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Business Corporations Act (RSY 2002, c. 20) Societies Act (RSY 2002, c. 206) Department of Community Services - Corporate Affairs: 15%/4% Northwest Territories: Business Corporations Act (SWNT 1996, c. 19) Societies Act (RSNWT 1988, c. S-11) Department of Justice - Corporate Registry: 11.5%/4% Nunavut
An unlimited liability corporation (ULC) within Canadian corporate law is a Canadian corporation designation, wherein shareholders are liable up to unlimited amounts for any liability, act or default of the corporation. By comparison, in most corporations, shareholders are not usually liable due to a limited liability model.
The Canada Business Corporations Act (CBCA; French: Loi canadienne sur les sociétés par actions) is an act of the Parliament of Canada regulating Canadian business corporations. Corporations in Canada may be incorporated federally, under the CBCA, or provincially under a similar provincial law.
The Supreme Court of Canada in Ottawa, west of Parliament Hill. The legal system of Canada is pluralist: its foundations lie in the English common law system (inherited from its period as a colony of the British Empire), the French civil law system (inherited from its French Empire past), [1] [2] and Indigenous law systems [3] developed by the various Indigenous Nations.
The last edition of the RSO was dated 1990 pursuant to the Statutes Revision Act, 1989, consolidating the statutes in force prior to January 1, 1991. [3] More recently, acts have been consolidated on the e-Laws website, organized by reference to their existing citations in the Statutes of Ontario or Revised Statutes of Ontario. [4]
Articles of association are critical documents to corporate operations, as they may regulate both internal and external affairs. [1] Articles of incorporation, also referred to as the certificate of incorporation or the corporate charter, is a document or charter that establishes the existence of a corporation in the United States and Canada.
The members usually entrust ("commit") the funds and management of the association to a committee, who act on the association's behalf. (In a tiny association this may not hold: there may be a one-person "committee", or there may be no committee and all members are equally authorised to act for the group.)
For example, if a charity is incorporated it is subject to the rules of the incorporating statute. Therefore, an Ontario non-profit corporation must look in part to the Ontario Corporations Act and a federal non-share capital corporation is governed under the Canada Corporations Act. Different types of charities are subject to sectoral ...