I'd be grateful if anyone familiar with Canadian Business law could help me out with a question... As a Brit, if I work for a Canadian company what would the legal situation be if I were to be offered a stake or position/senior position in that company? I'm interested to know what responsibilities/liabilities will there be? I will still be a UK citizen and work from the UK with possibly the occasional visit to Canada for the company. Any tips, links to good info greatly appreciated. Many kind thanks in advance
I'm don't think there would be an issue with that - many Canadian companies are international and have offices and/or officers in various countries. However, you really should talk to the company about their experience and/or a labor lawyer. What is it you're worried about? Reaction of the Canadian government? Or reaction of the British government? Or tax laws?
Thanks, Minstrel I always like to get as much info as possible before launching into things, and my main concern is regarding liability. In a UK Limited Company liability is limited to the amount invested. Was just wandering how companies are categorised in Canada and what I might need to look out for?
The only liabilites that accrue to people involved in Canadian companies is to Directors of the company. There are no liabilities to shareholders. However if you are on the Board of Directors and the company goes bankrupt you can be responsible for some unpaid taxes and unpaid wages. These are known specifically as "Directors Liabilities". So as long as you don't become a director there are no liabilities. There is also Director liability insurance available. I think that some directors are demanding that the company pay for the insurance contract before they will assume the directorship.
Nice one, Compar, thankyou very much indeed. I shall make sure I've read the contract thoroughly before signing anything and keep well away from any offers of directorship for now. I may even stop by and drop you off a couple of beers