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WHATS NEXT?. . March 26. th. . from 11am-3pm. Velocity Fund Finals. SLC Great Hall. v. elocity.uwaterloo.ca. /events. VeloCity. Alpha Workshop:. Set Up Your Business Like a Boss. The Legal Stuff. Genie Lyon, . ID: 180182

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Slide1

WHATS NEXT?

March 26th from 11am-3pmVelocity Fund FinalsSLC Great Hallvelocity.uwaterloo.ca/events

Slide2

VeloCity Alpha Workshop:Set Up Your Business Like a Boss

The Legal Stuff

Genie Lyon,

Velocity

Lawyer and General Advice Dispenser

March 18, 2015

Slide3

Business Success!!!

Only you can determine what your path will be – lawyers only provide guidance.

Slide4

Legal Entities

Sole ProprietorshipLegally, You = Your sole proprietorship

BENEFIT

Easy to set up – all you need to do is register the business name

DRAWBACK

Because there’s no difference between you and the business, any personal asset you own is fair game for business debts

Slide5

Legal Entities

PartnershipLegally, You and your partner(s) = Your partnership

BENEFIT

Easy to set up – all you need to do is register the business name

DRAWBACK

Same drawbacks as sole

proprietorship

, PLUS you’re responsible for your partner’s

actions/debts – if they fall, so do you

It’s important to get a partnership agreement in place so everyone’s on the same page.

Slide6

Legal Entities

CorporationLegally, a corporation is separate from you – it’s a legal entity in its own right.

BENEFIT

Separation

between

business and

the individuals involved

Easier to get investorsEasier to transfer ownership

DRAWBACKExpensive to set up and maintainMore legal administrative work is required on an ongoing basisNot easy to dissolve

Slide7

Less common business formats

Joint Venture

Not a legal entity

Agreement-driven

Used when several people want to pursue a common project

Co-operative

Special type of corporation

Most commonly used for non-profit organizations, not for-profit ventures

For the benefit of members only

Slide8

Setting up your business properly

Business Name

Must register business

name

if

it differs from your full name or your corporation

name

Can be a trademark, but doesn’t have to be

Registrations and Permits

Business name and business number

WSIB, CRA and other applicable agencies

Structural Documents

Minute books –

company’s corporate record

Shareholders’

and

partnership agreements

Employment agreements (to be discussed later)

Slide9

Setting up your business properly (continued)Compliance with Laws and Regulations

How you sell and market

Canada’s Anti-Spam Legislation, Competition Act

How you store personal information and data

PIPEDA, MFIPPA, HIPAA

Laws, regulations and certifications specific to your business/product/service

Export and Import

Be mindful of the jurisdiction you’re operating in!

Slide10

Setting up your business properly (continued)Business Facilities

Office Space – Buy or Lease?

Most start-ups lease space, due to lack of capital to purchase

Get a good agent and read the lease for “gotchas”, mindful of your use of the space

Be clear about what the term is and how to get

out

If buying, watch for zoning and construction compliance

Office Equipment and Services

Watch out for contracts that lock you in and have onerous penalties to get out

Be aware of suppliers’ right to liens, repossession and

distraint

Slide11

Running your business wisely

Employees and Contractors

Hiring employees versus using contractors

Understand your obligations under the Employment Standards Act, 2000 and other legislation, like pay equityBest to have agreements that are protective and accurately reflect the relationshipEmployees and contractors need to be paid for agreements to be enforceableTry to avoid paying with equityUseful to develop employee policies

Slide12

Running your business wisely

Protecting your intellectual property

Non-Disclosure

Agreements / Confidentiality AgreementsTraditional forms of registered protection – patents, copyright, industrial design, trademarkLicense AgreementsEnforce your rights – eg. trademarks are tied to your reputation and are tested based on whether they can be confused with someone else’sIdentify your IP and watch out for contamination

Mind if I hitch a ride?

HEY!

Get off!

Slide13

Agreements that can help you – if done well

Investment and Financial Agreements

Can be some

of the driest and most confusing legal agreements, with the smallest text size, you will ever see. You should still read them and be aware of what you’re signing up to.Watch out for onerous penalty clauses and other strings tied to the money they provideBe aware of repayment terms, conditions and milestones, if anyTry to avoid giving up your IP and ownership of your business (may be disguised in the form of putting up IP or shares as collateral)

Slide14

Agreements that can help you – if done well

Customer and Supplier Agreements

Buy

Supplies

$

General Rule: Be clear and be detailed!

Make sure that your obligations and your requirements are clearly covered – how long it will last, what your liabilities are, and all the financial details

Look

at worst case scenarios and make sure they’re covered

Make sure there’s a clear way to exit the

agreement

Avoid

“scraping” agreements from

other sources

Slide15

In closing…

The legal protections and agreements that you decide to put in place or to dispense with, after consulting with your lawyer, can make the difference between this: and this: Ultimately, they need to reflect what you want in your business, so make your choices wisely, and make sure what’s on paper is accurate.

AAAAAAAAAGGGGHHHH!!!

Slide16

Resources

Service

Ontario

To find out more information about starting a business in Ontario, you can go to the following site. Under “Topics”, click on “Business”. The menu item “Topics” on the Business page contains a wealth of

information.

http

://www.ontario.ca/serviceontario

Canada

Business Network

This site provides a general overview about starting a business. There is some overlap with the Service Ontario site, but it is a bit better organized, and it gives the federal perspective, as well as linking to business sites of provinces other than

Ontario.

http

://www.canadabusiness.ca/eng/page/2856/

Law

Society of Upper Canada

If you’re looking for a lawyer to advise you on something, but don’t know where to find one, check out this site. The Law Society of Upper Canada regulates lawyers, and their site offers services to the public, including a lawyer referral service, a directory of lawyers, and a list of lawyers who are certified specialists in certain areas of

law.

http

://www.lsuc.on.ca/

Library

Don’t underestimate the amount of information you can get from the website of your local library. If you have a library card, you have access to databases that you would otherwise need to pay for, and the library’s website also often links to other useful sites, including local resources. Below is the URL for the Waterloo Public Library’s resource page for

businesses.

http

://www.wpl.ca/ebranch/research/business-employment/

Laws

Sometimes, it’s useful to look at the text of the actual law affecting you – not just someone’s summary or interpretation of the law. Looking at the law gives you the information about your legal obligations without any filter. Some laws are easier to read than others, of course! Looking at the law also has the benefit of pointing you in the direction of the ministry, tribunal or other entity in charge of the subject

matter.

http

://www.canlii.org/en/index.html

Slide17

Resources (continued)

Specific Governmental Websites

Don’t overlook the websites run by the various provincial ministries or federal departments – they often contain fact sheets and other easy-to-read documentation that can guide you through common problems. I’ve listed a few of them below.

Employment Issues

A good resource for those tricky questions respecting what you need to do in various employment situations, and how to comply with the minimum statutory

employment requirements:

http://

www.labour.gov.on.ca/english/es/index.php

You will also need to comply with pay equity legislation as

you grow:

http://

www.payequity.gov.on.ca/en/index.php

And don’t forget about the Workplace Safety and Insurance Board!

www.

wsib

.on.ca

/

Exporting and Importing

If your business will involve selling your products or services abroad, you will probably want to check whether you require any export permits, and whether there are any restrictions on your type of product or service. This site is also good for getting governmentally researched

market information.

http://

www.international.gc.ca/commerce/tools_trade-outils_commerce.aspx?lang=eng

Slide18

WHATS NEXT?

March 26th from 11am-3pmVelocity Fund FinalsSLC Great Hallvelocity.uwaterloo.ca/events


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