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Heath Law LLP Lawyers

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Heath Law LLP Lawyers

We provide exceptional, cost-effective service to our clients. Heath Law LLP is a full-service law firm that was founded in Nanaimo on Vancouver Island in 1950.

The 22 lawyers at Heath Law LLP in Nanaimo, BC, engage in the following Practice Groups: Commercial; Corporate; Real Estate; Financial Services; Family Law; Wills/Estates; Litigation. Although we have clients all over British Columbia our firm primarily services the Mid-Island region including Nanaimo, Lantzville, Parksville, Qualicum Beach, Port Alberni, and Ladysmith. Our 20 lawyers engage in th

e following Practice Groups: Commercial (business acquisitions and sales; commercial contracts; corporate records and reorganizations; real estate development and conveyancing), Family (divorce, separation, support and custody), Estates (wills, estate and incapacity planning; estate administration; estate litigation), Litigation (civil claims, construction and commercial disputes; personal injury and insurance defence; residential and commercial tenancy disputes; immigration issues) and Financial Services (commercial lending; mortgages and security agreements; secured transactions; syndicated loans; foreclosures and collections). Our lawyers are supported by experienced and talented staff within each of the Practice Groups. We are dedicated to providing exceptional, cost-effective service to our clients. We are also very proud of our legal heritage as 5 of our partners have been appointed to the Supreme Court of British Columbia, 4 as Judges and 1 as a Master. At Heath Law LLP we match our commitment to our clients with community service. We support local causes, programs and initiatives, and each year we fund a Vancouver Island University Scholarship which is awarded to deserving students from our service area.

08/28/2026

What annual documents need to be prepared for a corporation in B.C.?

Key Annual Obligations for Corporations in British Columbia

The British Columbia Business Corporations Act (BCA) requires all corporations to file an annual report with the registrar, pursuant to section 51 of the Act. By filing your annual report, you are informing the B.C. Registry that your company is in active standing. A failure to file an annual report after two consecutive years may result in company dissolution. This post looks at important annual maintenance responsibilities and obligations of a corporation.

Annual Reference Date and Annual General Meeting

Section 1(1) of the BCA describes the annual reference date as the date when the next general meeting is to be held. This date is to be one year from the previous annual general meeting or before as approved by shareholders which needs to be filed in the annual general meeting.

The BCA requires that a corporation hold an annual general meeting every year, within two months after each anniversary of the date on which the company was recognized. At the meeting, the directors are to provide financial statements as well as any auditor’s report on the financial statements.

Read the whole article here: https://www.nanaimolaw.com/what-annual-documents-need-to-be-prepared-for-a-corporation-in-b-c/

Ph: (250) 753-2202, Toll Free: 1-866-753-2202

We are open Monday to Friday, 8:30AM – 5PM

08/26/2026

What are the tax implications of buying a business, and how can I minimize them?

When purchasing a business it is essential for buyers to consider the potential tax implications and strategies to minimize them.

Two key tax considerations are the Goods and Services Tax (GST) and provincial sales tax (PST). The method of acquisition, whether through share or asset transfer, significantly impacts the tax outcome. In general, when buying a business by transferring shares, GST is often exempt, as shares are considered financial instruments.

However, in asset transfers, the GST exemption does not apply, so careful evaluation of the transaction is necessary to determine GST obligations. To further complicate matters, the choice between share and asset transactions can also affect provincial sales tax liabilities. Real estate holdings within the business, for instance, can significantly impact property transfer tax costs.

Read the whole article here: https://www.nanaimolaw.com/what-are-the-tax-implications-of-buying-a-business-and-how-can-i-minimize-them/

Ph: (250) 753-2202, Toll Free: 1-866-753-2202

We are open Monday to Friday, 8:30AM – 5PM

08/24/2026

What intellectual property considerations are important in a business acquisition?

When acquiring a business, prospective buyers should give careful attention to the realm of intellectual property (IP).

Protecting and leveraging these intangible assets is paramount. A buyer would do well to consider any trademarks, and whether they are owned by the business or individuals, and to ensure they are registered. A buyer should evaluate the business’s brand recognition in the market.

