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Corporations are the preferred legal structure for businesses because they offer:
- Limited personal liability protection for its owners
- Best structure to raise capital from investors
- Can provide tax flexibility and advantages
What is a corporation?
A corporation is a legal entity that is created by filing legal documents to create an entity that has a legal personality which is separate from its owners.
Every corporation is made up of owners (called shareholders) and directors and officers, people that manage the business. In small corporations the same person is usually a shareholder, director and officer
Why incorporate my business?
Corporations are the preferred legal structure for businesses because they offer:
- Limited Liability: your personal assets are protected from business creditors
- Access to Capital and Investors: Greater flexibility of ownership classes and conditions to attract investors.
- Potential Tax Flexibilities: May offer are tax advantages, including tax rates and deferments, inter-company dividends, and carry-forward losses, among others. Always speak to your accounting professionals.
- Credibility. Provides a more official image in dealings. Sometimes a business needs to be a corporation to obtain government subsidies or conduct business with them.
Corporation vs. DBA: what’s the difference?
Several important differences between a corporation and a DBA
Corporation
How its unique
- Distinct legal personality from its owners (called shareholders) so exists beyond the lifetime of any founder
- Limited liability protection for personal assets
- Best to raise capital from investors
- More flexibility regarding taxation
Drawbacks
- Higher starting and operating costs
- More compliance requirements i.e. more government filings and paperwork
DBAs - Doing Business As (Sole Proprietorship)
How its unique
- A sole proprietorship is owned by one individual and does not exist apart from the owner.
- Easiest and least expensive business to form.
- Little paperwork – business income included in personal tax returns
Drawbacks
- NO limited liability protection from personal assets
- Limited growth and investment potential
To find out more about which business structure is best for your click here.
Why use CorpCentre to incorporate your professional corporation?
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Essential
CorpCentre will prepare all incorporation documents in compliance with and required by law (Articles or Memorandum of Incorporation, Initial Notice of Directors, Initial Notice of Registered Office)
CorpCentre will file all required incorporation forms and documents with the appropriate government department, ministry or registry accompanied by the requisite government incorporation fee.
CorpCentre will also monitor the process and advise you when your corporation has been incorporated.
CorpCentre will deliver to you the Certificate of Incorporation, issued by the federal or provincial government department, ministry or registry confirming the jurisdiction, date of incorporation and constituting statute of you corporation.
Standard
We perform a search on the relevant government database to ensure it complies with legal requirements.
CorpCentre prepares essential corporate documentation including, by-laws, director and shareholder resolutions and minutes, ledgers and share certificates at incorporation.
These documents are a legal requirement in virtue of incorporation laws. Failure to properly maintain corporate governance may result in the loss of limited liability protection afforded to shareholders
Your corporation’s documents viewable 24h online in a secure environment that can be shared with bankers, lawyers, investors or others. eSignature of all your corporate documents. Never lose your minute book again!
First year included ($99/year thereafter billed annually). Opt-out anytime.
CorpCentre will prioritize your order and rush our process to complete within 4 business days. This is prior to government processing times. Click here to view government timelines.
CorpCentren will file your corporation’s corporate filings and updates (not tax filings) so that you can stay compliant.You will only have to pay government fees, if any, at the time you request thefiling or update.
First year included ($99/year thereafter billed annually). Opt-out anytime.
Complete
A Corporate Minute Book holds all your important corporate documents in one convenient registry: Premium law firm quality 3-ring binder with a hard cover with slip case, Personalization of your corporate name on the spine on a brass finished plaque, corporate dividers and ledgers
CorpCentre will prioritize your order and rush our process to complete within 2 business days. This is prior to government processing times. Click here to view government timelines.
Ready to start your corporation?
Start your incorporation with CorpCentre, Canada’s only national provider.