{"id":1764,"date":"2022-03-17T16:18:24","date_gmt":"2022-03-17T20:18:24","guid":{"rendered":"https:\/\/futurpreneur.ca\/?p=1764"},"modified":"2024-02-13T11:50:42","modified_gmt":"2024-02-13T16:50:42","slug":"common-questions-about-incorporation","status":"publish","type":"post","link":"https:\/\/futurpreneur.ca\/en\/blog\/common-questions-about-incorporation\/","title":{"rendered":"Common Questions About Incorporation"},"content":{"rendered":"<p><span data-contrast=\"auto\">Whether you\u2019re an established entrepreneur or a new sole proprietor, if you\u2019re contemplating incorporating your business, you likely have questions\u2026 lots of questions. That\u2019s great! Inquiring and doing your research is the first step to incorporating\u2013\u2013and that\u2019s what we&#8217;re here to help you with.\u00a0<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559740&quot;:276}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">Many new entrepreneurs come to us with a multitude of questions about incorporating, so we\u2019ve endeavored to give you as much information as we can to help set you on the path to success.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559740&quot;:276}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"none\">What does it mean to incorporate my business?<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559738&quot;:80,&quot;335559740&quot;:240}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"none\">What are the pros and cons of incorporating?<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559738&quot;:200,&quot;335559740&quot;:240}\">\u00a0<\/span><\/p>\n<h3><span data-contrast=\"none\">Pros:<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559685&quot;:360,&quot;335559738&quot;:60,&quot;335559740&quot;:240}\">\u00a0<\/span><\/h3>\n<ul>\n<li><span data-contrast=\"none\">Limited liability<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559685&quot;:720,&quot;335559738&quot;:60,&quot;335559740&quot;:240}\">\u00a0<\/span><\/li>\n<li><span data-contrast=\"none\">Continuous life<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559685&quot;:720,&quot;335559738&quot;:60,&quot;335559740&quot;:240}\">\u00a0<\/span><\/li>\n<li><span data-contrast=\"none\">Tax advantages<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559685&quot;:720,&quot;335559738&quot;:60,&quot;335559740&quot;:240}\">\u00a0<\/span><\/li>\n<li><span data-contrast=\"none\">Need funding? No problem(ish)<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559685&quot;:720,&quot;335559738&quot;:60,&quot;335559740&quot;:240}\">\u00a0<\/span><\/li>\n<li><span data-contrast=\"none\">Enhanced credibility<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559685&quot;:720,&quot;335559738&quot;:60,&quot;335559740&quot;:240}\">\u00a0<\/span><\/li>\n<\/ul>\n<h3><span data-contrast=\"none\">Cons:<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559685&quot;:360,&quot;335559738&quot;:60,&quot;335559740&quot;:240}\">\u00a0<\/span><\/h3>\n<ul>\n<li><span data-contrast=\"none\">Far more complicated<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559685&quot;:720,&quot;335559738&quot;:60,&quot;335559740&quot;:240}\">\u00a0<\/span><\/li>\n<li><span data-contrast=\"none\">You don\u2019t have entire control<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559685&quot;:720,&quot;335559738&quot;:60,&quot;335559740&quot;:240}\">\u00a0<\/span><\/li>\n<\/ul>\n<p><span data-contrast=\"none\">How do I incorporate my business?<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559738&quot;:200,&quot;335559740&quot;:240}\">\u00a0<\/span><\/p>\n<p><strong>Some frequently asked questions\u00a0<\/strong><\/p>\n<ol>\n<li><span data-contrast=\"none\">1. What are Articles of Incorporation?<\/span><\/li>\n<li><span data-contrast=\"none\">2. What is a <\/span><span data-contrast=\"none\">m<\/span><span data-contrast=\"none\">inute <\/span><span data-contrast=\"none\">b<\/span><span data-contrast=\"none\">ook?<\/span><\/li>\n<li><span data-contrast=\"none\">3. Should I incorporate federally or provincially?<\/span><\/li>\n<li><span data-contrast=\"none\">4. Do I have to incorporate before starting my business?<\/span><\/li>\n<li><span data-contrast=\"none\">5. What is the cost of incorporation?<\/span><\/li>\n<\/ol>\n<p><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559740&quot;:276}\">\u00a0<\/span><\/p>\n<h3><strong>What does it mean to incorporate my business?\u00a0<\/strong><\/h3>\n<p><span data-contrast=\"auto\">Incorporating your business means legally separating yourself from your company. This influences business spheres like taxes, liability, and salary.