Expertise
Shareholders’ agreements
There are two key reasons why you should see Miles before starting your company – to protect yourself against liabilities and to maximize your tax benefits. A shareholders’ agreement written at the onset will ensure that your assets are secure and that your money works for you.
What happens if you don’t have a shareholders’ agreement? When you start a company, the founding partners determine how it will be owned and managed. A shareholders’ agreement puts those conclusions in writing. Without a shareholders’ agreement, your company will likely not suffer when business is good and all partners continue to agree on day-to-day operations, but if difficult times arise, or a dispute between partners develops, there’s no mechanism to ensure that the business keeps going. Many good businesses have failed because there was no shareholders’ agreement at the onset.
Income splitting, the issuing of shares and a dividend policy can also be written into your shareholders’ agreement – all of which will maximize your financial growth.
Working with you, Miles will create a shareholders’ agreement that will keep your business going through both the good times and bad times.
Tax laws
There’s a lot of information to absorb when determining how to minimize the tax burden on your company. Miles will find the right solution to ensure you pay the lowest amount of taxes. And when it comes to taxes, nothing is as straight forward as it seems.
Consider this case, where Miles saved a client thousands of dollars in taxes: Miles reviewed the buyout offered to the widow of a partner in a company. She was pleased with the offer by the other partners – until Miles determined that the transaction would be taxed at 30 percent. Using his expertise in tax law, Miles retooled the transaction so that not only was the buyout now mostly tax-free but, by creating a holding company, the shares were passed tax-free to the remaining partners.
Whether you’re operating a small business or a large company, Miles will make sure your money works for you.
Receivership
If your business is struggling financially, being proactive and going into receivership rather than allowing the bank to take over is your best chance at saving your company. When creditors come knocking, they’re there to look after themselves. Miles will look after you, saving you money while determining the next steps for your company.
By using the Bankruptcy & Insolvency Act to your advantage, you can file proposals to protect yourself from creditors while continuing to maintain control of your business. Miles has successfully guided many businesses through receivership, helping to bring some back to profitability while ensuring others make the most out of their proposals to creditors and get the best deal out of purchasers.