Corporate Records and Family Owned Businesses

We often hear from clients: why do I need to worry about my corporate records?  I’m a family-owned business- no one else cares! From a short-term and selfish perspective, you may well be right.  However, this point of view lacks an important longer-term perspective on both corporate/business growth and resulting exit possibilities. Depending on the…

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To Tag or Drag – That is the Question

I am often asked to explain what a “Tag-Along” (a.k.a. “Piggyback”) right is or what it means to be subject to a “Drag-Along” (a.k.a. “Co-Sale”) provision. These provisions are most typically set out in a corporation’s shareholders’ agreement.  I have seen them in a corporation’s articles, but that is a very rare place to put…

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A Primer on the Effects of the Burden Reduction Act

A Quick Statutory Check-Up The Burden Reduction Act, 2017 (the “Act”) received Royal Assent, and therefore came into effect, on March 22, 2017.   With its enactment, the Act makes several changes to a couple of key business-related statutes in Ontario.  The most significant legislative changes include the following: Quorum at Shareholders’ and Directors’ Meetings The…

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Do I need a Shareholders’ Agreement?

I am often asked this question.  It sounds like a yes/no question, but the answer is not always that straight forward.   To answer the question, a few gating issues need to be considered first: Are you a minority shareholder looking for protections? Are you a founding shareholder looking to assert more controls than the company’s…

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