If you own a Canadian corporation there are a number of reports you have to file on a regular basis. Failure to file these reports can result in a non-compliant status for your company. If you own a corporation be sure to file:
- Any change of office address. If you move buildings, you are required to report your new address to Corporations Canada so they can communicate with your corporation. Investors and consumers also rely on this address. It doesn’t cost anything to change your business address but it should be done within 15 days of the move.
- An annual return. This isn’t the same as your tax return. An annual return provides information about your company. It should be completed within two months of the corporation’s anniversary and costs between CDA$20 and CDA$40.
- Changes to directors. Changes to directors that must be reported including the election of a new member, removal of a director or a change of residential address. These changes must be reported within 15 days. It is also important to remember that 25 percent of your directors must be residents of Canada.
To see the complete list of obligations that must be reported, visit this page.
For your business needs, contact the Winflow Financial Group or request a free consultation.
It is a very wise move to hire a business attorney if you currently own and operate a small business. Hiring a lawyer will help you avoid legal mistakes that could end up costing you. Choosing the right lawyer for your small business is the difficult part. Not only do have to think about what traits you want your ideal lawyer to have but you also have to think about which type of lawyer to hire. Some different types of business lawyers include:
- A general business lawyer. Depending on your business needs, hiring a general business lawyer can be more cost effective than hiring someone who has specialized in a certain aspect of business law. These types of lawyers can assist with business structure, contract review and help you avoid legal trouble.
- A specialized business lawyer. Examples of specialized business law include incorporation and merger laws. If your company has very specific needs, hiring these types of lawyers may save you money.
- A small law firm. These firms are more customer-based and are quite effective in handling general company needs.
- A large law firm. Larger firms are more likely to have specialized business lawyers which can be important to a company when it starts to grow.
If you need help determining what type of representation is right for you, contact the Winflow Financial Group. We can be reached by phone at 1.800.956.6897 or through email at email@example.com