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NOT-FOR-PROFIT AND CHARITY
INCORPORATION IN ONTARIO
Organization
And Start Up
Once the corporation has received its Letters Patent, a number of essential
steps are required to be initiated so that the directors may properly
administer the affairs of the corporation.
Among these
steps are:
- Establishing
directors’ quorum
- Adoption
of by-laws
- Banking
and financial arrangements
- Adoption
of corporate seal
- Appointment
of auditors
- Appointment
of officers
It may be
advisable to retain the services of a lawyer who specializes in corporation
law to ensure the corporation is properly organized and the directors
understand their responsibilities. By having the corporation properly
organized, you should eliminate a number of potentially serious problems
in the future.
Initial
Reporting Requirements
Within 60 days of incorporation you are required to file an Initial Return.
Subsequently, within 15 days after any change that takes place in the
information set out in the Initial Return, you must file a Notice of Change.
Note: Failure to file the Initial Return within the prescribed period
of time may attract penalties for the corporation as well as for the directors
and officers. Under the Corporations Information Act, upon conviction,
each director and officer is liable to fines of up to $2,000 and the corporation
may be fined up to $25,000. In addition, the charter (Letters Patent)
of the corporation may be cancelled and the corporation dissolved
Business Development Centre is always available to provide assistance
with filing Initial Notice or Notice of Change. You
can view more information here.
Order
your Incorporation Online
Request
Additional Information
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