\u00a0<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559740&quot;:276}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">To incorporate your business, you first need to decide if you want to <\/span><a href=\"https:\/\/www.ownr.co\/blog\/guide-to-business-incorporation-in-canada\/\"><span data-contrast=\"none\">incorporate federally<\/span><\/a><span data-contrast=\"auto\"> or provincially. This will impact where you can operate your business and even how far name protection extends (will it be just in the province you\u2019re operating or will it be across Canada?).\u00a0<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559740&quot;:276}\">\u00a0<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559740&quot;:276}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">The process of incorporating includes filing an <\/span><a href=\"https:\/\/www.ownr.co\/blog\/learn-about-articles-of-incorporation\/\"><span data-contrast=\"none\">articles of incorporation<\/span><\/a><span data-contrast=\"auto\">, along with paying the appropriate fees and submitting a <\/span><a href=\"https:\/\/www.nuans.com\/auth\/app\/scr\/corp\/nuans\/public\/PreSearch.html?reportType=6&amp;lang=eng\"><span data-contrast=\"none\">NUANS<\/span><\/a><span data-contrast=\"auto\"> search report. If this sounds overwhelming, don\u2019t worry. There\u2019s help for that, too.\u00a0<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559740&quot;:276}\">\u00a0<\/span><\/p>\n<h3><span data-contrast=\"auto\">What are the pros and cons of incorporating?<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559738&quot;:400,&quot;335559739&quot;:120,&quot;335559740&quot;:276}\">\u00a0<\/span><\/h3>\n<p><span data-contrast=\"auto\">You may be asking yourself, \u201c<\/span><a href=\"https:\/\/www.ownr.co\/blog\/taking-the-leap-common-reasons-why-sole-proprietors-decide-to-incorporate-their-business\/\"><span data-contrast=\"none\">why should I incorporate my business?<\/span><\/a><span data-contrast=\"auto\">\u201d That\u2019s a reasonable question, after all, incorporating can feel like a big step for your business. That\u2019s why it\u2019s important to draw up a pros and cons list.\u00a0<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559740&quot;:276}\">\u00a0<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559740&quot;:276}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">Lucky for you, we\u2019ve done exactly that.\u00a0<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559740&quot;:276}\">\u00a0<\/span><\/p>\n<h2><span data-contrast=\"auto\">Pros:<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559738&quot;:360,&quot;335559739&quot;:120,&quot;335559740&quot;:276}\">\u00a0<\/span><\/h2>\n<h3><strong>Limited liability\u00a0\u00a0<\/strong><\/h3>\n<p><span data-contrast=\"auto\">This is the main reason why entrepreneurs choose to incorporate their businesses. When you incorporate your business, it becomes its own legal entity. That means assets that don\u2019t belong to the business (such as your personal savings, your home, car, and any other assets in your name) are protected from potential\u00a0 lawsuits or debt collections.\u00a0<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559740&quot;:276}\">\u00a0<\/span><\/p>\n<p><b><span data-contrast=\"auto\">However, there are always some exceptions where directors can be held personally liable.<\/span><\/b><span data-contrast=\"auto\"> These are:<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559740&quot;:276}\">\u00a0<\/span><\/p>\n<p><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559740&quot;:276}\">\u00a0<\/span><span data-contrast=\"auto\">Any unpaid employee wages and vacation pay, up to six and 12 months, respectively.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559740&quot;:276}\">\u00a0<\/span><\/p>\n<ul>\n<li data-leveltext=\"\u25cf\" data-font=\"\" data-listid=\"2\" data-aria-posinset=\"2\" data-aria-level=\"1\"><span data-contrast=\"auto\">Employee deductions and remittances, including source deductions for employee income taxes, as well as EI and CPP contributions.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559740&quot;:276}\">\u00a0<\/span><\/li>\n<li data-leveltext=\"\u25cf\" data-font=\"\" data-listid=\"2\" data-aria-posinset=\"3\" data-aria-level=\"1\"><span data-contrast=\"auto\">Any <\/span><a href=\"https:\/\/www.ownr.co\/blog\/gst-hst\/\"><span data-contrast=\"none\">GST\/HST<\/span><\/a><span data-contrast=\"auto\"> collections that have not been remitted.\u00a0<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559740&quot;:276}\">\u00a0<\/span><\/li>\n<\/ul>\n<h3><strong>Continuous life\u00a0<\/strong><\/h3>\n<p><span data-contrast=\"auto\">Because a corporation is an entity separate from its directors (you), your company can remain in existence in perpetuity regardless of what happens to you or your business partners.\u00a0<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559740&quot;:276}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">For example, in some business structures, such as sole proprietorship, the business will dissolve if the owner leaves. However, with a corporation, shareholders can usually transfer their interest if they decide to pull out of the business. This also makes corporations a lot easier to sell than sole proprietorships.