e-inc.ca
offers complete incorporation packages at competitive prices. We offer a quick
and convenient way for you to incorporate your business federally or
provincially.
Our Incorporation Package
These
packages offer quick, professional and affordable services for small business.
Our
Ontario Incorporation Packages
This package includes NUANS prescreens, a NUANS Ontario 4N Report, preparation
of the Articles of Incorporation, and electronic submission of your
Application for Incorporation.
This package includes all the services in the basic package, as well as the
corporate seal, minute book, etc.
Our
Federal Incorporation Packages
This package includes NUANS prescreens, a NUANS Canada 4R Report and
electronic submission of your Application for Incorporation.
This package includes all the services in the basic package, as well as the
corporate seal, minute book, etc.
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Why Incorporate?
Major Advantages of Incorporation
New Legal
Entity
The incorporation process creates a new legal entity which is distinct from the
people involved. Among its other powers, a corporation can own property and can
sue or be sued in its own name. It also continues to exist as directors and
shareholders come and go.
Limited
Liability
The people involved in the corporation, such as shareholders and directors, are
generally not liable for the obligations or debts of the corporation. Except in
unusual circumstances, creditors can sue only the company for debts incurred,
not the shareholders.
Lower Tax
Rates
Since they are a separate legal entity from their owners, corporations are taxed
separately from their owners. This is usually at a lower tax rate than the
individual would otherwise be taxed at.
Access to
Capital
Financial institutions are generally more comfortable providing capital and
loans to an incorporated company.
Disadvantages of Incorporation
Although incorporation has many advantages, there are some disadvantages and
responsibilities that need to be considered before making the decision.
Incorporation Costs
To
incorporate a company costs considerably more than carrying on business as a
sole proprietorship or a partnership. This includes the fees to be paid to the
government for the application fee, the NUANS Name Search Report and the
professional fees for financial and/or legal services.
More
Paperwork
In
general, a corporation means more paperwork. For example, you must notify the
government of changes in the address of the registered offices or of a change in
the directors. Furthermore, the government requires that you keep and update
certain corporate records, such as Directors' Register, Shareholder Register,
minutes of all meetings and resolutions, etc.
Tax
Filing
A
corporation is required to file a separate tax return from the owner(s).
Similarly, you can no longer report business profits and/or losses directly on
your personal tax return.
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Pre-Incorporate Checklist
1. Select the name of the
corporation. You must select the name of the corporation. Alternatively, you may
opt for a numbered corporation.
2. Select a head office. You must select a
head office for the corporation.
3. Select shareholders. You must select
who will be the shareholders of the corporation.
4. Number of shares. You must select the
number of shares each shareholder will have.
5. Select directors. You must decide who
will be the directors of the corporation. An Ontario corporation requires that a
majority of directors be Canadian residents (A federal corporation requires that
at least 25% of directors be Canadian residents).
6. Select officers. You must decide who
will be the officers of the corporation.
7. Fiscal year-end. You must select the
fiscal year-end of the corporation.
8. Select accountants. You may select the
auditors or accountants of the corporation. If you do not, you may still
incorporate.
9. Government incorporation fees and
the
professional fees for financial and/or legal services.
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