Clients are often surprised when I ask them whether they would like to incorporate federally under the Canada Business Corporations Act (R.S.C., 1985, c. C-44) (the “CBCA”) or provincially under Ontario’s Business Corporations Act, R.S.O. 1990, c. B.16 (the “OBCA”). They are either surprised that the provincial option even exists, or they are surprised that
Now that we know why we must maintain annual resolutions for a company, we must also know how to maintain annual resolutions for a company. All Business Corporations Act (Ontario) (“OBCA”) corporations and Canada Business Corporations Act (“CBCA”) corporations, no matter how small and inactive they are, must hold at least: one annual meeting of Shareholders, and
Now that we know why we must maintain annual resolutions for a company, we must also know how to maintain annual resolutions for a company. All Business Corporations Act (Ontario) (“OBCA”) corporations and Canada Business Corporations Act (“CBCA”) corporations, no matter how small and inactive they are, must hold at least: one annual meeting of Shareholders, and
If you have not maintained annual resolutions for your corporation, you should address this issue immediately. Both the Business Corporations Act (Ontario) (“OBCA”) and the Canada Business Corporations Act (“CBCA”) require annual corporate resolutions to be maintained and it is an offense not to maintain corporate records. In addition to maintaining annual corporate resolutions, an