Real estate investing has long been a lucrative business practice. Whether you are new to the business, or already have multiple properties, it is important to make sure that you have the necessary legal safe guards in place. In order to best protect yourself and your business, there are many important legal steps that the prudent real estate investor should investigate and consider implementing into their business operations.
Start a Home Based Business on Your Terms with These Guidelines
Written by Ted James @ tedknowsmoney.com
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Starting a home-based business may seem like a distant daydream, but there are several ways to turn your ideas into a reality. The key is to think carefully about the kind of business you want to run — and the kind of entrepreneur you want to be — and what it will take to make that happen.
Start With a Well-Chosen Structure
Your business structure is more than just a legal requirement for paying taxes. It can provide benefits to your growing venture, especially in the long run. If you think you might add partners or investors, or if you want to protect personal assets, this will determine which business structure is best for your situation. Once you decide, connect with a legal professional from Carson Law to help you formalize your entity.
Tending Basic Legalities
As a business owner, there are plenty of forms, licenses, and permits required for a startup venture, and it’s important to make sure you have these taken care of in the very beginning. In some cases, this paperwork can determine how you pay your business taxes or how you go about hiring employees. And if you’re thinking about hiring employees, you’ll also need to start thinking about staying on top of payroll. Fortunately, you can use a payroll app to tackle things like issuing paychecks, setting reminders, and even paying your payroll taxes.
Be Successful Wherever You Work
Once you have the paperwork out of the way, it’s time to start thinking about getting to work. Starting a home-based business means you need to have a solid workspace that’s free of distractions, but it doesn’t have to be an expensive endeavor. If you have a spare room, basement area, shed, or garage, you can transform the space into a quiet spot to work from each day pretty easily. Make sure you have access to the internet, as well as a variety of devices such as a reliable computer or laptop, a printer, and noise-canceling headphones to help you stay on track if your family will be home with you. Look for storage solutions that will help you stay organized no matter how much you have on your plate, as well as a data plan that will help you keep your phone and internet bills reasonable.
If you simply don’t have an appropriate space at home and adding one isn’t an option, consider a coworking space. You can find a spot with the interaction — or privacy — necessary for your personal productivity, and these spaces are typically equipped with everything you need to get down to business. Plus, they naturally lend themselves to networking opportunities.
Find support
After you’re established, Callrail points out that it’s a good idea to look for support within your community and from other small business owners. These days, there are several ways you can network with like-minded individuals, from social media to conventions and other events. Think about your company’s branding and marketing plan and how you can make the most of it by partnering with other businesses, especially if you don’t plan to have a storefront. This is a great way to get your business’s name out there.
Starting a business involves a lot of planning and some careful steps, so it’s important not to rush through your decision-making process. Finding support and guidance from other small business owners is key, as they can help to mentor you as you get started.
Disclaimer
The content on this web site is provided for general information purposes only and does not constitute legal or other professional advice or an opinion of any kind. Users of this web site are advised to seek specific legal advice by contacting members of Carson Law, Carson IP, or their own legal counsel regarding any specific legal issues. Carson Law does not warrant or guarantee the quality, accuracy or completeness of any information on this web site. The articles published on this web site are current as of their original date of publication, but should not be relied upon as accurate, timely or fit for any particular purpose.
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JAAG Properties Inc is one of the top companies in the Rent-To-Own industry today. JAAG Properties was founded in 2014 by Adam Wissink, President/CEO, and Alfonso Salemi, VP of Relations. JAAG Properties is based in London, ON but has over 100 Rent-To-Own properties across Ontario as well as in 6 provinces.
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There are numerous ways for trade secrets to remain secret. This includes the implementation of non-disclosure or confidentiality agreements, confidentiality clauses in employment agreements, encryption of valuable information, password protection and lock and key in order to lock up important information.
Carson Law's Client Spotlight for August 2021 - Flower Creations
Flower Creations has been in business in the Toronto area since 2001, earning a sterling reputation as a reliable, creative florist. They have impressively grown from a small family flower shop business in Toronto into the main destination of quality flowers and plants to many well-known corporations.
