general parameters of the company: how many directors there can be, how they are elected, what the officers can and can't do without permission, what needs a shareholder vote to occur, etc. My first one (the 7 shareholder company) cost well over $10K to do, but if you can get a lawyer who has a good existing template and doesn't charge much for additional work on one, then it is probably only around $1-2K on top of the other incorporation charges.