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559740&quot;:276}\">\u00a0<\/span><\/p>\n<h3><strong>Tax advantages\u00a0<\/strong><\/h3>\n<p><span data-contrast=\"auto\">This is probably the second most common reason why sole proprietors choose to incorporate: the tax advantages it offers.\u00a0<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559740&quot;:276}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">Let\u2019s work with an example: You own your business as a sole proprietor and, therefore, you pay personal income tax on all your business\u2019s earnings, regardless of how much you actually take home as a salary or reinvest back into it. But at some point, the income your business makes puts your personal income into a much higher tax bracket, and you find yourself paying the government a lot more than is really necessary. In this situation, it\u2019s beneficial to incorporate your business in order to pay less personal income tax while still drawing a salary (which you will pay personal income tax on).<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559740&quot;:276}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">The major tax benefit comes courtesy of corporate tax rates being considerably lower than personal income tax rates.\u00a0<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559740&quot;:276}\">\u00a0<\/span><\/p>\n<h3><strong>Need funding? No problem(ish)\u00a0<\/strong><\/h3>\n<p><span data-contrast=\"auto\">Getting a business off the ground or expanding your business is tough work and sometimes requires a lot of funds. This might be money you just don\u2019t have laying around in your personal savings. That\u2019s where funding can help<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559740&quot;:276}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">Corporations are far more likely to be awarded <\/span><a href=\"https:\/\/www.ownr.co\/blog\/small-business-grants-canada-list\/\"><span data-contrast=\"none\">business grants<\/span><\/a><span data-contrast=\"auto\">, be given loans and credit lines, and <\/span><a href=\"https:\/\/www.ownr.co\/blog\/how-to-find-business-investors-in-canada\/\"><span data-contrast=\"none\">secure investors<\/span><\/a><span data-contrast=\"auto\"> than sole proprietorships are. In fact, you\u2019ll be hard-pressed to find an investor who will invest in a business that can\u2019t sell them shares.\u00a0<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559740&quot;:276}\">\u00a0<\/span><\/p>\n<h3><strong>Enhanced credibility\u00a0<\/strong><\/h3>\n<p><span data-contrast=\"auto\">Speaking of credit: professional credibility goes a long way in the business world, and a company that has \u201cLtd.\u201d or \u201cInc.\u201d tacked onto the end of its name is far more likely to be seen as credible. This helps establish you as a professional force, and you\u2019ll be more likely to earn respect from future clients, as well as suppliers and other businesses you\u2019ll work with.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559740&quot;:276}\">\u00a0<\/span><\/p>\n<h2><span data-contrast=\"auto\">Cons:<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559738&quot;:360,&quot;335559739&quot;:120,&quot;335559740&quot;:276}\">\u00a0<\/span><\/h2>\n<h3><strong>Far more complicated\u00a0\u00a0<\/strong><\/h3>\n<p><span data-contrast=\"auto\">Incorporating a business is by far more complicated than registering as a sole proprietorship. It requires a lot more paperwork and, if you decide to incorporate federally, that paperwork is even more detailed.\u00a0<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559740&quot;:276}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">Keeping your incorporation status also requires annual updates. Keeping a <\/span><a href=\"\/\/_8fc84akcss50\"><span data-contrast=\"none\">m<\/span><\/a><a href=\"\/\/_8fc84akcss50\"><span data-contrast=\"none\">inute book<\/span><\/a><span data-contrast=\"auto\">, which is a collection of documents that basically set out the entire framework of your company, is also legally required.\u00a0<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559740&quot;:276}\">\u00a0<\/span><\/p>\n<h3><strong>Tax advantages\u00a0<\/strong><\/h3>\n<p><span data-contrast=\"none\">It also works the other way around if you lose money in your business. If, for example, you are incorporated and you lose money in your first year of business you cannot claim those loses (you have to carry those loses forward until you make a profit in subsequent years). As a sole proprietorship you are allowed to claim business loses against any other income you make from the start.