Month: August 2023

When entrepreneurs enter a partnership, things do not always go as planned. Due to the risks, high-value assets, and liabilities involved in running one’s own business, entrepreneurs often engage in Limited Liability Partnerships (LLP). However, these relationships can become tricky when things fall out of place, high stakes are involved, and partners are failing to see eye-to-eye and come to an agreement. This often times results in businesses falling apart. Before engaging into a partnership, it is important to understand the possible risks associated with it, and how you and your partner can effectively and efficiently combat a fallout without it being detrimental to the relationship both partners have built.

Prior to the fallout happening, you are responsible for ensuring you seek the support and legal assistance you may require. A common misconception people believe is that fallouts are always due to arguments between partners, or one getting greedy for the monetary benefits. This, however, is not always the case. One owner can decide to split and go separate ways due to one partner not being as invested as the other, or even because one partner wants to retire. Due to this, it is crucial to have an exit strategy ready no matter who your partner is and what relationship you may have.

Have an Exit Strategy

Prior to engaging in a business partnership, you want to discuss how you plan on splitting the assets with your partner. Some options include:

1. Buying a partner out

2. Selling your stake to your partner

3. Selling your stake to another individuals

4. Merging with another business

Be sure to discuss with your partner before engaging in business together to properly understand and know what each person wants.

Discuss The Aftermath of The Business

Not only is it important to discuss the plans of the business with your partner, it is also important to disclose any plans you may have regarding another business, plans or prospects. This is to ensure that you do not run into conflicts in the future, nor any legal issues. You want to make sure that you are as transparent as possible so you can avoid any misunderstandings or agreements.

Obtain Legal Support

Although a business starts with good intentions, you can never predict the future. Some people do have bad intentions, no matter what relationship the partners have outside of business. If the intention is for the business to be successful, and if both partners are moving with honesty and by the books, there should be no problem to engage with a corporate lawyer. This is to ensure that both partners have something in place to determine what the split will look like when the business flourishes, if one partner chooses to leave for whatever reason. Since there is a lot of paperwork involved in dismantling a business and splitting assets, the lawyers here at 6ix Estates LLP work hard to make sure nothing is overlooked. Hence, we know how to best protect our clients’ interests. Get in touch with our firm at 416-206-6816 anytime Monday to Friday between

9am and 5pm. We will be more than happy to assist you to ensure the success of your business journey

Unsurprisingly, the housing market has been booming in Ontario and the prices have soared to heights never seen before. Due to the influx of individuals moving into Ontario, the population continues to increase rapidly. Unfortunately, the population is increasing exponentially and much quicker than the number of residential units being built. Of course, the last thing anybody wants is to be unsure of their housing situation especially if they urgently need to move out of their current residence and do not have much time. Due to this, the competition between buyers persists and increases. This also results in buyers taking on unconventional contracts without obtaining advice from a lawyer in attempts to come out on top in the bidding process. Having a lawyer, however, is extremely beneficial and an absolute necessity as we can help guide you through the process, protects your assets, ensure you get what you signed up for, depict which contracts are unconventional or unbeneficial to you, are ensure the other party in a signed agreement hold up their end of the contract.

A buyer puts in an offer for a dwelling, it gets accepted by the seller, the Purchase and Sale Agreement is signed by both parties, but last minute the seller backs out and abandons the agreement because a higher offer came along. This is the case far too often in the now booming housing market of Ontario. With many immigrants, young adults, and uninformed individuals coming in who have no knowledge of their rights or any procedures in the real estate process. In Ontario formal written and signed contract is required for every real estate transaction. The Agreement of Purchase and Sale entails all the important elements of the contract and the obligations all parties need to fulfill. Once an APS (Agreement of Purchase and Sale) is made and signed, both the buyer and seller are bound by a set of terms and conditions.

In the beginning of the process, when a buyer submits an offer, the buyer cannot revoke their offer for a specific period of time. During this time, the seller can accept it, reject it, or issue a counteroffer. If the other is accepted, then this transaction become legally binding. A deposit requirement usually follows within 24-48 hours after the offer has been accepted. This means that all parties in the contract are contractually obligated and any breach in contract is a fundamental breach. Keep in mind to ensure that your deposit is always secured. If a real estate transaction falls through, all deposits must be secured to ensure that the buyer can get their money back. If your deposit is unsecured, the chances of money being returned if a deal falls through is slim to none.

A lawyer can help you with this process and your needs. We can assist you in looking at other options, such as purchasing pre-construction homes that can be customized and catered to your liking. The lawyers here at 6ix Estates LLP are experienced and can help you have the painless, effortless real estate transaction you deserve. Get in touch with our firm at 416-206-6816 anytime Monday to Friday between 9am and 5pm. We will be more than happy to assist you with your home buying and selling needs.