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Tag: shares

Self Sabotage: When You Incorporate Without A Lawyer

So you looked up a few websites on incorporating, stumbled upon the government sites for filing articles of incorporation and decided to fill in the forms and submit.  You pay the same filing fee your lawyer would and think you just did “their job” for nothing.  Well, what you did was a disservice to yourself and your partners/shareholders.  Most startups need to save money, but the last place you need to skim is when setting up your business structure.  Most startups who incorporate themselves stop with the articles of incorporation, never providing for the basic necessary resolutions and by-laws commonly found when first incorporating, not to mention maintaining a proper record of your shareholders, directors, officers, shares issued and redeemed, as well as the capital invested.Why is this important?  Well, you may be thinking that because you haven’t even started any type of business operation or completed whatever it is you are building that focusing on anything other than the “name” is a waste of time.  Did you know that technically without issuing any shares by receiving whatever notional amount on startup in exchange for actual shares issued evidenced by a share certificate, the company does not yet exist?

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MICs: The Technical Aspects of a Mortgage Investment Corporation

TYPE OF ENTITY FOR A MORTGAGE INVESTMENT CORPORATIONA Canadian Corporation throughout the taxation year where its business only undertakes to invest its funds, and thereafter qualifies as a MIC, is deemed to be a public corporation under the ITA, and therefore must have its financials audited. Depending on which province your MIC is registered, it will have to comply with securities legislation in that province;Depending on which province your shareholders or investors are, it will have to comply with securities legislation in that province;TYPE OF ACTIVITY & INVESTMENT/ASSET BASEMortgages secured against real estate in CanadaMortgagors can be individuals or corporateMortgagors can be Canadian non-residents

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BUSINESS: Sole Proprietorships, Partnerships, Limited Partnerships, Limited Liability Partnerships, Corporations & Joint Ventures

The most basic form of business organization, used in a wide variety of circumstances, is called a sole proprietorship. Such organizations are relatively inexpensive to set up and require few legal formalities. In fact, a sole proprietorship comes into effect when an individual carries on business for his or her own account without the involvement of other individuals, excepting employees. Quite a number of small businesses

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REAL ESTATE OPTIONS: Is an Option to purchase property marketable on the MLS?

An Option to purchase luxurious real estate is a contract between two parties giving the purchaser the exclusive right (without the obligation) to buy the property. During the term of the option no-one else can buy or sell the property including the owner. For accepting this obligation the seller received and keeps an option fee whether the option is exercised or not. The option holder (buyer) may then either exercise his or

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CORPORATE LAW & THEORY: Examples of Share Classes (Rights & Restrictions) and Corporate Organization

Much too often I receive questions about the rights and restrictions that corporate shares carry with them, and what the concept of having different classes of shares is all about.  Thus, I decided to post up the most common examples of share classes and the way the rights were attributed to each class; so that you, the reader, may comment or ask questions using our commenting section below

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PROVINCIAL INCORPORATION: Deeper into Federal vs. Provincial

The provincial law in Ontario stipulates that a company doing business in the province should also incorporate there. Meticulously satisfying the incorporating requirements therein, along with advice from lawyers and accountants, the process of forming a company would not be difficult.

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NITTY GRITTIES OF FORMING A COMPANY

Registration is very different from incorporation. A company has to incorporate only once, but it has to register to carry on business in any and all the places it intends to do business. Doing business in a province or a territory can mean running a business there, having an address, a post office box or phone number there, and/or offering services or products there in order to make a profit.

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WHAT YOU SHOULD KNOW ABOUT CANADIAN CORPORATE LAW

Among the definitions of business, the Concise Oxford Dictionary lists it as a person’s  regular occupation or trade and then further elaborates it as commercial activity. The point to be noted here is that the word corporate has not been used, though it generally means a large company or group usually engaged in commercial activity. That is not, however, necessarily true: There are corporate bodies engaged in

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