\u00a0\u00a0<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/p>\n<h3><strong>You don\u2019t have entire control\u00a0<\/strong><\/h3>\n<p><span data-contrast=\"auto\">This is a scary thing for many business owners considering incorporation. As the owner, you no longer have entire control over what happens in your business as you may have other directors, shareholders, and investors. So think critically about whether this is something you can manage.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559740&quot;:276}\">\u00a0<\/span><\/p>\n<h2><span data-contrast=\"auto\">How do I incorporate my business?<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559738&quot;:400,&quot;335559739&quot;:120,&quot;335559740&quot;:276}\">\u00a0<\/span><\/h2>\n<p><span data-contrast=\"auto\">Incorporating your business is a detailed process that needs to be done correctly. Some business owners choose to hire a lawyer, but the fees can be prohibitive. That said, doing it yourself isn\u2019t always recommended as it can take a lot of time and, if not done properly, can be costly down the road.\u00a0<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559740&quot;:276}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">That\u2019s why Ownr is here to help. <\/span><a href=\"https:\/\/www.ownr.co\/pricing\"><span data-contrast=\"none\">Ownr can incorporate your business <\/span><\/a><span data-contrast=\"auto\">for a fraction of the cost than if you\u2019d hired a lawyer. Plus, you get top-tier customer service, as well as an online dashboard so you can keep track of all of your documents and Minute Book.\u00a0<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559740&quot;:276}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">If you do choose to do it yourself, incorporating your business takes a few steps:<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559740&quot;:276}\">\u00a0<\/span><\/p>\n<p><b><span data-contrast=\"auto\">Step 1: Decide where to incorporate<\/span><\/b><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559740&quot;:276}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">In Canada, you have the option to incorporate federally or provincially. As mentioned above, the main difference is where you\u2019re permitted to conduct your business. Incorporating provincially means you\u2019ll only be able to operate within that province, while incorporating federally allows your corporation to operate across Canada.\u00a0<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559740&quot;:276}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">Keep in mind that if you choose to incorporate your business federally, you\u2019ll still need to file your articles of incorporation in your\u00a0 province of operation as well.\u00a0<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559740&quot;:276}\">\u00a0<\/span><\/p>\n<p><b><span data-contrast=\"auto\">Step 2: Choose a business name<\/span><\/b><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559740&quot;:276}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">This can be a really fun process, but unlike registering a sole proprietorship, you do need to have a NUANS report filed alongside your articles of incorporation.\u00a0<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559740&quot;:276}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">A business name is typically threefold:<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559740&quot;:276}\">\u00a0<\/span><\/p>\n<p><b><span data-contrast=\"auto\">A distinctive element + a descriptive element + a legal identifier<\/span><\/b><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:2,&quot;335551620&quot;:2,&quot;335559740&quot;:276}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">For example:<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559740&quot;:276}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">Rosie\u2019s [distinctive element] + Roses [descriptive] + Inc. [legal identifier]<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:2,&quot;335551620&quot;:2,&quot;335559740&quot;:276}\">\u00a0<\/span><\/p>\n<p><b><span data-contrast=\"auto\">Step 3: Prepare your documents<\/span><\/b><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559740&quot;:276}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">You\u2019ll need to prepare your articles of incorporation, which is the blueprint for your business, and outlines your mission, location, business activities and restrictions, the number of directors and shareholders, share structure, and restrictions or share transfers.\u00a0<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559740&quot;:276}\">\u00a0<\/span><\/p>\n<p><b><span data-contrast=\"auto\">Step 4: Submit your application<\/span><\/b><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559740&quot;:276}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">Ensure you have all your documents in order before submitting your application online or by regular mail. Check with your regional requirements as provinces can vary. These documents will include your NUANS name search report, registered office address, board of directors list, and filing fee. You\u2019ll then receive your certificate of incorporation.