The first key organizing document all small business corporations must have is their articles of incorporation. A corporation comes into existence when its articles of incorporation are filed with the jurisdiction of incorporation corporate registries office. The articles normally contain fundamental structural information, such as the name of the corporation, names, and addresses of its directors, its registered agent and his or her office address, and the corporation’s capital stock structure. For the majority of small corporations, there is no other important information in this document. However, larger corporations sometimes adopt articles containing special provisions that impact future decision-making processes of the corporation.
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 loss of shareholders and directors’ protection of personal assets.