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  • Anmol Trehin

Aim to start off right: Your Incorporation Guide (Free Checklist)

To incorporate or not? Whether you are just getting started or have already launched your business, you have probably thought about this question. If you’re reading this post, then it’s likely that you’ve decided to take the leap.

incorporation checklist, lawyer, business, entrepreneur, montreal, quebec

We’ve got you covered with a free incorporation checklist. For any other questions, don’t hesitate to contact us.

BENEFITS OF INCORPORATING


There are many benefits to incorporating your business.

Limited personal liability

A corporation is a separate legal entity from its owners (you). As a result, it has the advantage of limiting the liability of its directors.

Unlimited life

​Generally, a corporation can exist forever. When shareholders die, their shares are transferred to their heirs or through a sale.

Lower taxes

Corporate tax rates are generally lower than personal taxes.

CONSULT A LAWYER


As there are many steps to incorporating, we strongly recommend you have your articles of incorporation reviewed by a lawyer before filing them.


For example, consider the corporation’s share-capital structure. Will you have one class or multiple classes of shares? Do the share classes have the same rights? Which class of shares will entitle shareholders to vote on matters? Which class of shares will be entitled to receive any declared dividends? Will there be investors? It's important to discuss these (and other) questions with your lawyer before incorporating so that you can create the structure that is right for your company.


Additionally, privately-held corporations must consider other laws, such as the Securities Act. It costs far more (in time, money, and potentially taxes) to fix an incorporation that is not well-done than doing it right the first time.


STEPS TO TAKE AFTER INCORPORATING


Once you receive your certificate of incorporation it’s time to organize. This includes the following:

  1. Applying for your GST/QST tax numbers

  2. Holding a directors’ and a shareholders’ meeting

  3. Electing the directors

  4. Appointing the officers

  5. Choosing a bank for your corporation

  6. Choosing your accounting firm

  7. Appointing an auditor (or deciding not to appoint one)

  8. Issuing your shares

  9. Creating your minute book

  10. Creating the securities register

  11. Creating the directors and officers register

  12. Applying for any necessary permits

And more.


To get you started on the right track, we've compiled an incorporation checklist. Click on the link below to get your free copy. Don't hesitate to contact us for any business needs or concerns.


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