Incorporation
Process
If a decision is made to incorporate you should take the following steps:
| FIRST STEP: | Select the proposed corporate name |
| SECOND STEP: | Prepare and file the application for incorporation |
| THIRD STEP: | Following the receipt of the Letters Patent of incorporation, organize the corporation |
| FOURTH STEP: | The organization of a corporation is followed by an ongoing activity of "corporate maintenance", that is, ensuring that the corporation complies with the reporting requirements and conducts its affairs in accordance with the applicable Acts and Regulations |
Head
Office
Every corporation is required to have a head office in Ontario. This
does not necessarily mean that a corporation must own or lease a special
building or a suite of offices. Some incorporators use their home address
for this purpose. However using a registered corporate address provides
significant flexibility and increased privacy. You can view more details
about Corporate Registered
Address service here.
Directors
Each corporation must have not less than three directors. The first directors
of the corporation have all the powers, duties and liabilities of directors
that are elected to the board.
The office of director is not only an office that accords prestige to the
person who holds it, it also places on that person responsibilities and
even liabilities. Accordingly, any person accepting a directorship should
be prepared to assume the responsibilities that go with the director’s
office.
Objects
of the Corporation
Objects are a concise statement of the ultimate purpose of the corporation.
The principal objects are objects that describe the primary undertaking
of the corporation
Objects statement
should be short but broad in nature. On the other hand, the objects should
be sufficiently specific so as to avoid ambiguity.
Examples: the objects for a community
youth organization might be drafted as follows:
The establishment and operation of a youth organization for the purpose
of:
a) promoting the best interests of teenagers in the Town of Kenora;
b) promoting interest in athletics, sports and recreation and establishing
and maintaining facilities and equipment for same.
and other complementary purposes not inconsistent with these
objectives.
Timing
An application for incorporation is usually processed within approximately
8 weeks of filing. The Letters Patent will bear the effective date
as of the date of delivery unless the application is returned for revision,
in which case Letters Patent will bear an effective date as of the
date of redelivery to the Companies Branch, provided the application
is correct.
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