An artificial being created by an act of law to own and operate a business. It is a separate legal entity (NOT a Business Proxy) It is something that exists and is recognized in the courts.
- Limited Liability
- Right to borrow and lend money
- Duty to pay taxes
- Right to sue
- Liability of being sued
- Right to hire & fire people
- Right to buy,sell and own property
- Some paperwork (not alot)
- Some interaction with government (not alot)
- Some fees (not alot)
Setting up a Coorporation
- Get an incorporation form. You can go to https://www.lawdepot.ca/signin/
- Fee is $360-500
- Provide business name, address, name of directors, purpose of business, number of shares to sell
- Afterwards, you get a certificate of incorporation saying that the business entity is officially created