Incorporation Tips for Landlords from a Corporate Law Firm in Mississauga
Landlords are business owners too, and they often incorporate. These four recommendations from a corporate law firm in Mississauga will explain issues addressed when becoming an enterprise.
Mississauga Corporate Lawyers Say Treat Your Rental Property Like a Business
Even if you are not a full-time property manager, you still own those places you rent to tenants. Therefore, you have an obligation to maintain the units and keep a professional report with the people who rent from you. Property ownership also involves complex tax matters, and you must adhere to safety codes.
1. Incorporation or Sole Proprietorship? — Mr. Tarunjeet Gujral, your corporate law practitioner, will explain why you should form a company (Incorporation) instead of operating as an individual. On the other hand, you also could become a single-member as a sole proprietor. Speaking with a licensed business attorney will address concerns about protecting your personal assets, which will help you determine if you should become a single-person or multi-person entity.
2. Tax matters — Property, income, and sales taxes, name a few you encounter as landlords. Then, you have itemized deductions, which include maintenance and operating expenses. If you have employees, you also must follow payroll procedures. Your Mississauga lawyer can help you sift through all landlord tax laws while forming a corporation or Sole Proprietorship.
3. Safety codes — You encounter them whether building new complexes or avoiding condemnation of an older property. Moreover, you have the issues of building permits and the risk of a tenant filing a case against you for injuries if they have an accident, which could require lawsuit representation.
4. Landlord/tenant disputes — If you want a tenant to leave, you will need to follow the Mississauga eviction procedures. This process may or may not require you to appear in court against the lessee. Mr. Tarunjeet Gujral will determine the best action for you. It would be best if you usually come up with reasonable grounds to evict a tenant, such as non-payment of rent, chronic peace disturbances, and illegal drug use.
Several other issues come up between landlords and tenants that require an attorney. Submit your questions to Gujral Law Office online or call today at (647) 957-8077 if you need assistance from a reputed Mississauga corporate law firm.Back to Business Law Page