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What is Section 212 of the business corporations Act?

For a federal incorporation, Industry Canada will dissolve the company according to section 212 of the Canada Business Corporations Act when rights and documents required by law are not filed for a year. In practice, things are not that simple.

How do I dissolve a corporation in Canada?

To obtain a certificate of dissolution, fill and submit online your articles of dissolution. To obtain a certificate of intent to dissolve, complete and sign Form 19 Statement of Intent to Dissolve (see Federal corporation forms) and submit it to Corporations Canada.

What goes in a corporate record book?

Here are some examples of the documents that would be included: Articles/formation documents/amendments. Bylaws. Resolutions. Shareholder ledger/share transfers. Stock certificates. Shareholders agreement. Meeting minutes. Annual report filings.

Who can be a director of a company in Canada?

Director requirements be at least 18 years old. not have been declared incapable under the laws of a Canadian province or territory, or by a court in a jurisdiction outside Canada. be an individual (a corporation cannot be a director) not be in bankrupt status.

What information are shareholders entitled to in Canada?

A shareholders meeting allows shareholders to obtain information about the corporations business and to make appropriate decisions regarding the business. A shareholders right to attend and vote at a meeting depends on the rights attached to the shares that person holds (see Class of shares).

What documents are associated with a corporation?

Corporate Organization Documents Shareholders Agreement. State of Incorporation. Articles of Incorporation. Employment Agreements. Asset Transfer Documents. Bylaws. Directors Resolutions. Stock Register and Stock Certificates.

Who is considered a director of a company?

A company director is one of the employees within a group of managers who maintains a prolific role within an organization and usually has the higher role within an organization. This is mainly because they decide on how to control the business and also make the final and key decisions.

Are directors liable for company debts in Canada?

A director may face personal liability if a company fails to pay the Canada Revenue Agency for any amounts owing, including interest and penalties, GST remittances, failure to withhold and remit income tax, or failure to deduct and remit for employment insurance or the Canada Pension Plan.

What is a company record?

In this Part company records means (a) any register, index, accounting records, agreement, memorandum, minutes or other document required by these Regulations to be kept by a company, and. Company Records.

When can a director be held personally liable?

Insolvent trading is the law under the Corporations Act section 588G that says that if a company is insolvent and a director allows the company to incur a new debt, then the director can be personally liable for the new debts incurred.

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What is Section 212 of the business corporations Act?

How do I dissolve a corporation in Canada?

What goes in a corporate record book?

Who can be a director of a company in Canada?

What information are shareholders entitled to in Canada?

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What documents are associated with a corporation?

Who is considered a director of a company?

Are directors liable for company debts in Canada?

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When can a director be held personally liable?

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What is Section 212 of the business corporations Act?

How do I dissolve a corporation in Canada?

What goes in a corporate record book?

Who can be a director of a company in Canada?

What information are shareholders entitled to in Canada?

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What documents are associated with a corporation?

Who is considered a director of a company?

Are directors liable for company debts in Canada?

What is a company record?

When can a director be held personally liable?

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