What Constitutes a Legal Partnership in Ontario?
In Ontario, a legal partnership exists when there are “persons carrying on a business in common, with a view to profit”. Let’s break this down into its main elements. “Carrying on a business” A “business” means every trade, occupation and profession”. And, includes any ongoing activity and even a single transaction. These words are non-exhaustive […]
Characteristics of a Corporation in Ontario
Unlike a sole proprietorship or partnership, a corporation does not come into existence simply by virtue of one or several people starting a business. Rather, a corporation must be incorporated pursuant to a filing with the appropriate government entity, and the paying of a filing fee. In Ontario, incorporation may be under the Ontario Business […]
Intentions Matter When Co-Owning Property
When co-owning real property, it is crucial to address the intention of the co-owners in owning and managing the property. This requires an understanding of how the law of partnerships might affect the relationships between the co-owners. Section 3.1 of the Partnerships Act provides that holding property in some form of common ownership does not, […]
Consequences of Operating an Ontario Partnership
A partnership is “…persons carrying on a business in common with a view to profit”. We have a previous blog post on the main characteristics of partnerships in Ontario. Here are the main consequences of operating a partnership in Ontario. The chief consequence is that each partner is liable to the full extent of her […]
3 Things to Think About When Negotiating A Commercial Lease
3 Things to Think About When Negotiating A Commercial Lease , Commercial leases are complex in that they set out very specific (often in a verbose manner) the nature of the agreement between a landlord and commercial tenant. They tend to have many moving pieces, which are often defined by the type of business, and […]
What is a Real Estate Lawyer and Why do I Need One?
Best Real estate lawyer toronto are the glue that holds the transaction together. To put it another way, they are the “quarterback” of the “football game” that is the purchase or sale of a home. Regardless of whether you are a new home buyer purchasing your first property or you are a developer buying a […]
Co-Ownership of Property and Your Spouse
“What part of the house counts as “ours” versus “theirs””? “Will we all be eating dinner together every night”? “Who’s going to clean the bathrooms?”. These are just a handful of questions that you will need to answer if you are considering co-buying a property. The situation becomes even more complicated if you co-buy a […]
What Happens When a Co-Owner Dies?
When co-owners buy property together, one of the most important elements to consider is what should happen if a co-owner dies or becomes incapacitated. Rights of survivorship must be carefully considered in the context of a co-ownership arrangement. Generally, co-owners buy property as either tenants-in-common (“TIC”) or as joint tenants. If a co-owner holds property […]
Exit Strategies in Real Estate Co-Ownership
Co-owners must be in agreement about why, how and when the property will be divested (e.g. disposed of, sold, etc.). There must be clear answers about the following: In a co-ownership agreement, there should be no ambiguity about the answers to these questions, and how they relate to potential “exit” events. All parties need to […]
3 Crucial Things to Know about Buying a Pre-Construction Condo
This is what you need to know about buying a pre-construction condo. And, always have your real estate lawyer involved in the process – it’s more complicated than it seems. As soon as you sign the offer, you should consult your real estate lawyer immediately. Under Ontario law, you have ten (10) calendar days to […]
