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  • Sea to Sky Law

Your Corporate Minute Book

Did you know that in Western Law there are 2 legal persons on the planet - humans and corporations? The concept of a corporation was based on the original risk sharing ventures when multiple investors would take shares in the cargo or stock of the old sailing ships. Modern corporations have rights such as the right to make contracts, to sue and to defend. They are recognized in law as separate from their human owners and managers which gives your accountant more tax planning options, and gives their owners the ability to protect their personal assets from the risk of their business ventures.

As my separate post explains, there are 4 basic roles humans have within a corporation - you can be a shareholder, a director, an officer and or an employee. If you are only a shareholder then you can avoid personal liability for misconduct by the Corporation. Being a legal creation instead of human, Corporations can also be immortal, so long as all the required paperwork like the required annual reports are done properly and promptly. If all the required paperwork is not done then the corporate registry will strike the corporation - essentially killing the corporation. However, unlike humans, corporations can be resurrected but it is an expensive Supreme Court application.

Like a dentist, it is cheaper for us to update your Minute Book every time there is a major change such as new lease or new Director, and at least annually - to prevent problems.

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