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28 - The Oakville Beaver, Wednesday October 11, 2006 www.oakvillebeaver.com SMALL BUSINESS WEEK Title Insurance: An Essential Risk Management Tool for Commercial Real Estate Transactions Title insurance is non-traditional insurance coverage for residential and commercial transactions that improves and complements the work that goes into researching and updating property ownership by professionals (lawyers and land surveyors), while bringing a greater level of comfort and operational efficiency to the parties involved in a transaction. From the larger commercial transactions to the small business owner or investor purchasing a property, title insurance coverage can make the difference when timing is critical and details complex. A commercial owner policy protects property owners against loss or damage they suffer if ownership issues are discovered. "Problems often arise when a transaction requires a great deal of time to resolve or when one of the parties is required to assume a certain risk. This is where title insurers play a key role since lawyers and lenders cannot assume more than a certain amount of risk," says John Rider, vice president of the Commercial Division at First Canadian Title. In Ontario, your lawyer is required to perform only four searches in order to obtain a policy for you. The requirements vary depending on the nature of the transaction and the specific coverage, which may be requested. Due to the significant reduction in the amount of work and searches that your lawyer would ordinarily perform, transactions can close much more quickly than without the use of title insurance. Profile Understanding the five W's of incorporation WHO, SHOULD INCORPORATE? · Any business whose annual net income is greater that $20,000.00 · Any business which has a risk of being sued. WHY, SHOULD A BUSINESS INCORPORATE? · To reduce your income taxes. · To protect your personal assets. · To give your business greater credibility. · To protect your business name. WHEN, SHOULD A BUSINESS INCORPORATE? · As soon as it is obvious that the business is generating net income on an annualized basis in excess of $20,000.00 and will do so for the foreseeable future. · Before any lawsuits are filed against the business. Once a lawsuit is filed against an unincorporated business, not only the business assets but also your personal assets may be in jeopardy. WHAT, IS INVOLVED IN INCORPORATING A BUSINESS? · Engage the services of a professional who specialize in incorporating businesses and is not only familiar with the legal requirements of preparing Articles Of Incorporation but also those aspects that will provide maximum flexibility in both your corporate and personal income tax planning. WHERE, SHOULD I GO TO INCORPORATE MY BUSINESS? · Contact the Oakville Chamber Of Commerce, Halton Regional Development Centre, your Business Advisor, Tax Advisor, Legal Advisor, Accountant, Financial Planner. Any of organizations or people should be able to point you in the right direction. Written By E. L. Foster, President, The Incorporators; division of The Business Advisory / The Tax Advisory Inc. If You Would Like To Discuss The Foregoing Or Any Other Aspect Of Your Business, Please Call Ed Foster At ( 905 ) 469-8777. We Don't Charge For Phone Calls Or First And Sometimes Subsequent Visits. A TITLE INSURANCE POLICY WILL PROTECT YOU AGAINST: · Any defect in, lien, mortgage or encumbrance against the ownership of the property; · The existence of any uncertainty in the ownership of the property that would lead to difficulties in selling or mortgaging the property in the future; · Lack of a right of access to and from the property. "In the event of any challenge to the ownership of the property, the title insurer will defend the owner against any claims arising out of matters covered under the policy. And this ultimately is of great benefit to the commercial property owner as a sound business decision that provides protection against risk," adds Rider. For more information about the benefits of title insuring your commercial transaction, contact your lawyer or visit www.firstcanadiantitle.com. THE TAX THE THE BUSINESS ADVISORY Providing Personal And Corporate Income Tax Planning And Tax Preparation ServicesTo Companies And Individuals Since 1962. INCORPORATORS Incorporating Businesses Since 1983. Combining The Best Of The Legal, Business And Income Tax Planning Processes. ADVISORY Providing Ideas For Sales Growth And Solutions To Business Problems To Small And Home Based Business Since 1983. Voted First Place Diamond Award Winners In The Categories of Incorporation Services, Tax Preparation Services And Business Advisory Services o Who Should Incorporate? · Any business whose annual net profit is in excess of $20,000; · Any business which has a risk of being sued which in today's litigious society is just about everybody. Why Should I Incorporate My Business? · To pay less income tax. · To protect your personal assets from your creditors. · To give your business greater credibility. · To protect your business name. Why Should I Have `The Incorporators' Incorporate My Business? Member Of ED FOSTER · Our rates are one-third to one-half that of our competition. · The Articles of Incorporation that we prepare for you will be designed in such a way as to provide you with maximum flexibility in your personal and corporate income tax planning. · We have been incorporating companies for over twenty-one years. Member of For More Information Please Call Us At (905) 469-8777 Or Visit Us At One Of Our Websites COMMITTED TO REDUCING THE INCOME TAXES THAT YOU PAY www.thetaxadvisory.ca COMMITTED TO INCORPORATING YOUR COMPANY THE RIGHT WAY THE FIRST TIME www.theincorporators.ca COMMITTED TO MAKING YOUR BUSINESS A SUCCESS www.thebusinessadvisory.ca