This practice is restricted to business law and real estate including buying, selling or financing a business, incorporation, business start-ups, contracts, leases, franchising, residential and commercial real estate and mortgages.
WHY UP-DATE CORPORATE RECORDS AND PUBLIC FILINGS
It is essential to maintain corporate records as the ownership, structure and business
of a corporation change as time passes by so that the owners and operators of
the business may avoid significant legal and financial liabilities.
Here are some of the specific problems that can be avoided with regular annual corporate records maintenance:
1. Exposure to significant fines due to breach of the relevant corporate business
statute, whether it is the Ontario or the federal Business Corporations Act;
2. Attacks by the Canada Revenue Agency on the income tax filing position taken
by the corporation;
3. Provide evidence in litigation to reduce or eliminate exposure to claims by disgruntled shareholders of the corporation;
4. Prevent inability or delay in obtaining financing due to legal opinions not able to
be given when required;
5. Scrutiny by a purchaser of a business or by new investors;
6. Several other potential problems may be averted such as dissolution of a federal corporation because annual returns were not filed within sixty days of its fiscal
year end.
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