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Jim is the most senior member of the team and heads up our Carson IP division, which focuses exclusively on intellectual property matters. While Jim has the distinction of being Ryan's father, he also acts as a patriarchal figure to the rest of the Carson Law family by providing guidance, insight, and opinions that only come with 40 years of legal experience.
Get to know Jim a bit better in this in-depth interview.
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With social media integrated into our lives and workplace and the line between the two blurred, employers are looking to safeguard their company with morality clauses for new hires.
One of our law students, Sarah Nadon, goes over the importance of morality clauses, what to look out for and what to include.
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The Land Transfer Tax is charged by the provincial government’s Ministry of Finance whenever a person buys or acquires an interest in a piece of land in Ontario, except in a few special circumstances. The tax applies to every method of conveying land ownership, whether the land is purchased, gifted, or obtained through other means.
When a Buyer Backs Out of a House Purchase …
With the current market resulting in numerous bids on a property, and even more offers being pulled after the Agreement of Purchase and Sale has been signed, falling under the unique aspect of Canadian contract law, the seller of a property is entitled to keep the deposit of an offer when the buyer backs out without having to prove any loss.
A Day In The Life of Your Real Estate File at Carson Law
At Carson Law, we receive questions as to why different assistants and clerks work on your Real Estate File. We want to ensure everything to do with your transaction gets taken care of accurately and efficiently; that is why we use a team-based approach. Please read the below article which explains in detail the life cycle of your real estate file at Carson Law.
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To begin, you or your real estate broker has sent us over an Agreement of Purchase and Sale(APS) for a property that you’re selling or buying. First things first, we check if the APS is firm—meaning, have all of the conditions been fulfilled. If not, we save the APS as a “pending” file, and check in with you in a few weeks to see if it’s firmed up. Once we have a firm deal, we put your file in queue to open.
When we open your file, we are beginning a record-keeping process that ensures all of your documents are saved and that allows us to keep track of all contracts, funds, notices, reports, and other important documents. One of our assistants carries out this process, and they will email you to make sure that we have all of the basics from you—ID, a retainer agreement, contact information and so on.
Then, your file goes to our Real Estate Law Clerks, and to our Conveyancer. The real estate clerks will work with you to ensure that we get your mortgage information, tax documents, etc. They will also book your final signing appointment for a time that is about 1-4 days in advance of the closing date of your transaction. Meanwhile, the conveyancer is working behind the scenes to ensure that everything makes sense from the perspective of title to the property.
Once we have compiled all of the information we need, the documents are reviewed with one of our lawyers in advance of your signing appointment. This allows the lawyer to flag anything that needs to be changed, fixed, or discussed before closing.
While all of this is happening, our Real Estate Manager and one of our Real Estate Clerks, are coordinating with the law office representing the other party in your transaction. We work closely with other law offices to make sure signed documents, funds, and keys end up in the right office at the right time.
Now, it’s time for your final signing appointment. Our Receptionist and Brand Ambassador will make sure that your file is couriered out to you prior to your appointment if scheduled via Zoom Video Conferencing or ready to go into the signing office should you need to come into our office for your appointment.
During your appointment, you’ll have a chance to discuss any questions that you have with your lawyer, and you will also sign all of the documents that we need from you. If your documents were couriered, we will arrange to have our service pick them up from you either the same day or next.
Finally, we tie up all the loose ends to close the file. Our Bookkeeper ensures that all the banking is complete, your lawyer signs off on the legal documents, and the transaction is complete.
Last, but not least, once your sale or purchase has closed, we prepare our final report to send out to you so that you have a copy of all of the documents that you will need for your records. At this point, we also make sure that all of our own records are up to date—just in case anything comes up in the future.
And that’s it! If you have any additional questions or would like us to handle the sale or purchase of your home, please call us at 905-336-8940 or info@carsonlaw.ca
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Purchasing property is the biggest, most important purchase in most individual’s lives, and with the help of a reputable mortgage broker, realtor and lawyer, the process can be made substantially less stressful. We have put together some steps to follow and legally related items to consider when looking for your first home.
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A cohabitation agreement is an agreement signed by two unmarried individuals who are living together or intend to live together in the future. When a couple decides to live together, a cohabitation agreement can clearly set out the rights and obligations of each party, either in the event of a breakdown of the relationship or upon the passing of one of the partners.
