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 Return or Notice of Change. You
can view more information here.
Order your Incorporation Online
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