Frequently Asked Questions
Do I need to incorporate my business?
No. Incorporation has many benefits such as protection of your personal assets, tax advantages, and better access to financing. On the other hand, there are higher costs and administrative requirements
associated with incorporating. A lawyer can help advise you on incorporation and what business structure is right for you.
What is a general security agreement?
A general security agreement is a type of agreement where you secure a business loan with business assets. The type of assets that can be used as collateral depends on the specific business and
may include inventory, equipment, intellectual property, or stocks.
What is debt restructuring?
Debt restructuring is a process where a business can reduce or negotiate overdue debt. A business may look at restructuring debt when they’re on the brink of insolvency or faced with bankruptcy.
Debt restructuring typically includes reducing interest rates, extending the date when payments are due, or a combination of both. A business can also offer equity in a business in exchange
for debt relief.