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Prohust Law Consult - FAQs


Frequently Asked Questions

  • What’s the role of the president of a company?
    A president is an executive level officer who is responsible for the daily operations of the company. He/She will report to the board of directors.
  • What are the benefits of being a federally incorporated company versus a provincially incorporated company?
    Federal incorporation would give your business name protection and more rights along with it to support your business. This level would bring your business more global recognition. However, expect a lot more paperwork for mandatory corporate files and this type of incorporation would also cost higher fees. With provincial incorporation, ...
  • What’s a corporation? What are your benefits and drawbacks?
    The largest structure for your business is a corporation. It is owned by the shareholders who elects a board of directors to oversee and run it. Since a corporation is a legally independent entity, making its members not personally liable for the debt the corporation might carry. There are two ...
  • What is a Limited Liability Company (LLC)?
    This is the one of the most simple and flexible organizational structures you may consider for your business. This structure gets subjected to self-employment tax. Although there is flexibility to this structure, roles can be confusing if not confirmed. Make sure to prepare a LLC Operating Agreement to avoid this. ...
  • What’s a sole proprietorship? What are your drawbacks and benefits?
    Sole proprietorship is a very simple structure. If you are building your company as a sole proprietor, your company would be self owned with all debt responsibilities on you. Since there is unlimited liability, both your business and personal assets can be claimed to fulfill a debt. Due to this ...
  • What’s the role of the director of a company?
    Shareholders and the board of directors are two bodies that help govern a company. Directors are appointed by the shareholders to manage the company. Directors might be delegated with certain powers. They take part in board meetings to make the important decisions for strategic and operational concerns of the business.
  • What is the difference between a C corporation and a S corporation?
    There are two types of corporations: C corporations and S corporations. An C corporation is the more common type between the two. It may have unlimited owners to help raise capital. This type of corporation can be subjected to corporate tax rates. Among the two, this is a great choice ...
  • What’s the difference between a Limited Liability Partnership (LLP) and a Limited Liability Company (LLC)?
    Both an LLP and LLC has limited liabilities. Unlike an LLC, an LLP must have more than one owner. However, none of the LLP owners need to be a general partner. If you are part of a professional group, such as lawyers or accountants, an LLP is a great fit ...
  • What’s a partnership? What are your drawbacks and benefits?
    Like the term suggests, this structure allows two or more people to come together to share resources to make a profitable business. The partnership would leave all members sharing the responsibilities including debt. Since all members can legally bind each other without approval, there is a few things to remember. ...
  • The difference between my Will and my Power of Attorney?
    Your corporate lawyer is more adept compared to a web service, they can paying attention to what your business need in great detail. Your lawyer can provide you with professional advice, help negotiate during transactions, and analyze benefits and risks in proposals. Especially when dealing with a large sum of ...

Frequently Asked Question

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