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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.



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