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559740&quot;:276}\">\u00a0<\/span><\/p>\n<p><b><span data-contrast=\"auto\">Step 5: Complete additional tasks<\/span><\/b><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559740&quot;:276}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">The process isn\u2019t quite finished after receiving your certificate. There are a number of duties you are legally required to fulfill in order to maintain your incorporation status, such as drafting your corporate bylaws, issuing share certificates, creating a minute book, and registering your business provincially.\u00a0<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559740&quot;:276}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">Incorporating your business can be an overwhelming undertaking. That\u2019s why it\u2019s important to seek help where you need it. Ask questions and even inquire within your own business community, even if just to reassure you and relieve some anxiety. However, the easiest way to incorporate and be sure you\u2019re doing so correctly is to use <\/span><a href=\"https:\/\/www.ownr.co\/pricing\"><span data-contrast=\"none\">our services at Ownr.<\/span><\/a><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559740&quot;:276}\">\u00a0<\/span><\/p>\n<h2><span data-contrast=\"auto\">Some frequently asked questions<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559738&quot;:400,&quot;335559739&quot;:120,&quot;335559740&quot;:276}\">\u00a0<\/span><\/h2>\n<ol>\n<li>\n<h3><span data-contrast=\"auto\"> What are articles of incorporation?<\/span><\/h3>\n<\/li>\n<\/ol>\n<p><span data-contrast=\"auto\">Articles of incorporation are your legal documents submitted to the provincial, territorial, or federal governments in Canada. They\u2019re used to establish your business as a legal entity and help set out your corporation\u2019s purpose and regulations.\u00a0<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559740&quot;:276}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">For a full rundown on articles of incorporation, check out <\/span><a href=\"https:\/\/ownrblog.com\/learn-about-articles-of-incorporation\/\"><span data-contrast=\"none\">this guide<\/span><\/a><span data-contrast=\"auto\">.\u00a0<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559740&quot;:276}\">\u00a0<\/span><\/p>\n<ol start=\"2\">\n<li>\n<h3><span data-contrast=\"auto\"> What is a minute book?<\/span><\/h3>\n<\/li>\n<\/ol>\n<p><span data-contrast=\"auto\">A <\/span><a href=\"https:\/\/ownrblog.com\/what-is-a-minute-book\/\"><span data-contrast=\"none\">minute book<\/span><\/a><span data-contrast=\"auto\"> is a collection of essential documents that you need to maintain as part of your incorporation status. This includes:<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559740&quot;:276}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">Articles of amendment<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559740&quot;:276}\">\u00a0<\/span><\/p>\n<ul>\n<li data-leveltext=\"\u25cf\" data-font=\"\" data-listid=\"1\" data-aria-posinset=\"2\" data-aria-level=\"1\"><span data-contrast=\"auto\">Bylaws and amendments<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559740&quot;:276}\">\u00a0<\/span><\/li>\n<li data-leveltext=\"\u25cf\" data-font=\"\" data-listid=\"1\" data-aria-posinset=\"3\" data-aria-level=\"1\"><span data-contrast=\"auto\">Unanimous shareholder agreements<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559740&quot;:276}\">\u00a0<\/span><\/li>\n<li data-leveltext=\"\u25cf\" data-font=\"\" data-listid=\"1\" data-aria-posinset=\"3\" data-aria-level=\"1\"><span data-contrast=\"auto\">Minutes of meetings and shareholder resolutions\u00a0<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559740&quot;:276}\">\u00a0<\/span><\/li>\n<li data-leveltext=\"\u25cf\" data-font=\"\" data-listid=\"1\" data-aria-posinset=\"3\" data-aria-level=\"1\"><span data-contrast=\"auto\">Notices filed<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559740&quot;:276}\">\u00a0<\/span><\/li>\n<li data-leveltext=\"\u25cf\" data-font=\"\" data-listid=\"1\" data-aria-posinset=\"3\" data-aria-level=\"1\"><span data-contrast=\"auto\">A share register with shareholder names and addresses and details of the shares held<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559740&quot;:276}\">\u00a0<\/span><\/li>\n<li data-leveltext=\"\u25cf\" data-font=\"\" data-listid=\"1\" data-aria-posinset=\"3\" data-aria-level=\"1\"><span data-contrast=\"auto\">A securities register<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559740&quot;:276}\">\u00a0<\/span><\/li>\n<\/ul>\n<p><span data-contrast=\"auto\">Your minute book needs to be updated at all times and kept in a secure location. Storing it <\/span><a href=\"https:\/\/ownrblog.com\/the-unexpected-benefits-of-managing-your-minute-book-online\/\"><span data-contrast=\"none\">online is a great idea<\/span><\/a><span data-contrast=\"auto\">, and <\/span><a href=\"https:\/\/www.ownr.co\/\"><span data-contrast=\"none\">Ownr<\/span><\/a><span data-contrast=\"auto\"> can help you do that.