Resources & Insights

BARRISTON BRIEFS: How Does Incorporating Limit My Liability?

In the new series, Barriston Briefs, Joanne McPhail talks about how incorporating limits the liability


[Music] incorporating a limited liability company is the best way that we have in Ontario to protect personal assets it’s not foolproof but it’s very good protection for when you have a business where there are some risks associated with running it either with creditors or clients or customers that you may have in the event that you’re interested in incorporating you should speak to a lawyer about the cost associated with it versus the advantages from a liability perspective there are things like government remittances taxes payroll remittances that the government will pursue director’s personally for and certainly when you’re negotiating a lease for instance it’s typical for a landlord to still seek a personal guarantee from the principle of the company but it can’t be certainly helpful and a great way to protect personal assets speak to your lawyer more about the benefits [Music]