MGSC30H3 Chapter Notes -Canada Business Corporations Act, Sole Proprietorship, Search Report
Document Summary
Corporation is most common form of business organization. It is created when certain documents are filed with the appropriate government office under the federal canada business corporations act (cbca) or similar legislation in each province or territory. Under cbca requirements to incorporate are: articles of incorporation, name search report on proposed name of corporation, fee. Articles of incorporation set out the fundamental characteristics of the corporation (ie: A corporation cannot have a name that is confusingly similar to another business name. Once required documents are properly filed along with the fee, responsible official issues a certificate that certifies corporation was incorporated on the date of certificate. The directors" name in article must have a meeting and pass a resolution to issue shares to shareholders. The directors decide: notice given for meetings of directors and shareholders, what constitutes a quorum for meetings, who can sign contracts on behalf of corporation, what officers the corporation will have.
