Incorporating a professional corporation now easier then ever. This form is created in a very simple and step by step method. If you are an engineer or medical doctor or CPA or lawyer, Realtor (PREC) you can set up a professional corporation correctly with us. We provide standard professional articles for you and you can upload your own prepared article as per guidelines of professional regulatory body.

Corporation :

Corporation is a single entity which may be composed of individuals or a company, but is separate from its owners. Among the most important features of a corporation is limited liability, which means that its owners can participate in the share of profits, but not the corporation’s liabilities. Along with limited liability, corporations possess the ability to own assets, enter contracts, sue or be sued, and borrow money. The creation of a corporation occurs following the proper filing of Articles of Incorporation (also called a Charter or Certificate of Incorporation) with the relevant government department or authority. Every corporation is composed of shareholders, directors and officers. The directors are responsible for supervising and managing the corporation’s affairs.

Every incorporated business must have a name that legally identifies it. This is called a corporate name. Word name, made up of letters and symbols. It has to be distinctive and must not cause confusion with other names or trademarks. The name also cannot include prohibited terms. For example, John Smith Law Professional Corporation.

A Nuans Reservation report provides a list of existing corporate names, business names and trademarks that are similar to the one being proposed. The report is necessary for federal and Provincial name corporations. It is valid for 90 days only. Getting a Nuans Reservation Report does not mean that your name is pre-approved or approved by Corporations Canada.

Corporations often maintain their corporate records in a single book, referred to as the “Minute Book” of the corporation. Your corporation is a separate legal entity that must fulfill certain obligations under the Canada Business Corporations Act (CBCA). Your corporation must keep certain corporate records at its registered office (or at some other location in Canada, as set out by the directors). These records are;

• articles of amendment, including amended articles of incorporation or restated articles of incorporation
• by-laws and their amendments
• any unanimous shareholder agreement
• minutes of meetings and shareholder resolutions

Initial Return:

An Ontario business or not-for-profit corporation must file Initial Return/Notice of Change under the Corporations Information Act to report any changes to the corporate such as – Address, director/officer information). All Ontario business and not-for-profit corporations are required to file Initial Return setting out the prescribed information within 60 days after the date of incorporation, amalgamation or continuation into Ontario of the corporation (S. 2(1) & (2) of the Corporations Information Act).

In order to keep the corporation active and in good standing, the corporation must file an annual return after the anniversary date. This return not related with income. This is other corporation information: address, director, officer.

A unique, 9-digit number and the standard identifier for businesses which is unique to a business or legal entity. Every business must need these unique identifiers in order to open other CRA accounts such as a GST/HST account and/or Payroll account.

Every business needs a Corporate Tax ID in order to file an Income tax return for the corporation.

You have to register for a GST/HST account if You make taxable sales, leases, or other supplies in Canada.

If you are a trustee, an employer, or a payer of other amounts related to employment, you have to register for a payroll account with CRA. This is deduction account to process payroll.

Divided account in order file divided amount to CRA, this will be your legal obligation.