Dissolving a Corporation in Ontario
Dissolving a corporation in Ontario can be very hard. There are some guiding principles that you have to follow in order to do this properly. If you are looking for those data to learn, this article will supply you with your needed information.
This will tackle more about the data on dissolving a corporation in Ontario.
If you have no idea at all about corporation dissolving, you will surely find it hard to do this. There are also instances that even experienced people are unable to do this. Dissolving a corporation in Ontario will be easy if you will learn the things that you have to be aware of.
Why Know the Steps in Corporation Dissolving?
When you think that it is already the right time to have your corporation dissolved in Ontario, see to it that you will adapt the right steps needed. Here are several corporation situations that you have to know and the dissolving of corporation depends on the situation present. This is a very crucial step so you have to make sure you will follow the right protocol when it comes to the matter.
Shares Issues
Just in case the corporation that you are about to dissolve is not issuing appropriate shares, there is information associated with the proper dissolving of the establishment.
- Initially, you have to get resolutions from the entire directors of the corporation. The resolution is all about the desire of the personnel to dissolve the corporation.
- Once you have the resolutions all ready, the next step is to secure Form 17 which will be submitted to the Corporations Canada.
- Once the resolution is already granted, you will receive notification stating the official dissolution of the company.
Corporation with Liabilities or Properties
Just in case the company is able to issue shares yet there are no traces of liabilities or properties, there are also some steps concerned with this matter. Initially, you have to make sure you obtain resolution for at least two thirds of the overall stock holders. This is the right number of people which will entitle you to file your intent in the right institution involved. When you already have the resolution, you have to secure now Form 17 and pass it to Corporations Canada. Once your intent for corporation dissolution was granted, you will receive a notice of approval.
Corporation Issuing Shares and Liabilities
Just in case the company has already been issuing shares and there are liabilities and properties, you also need to get first resolution from at least two thirds of the shareholders. Once you have the resolution, you need now to secure Form 19 and submit it to Corporations Canada. Once successful, you will be given with certification for your dissolution intent. By the time you already have the certificate, the name of your site will be evident in the site of Corporations Canada. Moreover, notifications to the creditors will happen. By the time that completion of liquidation is done, it is now the time to submit the Form 17 in Corporations Canada. Certificate for dissolution will then be received.
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