The Benefits of Having a Law Firm as Your Company’s Registered and Records Office

The Benefits of Having a Law Firm as Your Company’s Registered and Records Office

‍What is a Registered and Records Office?

A registered and records office is the official location where a company stores its corporate records and where legal notices can be served on the company. It may be located at the company's business address or with a professional service provider, such as a lawyer. The address is public information and must be kept up to date with BC Registries.

‍Why have a law firm serve as your Registered and Records Office?

Having a law firm serve as your registered and records office provides several key benefits, including privacy and security, legal protection, expert guidance on compliance, and timely notification of legal claims.

Typically, the law firm serving as your registered and records office will have a corporate lawyer acting on your behalf, thus offering additional advantages for your business.

‍Benefits of having a business lawyer as your corporate lawyer:

1. Protection of Confidential Information
   A corporate lawyer can control access to sensitive documents, ensuring that confidential information is safeguarded from unauthorized individuals. This is especially important during CRA audits and other inquiries.
2. Guidance in Estate and Ownership Transitions
   If a sole or majority shareholder passes away, a corporate lawyer can guide the executor in managing the transition of ownership, whether it involves continuing or dissolving the corporation as needed.
3. Regulatory Compliance and Record Keeping
   A lawyer ensures your corporate records meet legal requirements, helping you avoid penalties and navigate complex legal matters. Regular review and updating of corporate records help maintain compliance with current regulations and prepares the company for CRA audits, potential sales, or litigation.
4. Efficient Document Management
   Corporate lawyers implement organized record-keeping systems, which ensures that documents are easily accessible and promptly provided to banks, accountants, or regulatory bodies when required.
5. Corporate Governance and Transaction Support
   A corporate lawyer helps draft essential corporate documents, such as shareholder agreements and tax planning paperwork, and helps manage major transactions like share or asset sales and purchases.
6. Seamless Coordination with Accountants
   Corporate lawyers work closely with accountants to draft the necessary legal documents for tax planning and major business transactions, creating a streamlined and efficient process.
7. Legal Support and Representation
   Having a corporate lawyer means having a trusted advisor who can help with almost any legal issue, whether through direct advice or by referring you to professionals in their network.

Final Thoughts

Having a law firm serve as your company's registered and records office provides invaluable benefits for your company. From protecting sensitive information to ensuring legal compliance and assisting with major business transactions, a corporate lawyer offers expertise and support that can help your business thrive. Investing in legal guidance now can save time, money, and hassle in the long run, giving you peace of mind and allowing you to focus on growing your business.

At Johnston Franklin Bishop, our trusted corporate legal team is ready to help you and your company with quality service delivered with integrity. Contact business lawyer Andrew Reed by phone at 250-756-3823 or by email at ar@jfblaw.ca today.