They should also assess patents and inventions, scrutinize copyrighted material, and confirm ownership and usage rights. A buyer of a business should not overlook the safeguarding of trade secrets and confidential information, as these may be pivotal to the business’s success.

Read the whole article here: https://www.nanaimolaw.com/what-intellectual-property-considerations-are-important-in-a-business-acquisition/

Ph: (250) 753-2202, Toll Free: 1-866-753-2202

We are open Monday to Friday, 8:30AM – 5PM

08/21/2026

What permits, licenses, or regulatory compliance issues should I be aware of?

Purchasing a business can be an exciting endeavor.

However, it comes with a complex regulatory landscape that demands a prudent buyer’s attention. To ensure a seamless transition and long-term success, it is crucial to be aware of various potential permits, licenses, and compliance matters.

Firstly, business licenses are a fundamental requirement, with specific criteria varying by municipality. A buyer will need to ensure that the business is registered and in good standing.

Read the whole article here: https://www.nanaimolaw.com/what-permits-licenses-or-regulatory-compliance-issues-should-i-be-aware-of/

Ph: (250) 753-2202, Toll Free: 1-866-753-2202

We are open Monday to Friday, 8:30AM – 5PM

08/19/2026

How do I negotiate the terms of the purchase agreement?

Negotiating a business purchase agreement requires a systematic approach.

We recommend engaging experienced legal and financial professionals to guide you through the process. A recommended step to begin with is to send a non-binding Letter of Intent (LOI) that outlines key terms and conduct thorough due diligence to uncover any issues.

Either on your own or with the assistance of counsel, negotiate the purchase price, terms, and financing, taking into account asset and liability allocation, as well as ongoing involvement by the seller. Ensure you address essential legal components,

Read the whole article here: https://www.nanaimolaw.com/how-do-i-negotiate-the-terms-of-the-purchase-agreement/

Ph: (250) 753-2202, Toll Free: 1-866-753-2202

We are open Monday to Friday, 8:30AM – 5PM

08/17/2026

What type of legal structure is best for buying a business?

The choice of a legal structure for buying a business depends on various factors, including your business goals, tax considerations, liability concerns, and the nature of the business you’re acquiring.

Here are some common legal structures you might consider:

1) Sole Proprietorship: If you plan to operate a business by yourself and want a simple structure, a sole proprietorship may be suitable. However, keep in mind that you will be personally liable for the business’s debts and obligations. An advantage is that you may write off losses from your business against your personal income tax, so a sole proprietorship may be a good choice when you expect there to be operating losses.

2) Partnership: If you are buying a business with one or more partners, a general partnership might be a suitable option. A partnership does not require a formal agreement, and can be presumed when two or more persons are embarking on a business venture together, however, having a written partnership agreement is advisable, as both parties can set out clear expectations. Partnerships offer shared ownership and management responsibilities and are similar to a sole proprietorship, however, a drawback is that the partners are typically personally liable for the partnership’s debts.

Read the whole article here: https://www.nanaimolaw.com/what-type-of-legal-structure-is-best-for-buying-a-business-2/

Ph: (250) 753-2202, Toll Free: 1-866-753-2202

We are open Monday to Friday, 8:30AM – 5PM

08/14/2026

What due diligence should I perform before buying a business?

It is essential to conduct due diligence when buying a business to ensure you are aware of any potential liabilities, legal issues, or other considerations related to the specific business you are acquiring.

Consulting with your lawyer and your accountant is highly recommended to make an informed decision based on your unique circumstances.

Before buying a business, you should focus on the financial, legal, and operational aspects of the business you wish to purchase. You will want to ensure that you can receive a clear title to any assets and/or shares. It is important to examine the company’s financial statements, tax records, and outstanding debts. You will also want to review all relevant contracts, corporate records, and potential legal disputes.

You should also assess operational efficiency and the workforce and investigate customer relationships, market positioning, and competitive landscape. You should analyze supplier contracts and potential supply chain risks.

