My partner and I can no longer be partners. Our business
relationship is no longer sustainable. How can you help?
Well I can certainly help, but before I can give you any advice I
would need to ask you some questions about your specific situation.
For example: What would you like to see happen at the end of the
day? Will an amicable resolution be possible? If the matter is
likely to go to court, for example, a more careful approach will be
necessary and legal counsel will be called in from the start.
Are any business interests going to be sold? I can help with
valuation of those interests as well as structuring any purchase
and sale and its tax implications. What's the history of the
business and relationship? This will give me insight into the
personality dynamics of the parties, and the available options
given these circumstances. Who's the key business driver, who
guarantees the quality of the product or service? Are special
relationships replaceable or transferable? How long would that
take? These questions help determine not only the business risks
and opportunities that drive value but also impact the future
success of the business if one partner or another is bought out.
What is the nature of the business and the current competitive
environment? This may limit any open-market sales options and help
to predict competitor reactions. Can the whole business be sold, or
is it best to have one party buy out another? You see I have to
learn quite a bit about your business before I can provide you with
Also, the cost versus benefit considerations of any dispute
resolution has to be considered. If there's suspicion of
misappropriation, for example, we'll plan a forensic review to
address any diverted assets or business value. Ultimately we'll
address the valuation of the business in order to provide the
financial details that will feed the resolution options.
Although I'm not a lawyer, I am often called on to assist in
the financial aspects and structure in the break-up of a
relationship. I have a broad skill set with specific expertise and
over 20 years of experience in resolving these types of problems.
I'm often called on as an independent expert to prepare a
report in case the matter goes to court. I can also be jointly
retained as an independent advisor to all parties seeking a more
amicable resolution. By creating a thorough report and clear
conclusions, I can provide practical resolution alternatives for an
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
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Under the Income Tax Act, the Employment Insurance Act, and the Excise Tax Act, a director of a corporation is jointly and severally liable for a corporation's failure to deduct and remit source deductions or GST.
Under the Income Tax Act, the Employment Insurance Act, the Canada Pension Plan Act and the Excise Tax Act, a director of a corporation is jointly and severally liable for a corporation's failure to deduct and remit source deductions.
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