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Lecture

Corporations.docx

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Department
Accounting
Course
ACTG 1P71
Professor
Brad Troup
Semester
Winter

Description
CorporationsMost successful and popular type of organization as it provides the most in terms of flexibility in terms of raising capital options for shareholders etcRegistration Jurisdictiona memorandum of association that sets out o The objective of the corporation o The nature of the business must be briefly described o The share capital must be describedDifferent shares have different characteristics the type of shares amounts etc o When the shareholders call meetings how they elect members to board when they can vote vs when the directorsofficers make decisions o In this type of corporation formation we receive government permissionLetters Patent o The crown used to determine when a corporation could come into existenceo This method began to become dated as people began to feel that anyone who would like to start a business should be able to start one as long as they have all the required documents and proceedings completed The idea that they must get permission from the crown or government became unpopularArticles of Incorporation o There is no royal prerogative or delegated crown authorityo When all required documents are filed properly a corporation can come into existence o Two types of files needed to incorporate the businessWhen these documents are filed they become publicThe Article of Incorporation o What the corporations name will be o The name must end in one of three designations IncIncorporatedLtdLimitedCorp Corporation o The number of directors that the corporation will haveDirectors are people the shareholders elect to run the corporationThe directors names must be set out in this document as well At least one of these directors must live in Ontario they must live in the jurisdiction of the Corporation o It will restrict the activities of the business o Sets out the share capital of the corporationUsually you ask for far more than needed as it is difficult to get more at a later point
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