Corporations.docx

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Department
Management (MGS)
Course
MGSC30H3
Professor
Jeff Rybak
Semester
Summer

Description
Corporations Incorporation ProcessArticles of incorporationo Set out the fundamental characteristics of the corporation o Notice for meetings of directors and shareholderso Constitutes a quorum for meetingso Sing contracts on behalf of the corporationo Officers of corporationsName search report on proposed name of corporation The fee Minute book Business licence Characteristics of CorporationsSeparate legal existenceo Shareholder can be employee or creditor of corporationo Corporation is unaffected if a shareholder dies or withdraw from the businesso Treated as separate tax payer for income tax purposeo Shareholders are taxed on dividendso Limited liability for shareholderslimit to the amount they invested in o Limited risk for shareholderso Creditors may refuse to lend money to corporation unless a creditworthy shareholder provides a personal guarantee for the corporations debto Pierce
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