Annual Return: is the document which must be filed with the government every year and it tells the government the details of the corporation; who the director(s) are, who the shareholder(s) are and what the corporation’s registered address is. This must be done to ensure the company exists according to governing legislation.
Articles of Incorporation: are the primary day to day rules governing the management of a corporation in Canada.
By-Laws: establish the procedures that are to be taken in the company’s time in operation.
Corporation: or a “company”, is a legal entity used to carry on a business and is separate from its owners in law.
Director(s): supervise or manage the corporation. The director(s) are elected by the shareholders of the corporation and report to the shareholders on all business matters.
Minute Book: this is the binder or book that holds all of the company’s records.
NUANS: is an acronym for Newly Upgraded Automatic Name Search. A NUANS or more commonly referred to as a “name search” must be completed and approved prior to incorporating your business. It is done to determine whether or not you are able to incorporate your company under the name you have chosen.Officer(s): are designated by the director(s) and the directors specify the duties and powers to manage the corporation’s affairs. Examples of officers are President, Vice-President, Secretary and Treasurer.
Shareholder(s): is the “owner(s)” of the corporation and have a vote in the management of the business. Shareholders elect the Board of Directors, who supervise or manage the operation of the corporation