Corporations are separate legal entities from the persons (which may include individuals or other corporations) that own them. Although the corporation will be owned by other persons, those persons do not actually own the property of the corporation, this belongs to the corporation itself, which has the characteristic of being able to legally own property.… Read more Do shareholders of a corporation own the property of a corporation?
The history of “corporations” is a long and colourful story. Perhaps the most interesting and unique trait of a corporation amongst the different forms of carrying on business is that a corporation is a separate and distinct legal entity from its “owners”. This means a corporation can own property, have debts and debtors and carry… Read more What is a corporation?
Earlier this year MinuteBox team members (MB) had the pleasure of sitting down with Karen Dunn Skinner and David Skinner, the two principals of Gimbal Canada. Gimbal is an industry-leading consulting firm, advising leading law firms throughout Canada and the United States. MB: How did you both find yourselves in the legal consulting field? And… Read more Interview with Karen and David Skinner of Gimbal Canada
Lawyers can be disciplined by the Law Society for the “Dishonesty, Fraud etc” of their clients. And so, for the sake of themselves and their clients, a lawyer must always be vigilant against fraud in transactions. Rule 3.2-7 of the Law Society’s Rules of Professional Conduct states, A lawyer shall not, (A) knowingly assist in… Read more How to recognize fraud in corporate transactions?
A corporate minute book is a collection of basic, but necessary records for incorporated companies. Much like a patient’s health history or a high school student’s permanent record, a minute book contains information about the status of the corporation, its shareholders, directors and corporate board minutes, as well as other company specific information. Sections 20(1)… Read more Does My Company Need a Corporate Minute Book?
Every corporation in Canada, by law, must file annual corporate returns. Within 60 days of the corporation’s incorporation or amalgamation date, each corporation must submit the requisite filing documents to Corporations Canada. If you incorporate on September 1, 2017, your annual filing will be due on October 30, 2018. The information gathered from your filings… Read more Corporate Filings, Annual Resolutions, and Minute Books
An audit is a scary thing. The idea of government officials pouring over internal company records, micro-searching for financial incongruencies is enough to keep any business owner up at night. Fingers crossed it never happens to you. But sometimes it does… According to the Canada Revenue Agency (CRA) website, during an audit, officers “closely examine… Read more What are the Corporate Minute Book Requirements for the CRA?
Absent double-monitor computers and the ability to send emails on smartphones, in many ways lawyers continue to practise the same way they have for generations. The legal industry has oft been described as the last great mature industry to modernize. However, growing pressures from clients and stiffer competition from new legal service providers are compelling… Read more The Legal Technology Sales Triangle
Walk into any law firm, from small solo practitioners to the global behemoths and the one thing they all have in common is paper. Paper is synonymous with legal work. From single sheets strewn across desks to boxes filled with old documents, minute books covering up entire walls to fresh reams neatly stored under photocopy… Read more Paperless is Valueless Without Vision
Given the methodic progress of large Canadian (law) firms (“LCFs”) in adapting to ever increasing client demands, it is clear a new approach is necessary in order to fulfill clients’ legal needs at a sustainable price point. One potential solution is the adoption of the lean startup model, a process coined in 2008 and followed… Read more Big Law and the Lean Startup Model