Based on the information you provide during the onboarding process, our technology tailors all documents for your business, sends them out for eSignature, and once signed, saves them all in your Founded account: The total cost to incorporate on Founded is between $499 and $699, depending on your jurisdiction. Any wording that implies that the corporation is a subsidiary of or is otherwise related to the Federal Government or the Government of Ontario, i.e. Yes, you can incorporate without the assistance of LawDepot.com. After my incorporation has been filed, are there any more requirements? Not-for-profit corporations usually require a minimum of three directors. Use the Founded free name search tool to see if your desired business name passes preliminary name search tests and legal requirements: Also important to note, if you incorporate through Founded, we handle all required NUANS searches - so you don't have to worry about conducting your own business name search in advance. The address can not be a post office box.

You cannot "sell" ownership of yourself.

Pre-Incorporation Checklist - British Columbia Company. Use of this site is subject to our Terms of Use. A fiscal year is any 12-month period used by a company as its official accounting period. A contact person is a person who authorizes registration of this corporation. Collectively, the directors are called the Board of Directors. Because it's the easiest exemption to use, it's one you want to remain eligible for, so be careful to comply with its requirements which include: If you're considering issuing shares, we'd be pleased to help steer you through the potential minefields of securities and corporate considerations. One hundred percent of the shares may mean 1 share or 100,000 shares, depending on how many shares the corporate owners decide to issue when the corporation is set up. Non-Voting Shares: They do not carry a vote in the normal running of the corporation. Whatever number you choose, don’t worry. In most cases, each voting share carries one vote. Pass this along: in determining which documents need to be completed; in preparing your Articles of Incorporation, and additional forms that are necessary for the incorporation process; in reviewing your information for mistakes. Also, subsequent share issues from the company may be more attractive to investors since the value of the shares would be lower given the larger number of shares that were already issued. It doesn't have to be an office of the corporation, but a copy of the records of the corporation (articles of incorporation and bylaws, with amendments, unanimous shareholder agreement, minutes, copies of financial statements, etc.) What difference must exist for a name to be unique?

So what are the different types of share classes? What is the difference between a Named Corporation and a Numbered Corporation?

Ltd. is only descriptive, in any language, of the quality, function or other characteristics of the goods or services in which the Corporation deals or intends to deal, is primarily or only the name or surname of an individual who is living or has died in the last 30 years, consists primarily or only of a geographic name. Yes, a director can be appointed to any office of the corporation. According to the Ontario Business Corporations Act, a Director cannot be: A shareholder is a person, business entity or institution that owns at least one share in a corporation. The holders of Class "A" Common Shares and Class "B" Common Shares shall be entitled to receive a dividend, when and as specified by the Board of Directors of the Corporation. There is virtually no limit to the type of other classes of shares that can be developed. You can conduct a free search with the Canadian Intellectual Property Office here.

Most small businesses begin needing only one class of shares – often called the common shares. Let us say that a corporation has 3 shareholders – A, B and C. A has 70% of the voting shares and B and C each have 15% of the shares. To increase the chances of your proposed name being accepted, try to select a name that is as distinct as possible, yet accurately describes your business. At this point, you’re probably planning to authorize 10 million shares and issue a total of 4 to 5 million shares to you and your cofounders. Securities laws change frequently and contain all sorts of traps for the uninformed or unwary. The actual rules governing the management of the corporation would be contained in a separate document called the Bylaws. With Founded, however, we've automated all the additional paperwork for Federal corporations in Ontario, and it is actually less expensive to incorporate a Federal corporation than an Ontario provincial corporation. What is a Name Search and When Do I Need One? Share issuances are an area where you really need to understand the legal implications of what you're doing and the legal requirements necessary to have a valid share issuance. Know someone who could benefit from legal FAQs? Although you can do some research yourself on websites such as the BC Securities Commission, save yourself some grief and get legal advice if you have any securities law questions -- and even if you think you don't have questions. The corporate seal is used to authenticate the validity of documents signed by directors or officers of corporations, and it is used as a fraud prevention tool. You must decide who will be the directors of the company. No, a shareholder does not have to be 18 or older. This type of share typically has no voting rights, and is only entitled to dividends upon the discretion of the Board of Directors.



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