ADMS 2610 Final: Summaries Notes Final 1

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A corporation is a legal entity that has an existence separate from its owners. The method of incorporation varies from province to province. It may take a number of different forms, each granting a corporation different rights and powers. In some provinces, incorporation is by the issue of letters patent, which is very similar to the royal charter form of incorporation and gives the corporation virtually all of the powers of a natural person. Other provinces provide for incorporation under a general statute, which limits the powers of the corporation to those powers acquired under the statute and contained in the memorandum of association filed under it. The federal government and several provinces use a general act for incorporation, but they use a slightly different terminology and have given corporations incorporated under the legislation all the powers of a natural person.

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