A Named Corporation is a corporation that has been registered with a unique corporate name chosen by its owners. This name is approved by the Government and becomes the official legal name of the corporation. The use of a distinctive and meaningful name can be important for branding, marketing, and legal identity purposes, as it is the primary way the corporation is identified in the business world.
A Numbered Corporation is assigned a numerical identifier or registration number by the Government. Numbered corporations are commonly used when business owners have not yet decided on a specific business name. Once a numbered corporation is registered, the business owner can later choose to assign a specific name to the corporation.
The Articles of Incorporation serves as the foundation of the corporation's existence and outlines essential information about the company.
The Certificate of Incorporation is a legal document issued by the government that officially recognizes and confirms the creation and existence of a corporation as a separate legal entity.
A NUANS Report is required to check the availability of a proposed corporate name. Before registering a corporation, it's crucial to ensure that the chosen name is unique and does not infringe on the trademarks or corporate names of existing entities. NUANS reports have an expiration date, so it's important to use the report and incorporate your corporation within the specified time frame. If you don't, you may need to obtain a new NUANS report.
Bylaws are a set of rules and regulations that govern the internal operations and management of a corporation. They are established by the founders or directors of the corporation and serve as a framework for how the entity conducts its business and makes decisions. A Minute Book also known as a corporate minute book or company records book, is a physical or digital repository of official records and documents related to the corporate governance and activities of a corporation. The minute book typically includes key documents such as: Bylaws, Resolutions, Annual Reports etc.,
When you incorporate with Federal Government, your corporation will be automatically assigned a business number (BN). There is no cost to obtain a business number. A CRA business number allows access to various federal, provincial and tax programs.
When you incorporate with Federal Government, your corporation will be automatically assigned a corporation income tax program account number. There is no cost to obtain a corporation income tax program account number. The Corporate Income Tax account is used to manage and report a corporation's income tax related activities to CRA
Business Activity: refers to the specific commercial, economic, or operational actions and endeavors that the corporation engages in as part of its normal operations. Business activities encompass a wide range of actions and transactions that are conducted by the corporation to achieve its objectives, typically with the primary goal of generating revenue and profits.
A Legal Suffix: also known as a corporate suffix, is a specific designation or abbreviation added to the end of a business entity's name to indicate its limited liability (Corporation) legal structure or type. The most common legal suffixes include: Incorporated, Limited, Corporation, Inc., Ltd., & Corp.
If you do not have an address in this province, you can purchase our Address service to register your corporation. Other features with this includes mailing and scanning only government issued documents that are received by us . Please note that by opting for this service, you are not renting this address for operation of your business.
A Registered Office Address is the official address where the corporation is registered with the government and where legal documents, notices, and correspondence from government agencies, courts, and other official entities are typically sent. Physical address and a legal land description can only be used as a registered office address. UPS/Canada post rental addresses and PO Boxes are prohibited from being used.
To serve as a director of a Federal Corporation, a director must be of legal age and have the mental capacity to manage their affairs. In Canada, the legal age for directors is 18 years or older.
Federal Corporation: At least 25% of the directors of a federal corporation must be "resident Canadians." A resident Canadian is defined as an individual who is a Canadian citizen or a permanent resident of Canada. If a corporation has fewer than four directors, at least one of them must be a resident Canadian.
Standard articles of incorporation, also known as "model articles" or "template articles," are pre-written or pre-drafted documents that provide a basic framework for creating a corporation. These standard articles serve as a starting point for individuals or organizations looking to incorporate and outline essential information about the corporation's structure and operation.
Customized articles of incorporation are legally drafted documents that outline the specific details and provisions governing the creation and operation of a corporation. Unlike standard or model articles of incorporation, which provide a generic framework, customized articles are tailored to meet the unique needs, preferences, and circumstances of the corporation and its founders.
Share Class: typically refers to different categories or types of shares that a company may issue. Share classes are used to distinguish various ownership rights, privileges, and characteristics associated with different groups of shareholders.
We recommend setting initial share price of $1 for a share being issued. This is typically something that a new company does.
Share number refers to the total quantity of shares that a company has issued and is available for ownership by investors.
A shareholder of a corporation is an individual or entity that holds ownership in the corporation by owning one or more shares of the corporation's stock. Shareholders can be individuals, other corporations, trusts, or other legal entities.
officers of a corporation are typically individuals who are appointed or elected to hold specific executive positions within the corporation. The specific roles and qualifications for officers can vary depending on the corporation's bylaws, its articles of incorporation, and the business needs of the organization. Here are common officer positions in a corporation and considerations regarding who can hold these positions: President, Vice President, Secretary, Treasurer, CEO.
In this province, corporations are generally required to designate an agent for service. This agent must have a physical address within this province where legal documents and official notices can be served.
Law Society rules and regulations pertaining to business registrations requires that a valid Photo ID must be submitted along with the application. An acceptable Photo ID includes Driver's license, Passport, firearms ID, permanent resident card
You have to register for a GST account if your business revenue is more than $30,000 in a single calendar or if you make taxable sales, leases or other supplies in Canada.
You need to register for a payroll program account if you pay salaries, gratuities, bonuses or allowances to your employees. Even if you as the owner of the business is the only employee who takes out salary, you will need to register a payroll account.
If you import goods into Canada or export goods to other countries, you need to register for an import-export program account.
In many situations, you may be required to provide notarized incorporation documents to government body, financial institutions or regulatory body.
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