Officers are responsible for the day-to-day operations of the corporation. The directors are responsible for appointing officers. With the directors, the officers will form the management of the corporation. Officers can take any position that the directors want them to fill (for ex., president, secretary or any other position).
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Canada Corporate Minute Books Made Easy. Every Canadian corporation is required by law to prepare and keep up-to-date its corporate records at its registered office (or at some other location in Canada, as set out by the directors). Failure to comply with this obligation can lead to fines of $25,000, and the officers and directors of the corporation may be personally liable.
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Why Your Company Needs a Corporate Minute Book?
- Maintaining a minute book is required by law for all corporations in Canada.
- It’s required by the Canada Revenue Agency (CRA)
- Failure to comply with this obligation can lead to fines of $25,000
- Helps to protect your corporate status
- Failing to maintain adequate corporate records exposes your corporation to serious risks
- Failing to keep corporate records can result in the loss of shareholders and directors’ protection of personal assets.