Entrepreneurship & Small Business

DIY Incorporation (BC) vs. Find a Lawyer?

  • Last Updated:
  • Jul 14th, 2017 10:56 pm
[OP]
Newbie
Dec 1, 2016
6 posts

DIY Incorporation (BC) vs. Find a Lawyer?

Hi.
I am about to establish my business in BC, but I am not sure if I need to hire a lawyer for incorporation. I personally prefer DIY, but I also would like to know what kinds of thing I need to be cautious in this case. Is there anyone? Thanks!
6 replies
Deal Fanatic
Dec 27, 2013
5903 posts
2016 upvotes
Toronto
There is a really good thread by eonibm about incorporating on the forums. Search for it. It's awesome.
[OP]
Newbie
Dec 1, 2016
6 posts
daivey wrote:
Jun 19th, 2017 3:32 pm
There is a really good thread by eonibm about incorporating on the forums. Search for it. It's awesome.
Thanks!
Deal Addict
Feb 29, 2012
2047 posts
1042 upvotes
Richmond
Generally the reason for using a lawyer when you are doing something new like incorporating for the first time is that "you don't know what it is that you don't know". That is, you can read the BC Business Corporations Act and think "ok, I understand it now", only to find that there are 3 other overlapping acts covering what you want to do, plus a bunch of important interpretations made since the act was written. Only somebody involved in this area on a day-to-day basis knows about all of that. The alternative is to know a bunch of people that have incorporated and run a business in recent years, and can inform you of the most important and relevant details. It's best to consult both sources actually, because sometimes lawyers get a little carried away adhering strictly to every technical requirement regardless of cost, while other business owners would advise you to save some money by skipping or simplifying what isn't really necessary.
Last edited by Faith24 on Jun 22nd, 2017 10:57 am, edited 1 time in total.
Deal Addict
Jul 7, 2004
4514 posts
479 upvotes
There are online corporation sites at a fraction of the cost a lawyer charges. I think laywers obviously have their place for certain things, but we're living in an age where there is a ton of free information out there and ways to not get bent over by lawyers. About five years ago I needed something for my business. I can't remember what it was but I searched online and found out it was a simple 1/2 page form I needed to fill out and submit. I actually think the Companies Office here told me how to do it. Maybe 20mins of work. I was curious so I asked my business lawyer (who've I've been with for years and years) what the cost would be. Quoted me $750 to do it. For not even 20mins of work. And of course businesses go and pay that like nothing not wanting to see if there's a cheaper or easier way, they just trust their lawyer and take it as 'part of doing business'. Was done with my lawyer after that.

So anyways, these online sites use students, interns, assistants to get everything ready and lawyer just finalizes it. Law firms do the same thing, but charge you a price as if they were doing everything.

I incorporated with a lawyer about 15 years ago, and my last corop a few years ago via online.
Newbie
Aug 19, 2015
39 posts
4 upvotes
Toronto, ON
The thread mentioned above (save you searching for it): diy-provincial-federal-business-incorpo ... y-1769225/

Also, want to throw in my 2 cents:

I didn't want to run around and wait inline at Service Ontario to file the paperwork so I opted to use OnCorp to incorporate although I did the name search with CorporationCentre.ca.

NUANS: $28.25
Incorporation in Ontario: $400.57

Total price: $428.82

In the UK incorporation costs £12 ($19.90), I think they should make this easier/cheaper...
Deal Addict
User avatar
Aug 16, 2010
3768 posts
447 upvotes
Aurora
It's dead easy to incorporate without a lawyer for a small businesses. The hard part where a lawyer and accountant come in handy are the compliance issues of annual filings, payroll, HST, income, etc, etc filings.

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