\u00a0\u00a0<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559740&quot;:276}\">\u00a0<\/span><\/p>\n<ol start=\"3\">\n<li>\n<h3><span data-contrast=\"auto\"> Should I incorporate federally or provincially?<\/span><\/h3>\n<\/li>\n<\/ol>\n<p><span data-contrast=\"auto\">This depends on your business goals. If you\u2019re looking to conduct business across Canada, or need business name protection federally rather than just provincially, you may want to consider federal incorporation. If not, provincial incorporation is a simpler process.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559740&quot;:276}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">Here\u2019s a <a href=\"https:\/\/futurpreneur.ca\/en\/2022\/choosing-between-federal-vs-provincial-incorporation\/\">handy guide<\/a> to help you through this decision.\u00a0<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559740&quot;:276}\">\u00a0<\/span><\/p>\n<ol start=\"4\">\n<li>\n<h3><span data-contrast=\"auto\"> Do I have to incorporate before starting my business?<\/span><\/h3>\n<\/li>\n<\/ol>\n<p><span data-contrast=\"auto\">Not at all! In fact, there are many sole proprietors who choose to incorporate long after they\u2019ve been in business. It\u2019s really an individual thing and something that you should do only when it\u2019s right for you.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559740&quot;:276}\">\u00a0<\/span><\/p>\n<ol start=\"5\">\n<li>\n<h3><span data-contrast=\"auto\"> What is the cost of incorporation?<\/span><\/h3>\n<\/li>\n<\/ol>\n<p><span data-contrast=\"auto\">The cost of incorporation depends on where you incorporate, if you incorporate federally or provincially, and if you do it yourself, hire a lawyer, or use help like Ownr. For filing fees, it\u2019s best to check with your region.\u00a0<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559740&quot;:276}\">\u00a0<\/span><\/p>\n<h2><span data-contrast=\"auto\">Ready to take the next step?<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559738&quot;:400,&quot;335559739&quot;:120,&quot;335559740&quot;:276}\">\u00a0<\/span><\/h2>\n<p><span data-contrast=\"auto\">Choosing to incorporate your business is a big decision and one you might need some help with. When you do decide to register, <\/span><a href=\"https:\/\/www.ownr.co\/pricing\"><span data-contrast=\"none\">Ownr can help you for a fraction of the cost<\/span><\/a><span data-contrast=\"auto\"> of hiring a lawyer, and do so accurately and quickly. Plus, you\u2019ll get <\/span><a href=\"https:\/\/www.ownr.co\/resources\/perks\"><span data-contrast=\"none\">all kinds of perks<\/span><\/a><span data-contrast=\"auto\"> like a free NUANS report, minute book updates, 24\/7 online access to all your documents, one-on-one onboarding, and ongoing support to set you up for success.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559740&quot;:276}\">\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Whether you\u2019re an established entrepreneur or a new sole proprietor, if you\u2019re contemplating incorporating your business, you likely have questions\u2026 lots of questions. That\u2019s great! Inquiring and doing your research is the first step to incorporating\u2013\u2013and that\u2019s what we&#8217;re here to help you with.\u00a0\u00a0 Many new entrepreneurs come to us with a multitude of questions [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[14],"tags":[],"class_list":["post-1764","post","type-post","status-publish","format-standard","hentry","category-business-planning-and-strategy"],"acf":[],"_links":{"self":[{"href":"https:\/\/futurpreneur.ca\/en\/wp-json\/wp\/v2\/posts\/1764","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/futurpreneur.ca\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/futurpreneur.ca\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/futurpreneur.ca\/en\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/futurpreneur.ca\/en\/wp-json\/wp\/v2\/comments?post=1764"}],"version-history":[{"count":0,"href":"https:\/\/futurpreneur.ca\/en\/wp-json\/wp\/v2\/posts\/1764\/revisions"}],"wp:attachment":[{"href":"https:\/\/futurpreneur.ca\/en\/wp-json\/wp\/v2\/media?parent=1764"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/futurpreneur.ca\/en\/wp-json\/wp\/v2\/categories?post=1764"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/futurpreneur.ca\/en\/wp-json\/wp\/v2\/tags?post=1764"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}