Read the whole article here: https://www.nanaimolaw.com/what-due-diligence-should-i-perform-before-buying-a-business/

Ph: (250) 753-2202, Toll Free: 1-866-753-2202

We are open Monday to Friday, 8:30AM – 5PM

08/12/2026

How can I protect myself from assuming the seller’s liabilities?

When acquiring a business, whether in British Columbia or elsewhere, safeguarding yourself from inheriting the seller’s liabilities is of paramount importance.

Several strategies can help mitigate these risks.

First, a comprehensive due diligence process is vital, specifically you will want to examine the seller’s financial, legal, and operational history with expert assistance from lawyers and accountants. A well-structured purchase agreement is equally essential, and it should delineate which liabilities you will assume and which the seller will retain.

Read the whole article here: https://www.nanaimolaw.com/how-can-i-protect-myself-from-assuming-the-sellers-liabilities/

Ph: (250) 753-2202, Toll Free: 1-866-753-2202

We are open Monday to Friday, 8:30AM – 5PM

08/10/2026

What contracts and agreements do I need to review or create during the acquisition process?

The acquisition of a business is a multi-faceted endeavour, where understanding and navigating a web of contracts and agreements is paramount.

At the heart of the acquisition process lies the Purchase Agreement. This all-encompassing contract outlines the terms and conditions of the sale, from the purchase price to the assets and liabilities to be transferred. It is the lynchpin of the transaction and warrants thorough review. Employee and customer relationships are the lifeblood of any business. Consequently, review and, in the event of an asset sale, amend Employment Contracts to retain key staff, and to ensure you are aware of the existing contracts.

If you are purchasing the shares of a business, you will want to review the employment contracts as you will inherit the employees on the same terms. Analyze Customer Contracts to ensure they are transferrable, and address any clauses related to change of control. Likewise, scrutinize Supplier Contracts, assess their transferability, and gauge the favorability of their terms. Lease Agreements for the business premises should be reviewed, and you should secure assurance that they can be assigned to the new owner. Intellectual property is another critical facet, and if applicable, inspect related agreements to ensure a seamless transition of ownership.

Read the whole article here: https://www.nanaimolaw.com/what-contracts-and-agreements-do-i-need-to-review-or-create-during-the-acquisition-process/

Ph: (250) 753-2202, Toll Free: 1-866-753-2202

We are open Monday to Friday, 8:30AM – 5PM

08/06/2026

I have a small business, what are the advantages of incorporation?

Advantages of Incorporation for Small Businesses

As a small business grows, there are risks of personal liability. The act of Incorporating a business is one way to mitigate personal liability. Limited liability is not the only advantage that incorporation provides. This post explores the advantages of incorporation, focusing on its legal, financial and operational benefits.

Limited Liability Protection

Incorporation establishes the business as a distinct legal entity, separate from its owners. This pivotal separation shields personal assets from business liabilities and debts. Incorporations offer some protection from potential lawsuits or financial encumbrances, bolstering financial security and risk management.

Transfer of Ownership Interests

The ownership of corporations is generally in the form of shares, rather than holding specific assets. Shares permit increased flexibility in ownership transitions, which may enable smoother succession planning or acquisitions.

Unlimited Life Span

Provided the corporation maintains its registration with the provincial government (as the case may be), it has an everlasting existence. This is in contrast to other forms of business, such as a sole proprietorship where the business may dissolve upon the owner’s demise, and corporations sustain operational continuity.

Read the whole article here: https://www.nanaimolaw.com/advantages-of-incorporation-for-small-businesses/

Ph: (250) 753-2202, Toll Free: 1-866-753-2202

We are open Monday to Friday, 8:30AM – 5PM

Address

200, 1808 Bowen Road
Nanaimo, BC
V9S5W4

Opening Hours

Monday	8:30am - 5pm
Tuesday	8:30am - 5pm
Wednesday	8:30am - 5pm
Thursday	8:30am - 5pm
Friday	8:30am - 5pm

Website

https://www.nanaimolaw.com/

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