Ontario Co-op Corporation, is a form of business structure which is owned by members who also take part in its management. This is a non-profit making organization that is managed by a board of directors.
In general, a name should contain two components: distinctiveness and descriptiveness.
The 𝐃𝐢𝐬𝐭𝐢𝐧𝐜𝐭𝐢𝐯𝐞 element can't be a
common English word, it has to be unique or made-up words. For example, "Joseph Restaurant Inc". In this name 'Joseph ' is the 𝐝𝐢𝐬𝐭𝐢𝐧𝐜𝐭𝐢𝐯𝐞/𝐮𝐧𝐢𝐪𝐮𝐞𝐞𝐥𝐞𝐦𝐞𝐧𝐭.
While the 𝐃𝐞𝐬𝐜𝐫𝐢𝐩𝐭𝐢𝐯𝐞𝐞𝐥𝐞𝐦𝐞𝐧𝐭 can be common
English words. An example is "Joseph Restaurant ". 'Restaurant' is
the 𝐃𝐞𝐬𝐜𝐫𝐢𝐩𝐭𝐢𝐯𝐞𝐞𝐥𝐞𝐦𝐞𝐧𝐭.
A ONTARIO physical address is required to Register Corporation in ONTARIO,
where the government will send documents. If you do not have a physical address
in ONTARIO, you can use our Registered Address Service that includes mail
receiving and forwarding.
A ONTARIO physical address is required to Register Corporation in ONTARIO, where the government will send documents. If you do not have a physical address in ONTARIO, you can use our Registered Address Service that includes mail receiving and forwarding.
Note: If you want to add more than 5 directors, you may need to place a customized order. For now, you can place an order with these five directors, and afterward, give us a call to convert it into a customized order.
An incorporator is the responsible person for
organizing and incorporating a corporate entity. It is typically the head of
the organization. An incorporator may be a director or not. Once the filing is
complete the incorporator's function is usually finished. After that the
management of the corporation is performed by the directors.
If you are doing corporation on behalf of a
client, you may mention here their the name. This is for government's records.
We only contact the billing person that mention in our website form. We don't
contact your clients. You can write your details in the billing.
NOTE: Amendment of Articles in future is expensive and time consuming. Please choose correct Articles of incorporation for your corporation
Rights, privileges, restrictions and conditions (if any) attaching to each class of shares and directors' authority with respect to any class of shares which may be issued in series. If there is only one class of shares, enter "Not Applicable"
The issue, transfer or ownership of shares is/is not restricted and the restrictions (if any) are as follows. If none, enter "None"
Other provisions, if any. Enter other provisions, or if no other provisions enter “None”
Minute book is detail records & documents of an incorporated company’s structure and activities. According to corporation act Minute book is MANDATORY. It must be updated every year as part of the incorporation’s Annual Return to maintain its legal structure and include By-laws, Articles of Incorporation Any amendment, Resolutions and minutes, Shareholder and share transfer registers,Directors & Officers Registers, and notices that have been filed. If a business does not have them or keep them up to date, fined by the CRA as part of an audit. Banks might decline to give loans, and any potential future sale of their business or assets could be in jeopardy or face extensive and costly legitimate deferrals. This Minute book prepared by our legal and accounting teams.
If you skipped these sections,
you cannot add Corporation's officers, their designations (CEO, President,
etc.), share classes, share prices, shareholders' names, percentage of
ownership, and by-laws are part of the Minute book.
If you want to proceed,
click Next or Previous to add Minute Book.
What is Minute book and what are include in it?
Minute book is detail records & documents of an incorporated company’s structure and activities. According to corporation act Minute book is MANDATORY. It must be updated every year as part of the incorporation’s Annual Return to maintain its legal structure and include By-laws, Articles of Incorporation Any amendment, Resolutions and minutes, Shareholder and share transfer registers, Directors & Officers Registers, Notices that have been filed. If a business does not have them or keep them up to date, fined by the CRA as part of an audit. Banks might decline to give loans and any potential future sale of their business or assets could be in jeopardy or face extensive and costly legitimate deferrals. This Minute book prepared by our legal and accounting team
Note: If you want to add more than 5 shareholders, you may need to place a customized order. For now, you can place an order with these five shareholders and afterwards, give us a call to convert it into a customized order.
In Ontario , once a corporation is incorporated or continued under the Ontario Business Corporations Act (OBCA), it is required to file an initial return with the province. The initial return provides basic information about the corporation, such as its name, address, directors, and shareholders. This filing helps to establish the corporation's existence and provides important details for the public record.
Ontario Professional Corporation (PC) is a specific type of corporation that is established by professionals in regulated fields, such as doctors, dentists, lawyers, accountants, and other licensed professionals in Ontario, Canada. The purpose of creating a professional corporation is to provide these professionals with certain legal and financial advantages
Ontario nonprofit organization in Ontario, also known as a non-profit or not-for-profit organization, is a legal entity formed for purposes other than making a profit. It is established to pursue specific objectives or serve the public interest. Nonprofit organizations in Ontario operate in various sectors, including social services, education, healthcare, arts and culture, the environment, and more.
PREC stands for Personal Real Estate Corporation. In the context of real estate in Ontario, Canada, a PREC refers to a specific type of corporation that is established by real estate salespeople or brokers who are registered with the Real Estate Council of Ontario (RECO).
A business email address and domain help you create a professional image
and gives your business instant credibility. We are an agent of domain
registration, we can instantly reserve a domain for your company (example: www.companyname.ca or www.companyname.com.
If you do not reserve your domain today might be your competitors will reserve,
it and kick away you from competitions.
WhatisAnnualReturn (AR): AnnualReturn (AR) confirmsthecontinuingexistenceofthecorporation. YoumustfileAnnualReturn, so thatitcanremainactiveandincompliancewiththecorporatelaw. EverycorporationmustsubmitanannualreturneveryyeartoGovt. initsanniversarydate.
Share certificate
is written
document signed on behalf of a corporation that serves as the legal and
official proof of ownership of corporation. It's a highly recommended items if
you have more than one shareholder. You can customize your share certificate in
our website as per your need basis. Which could be used in future if you
Add any other person (such as spouse, child, friend) as shareholder. Some time
share certificates is required for many purposes, such as bank, contract and
agreement, and so on. For standard Share certificates, we will send blank share certificate, which you can add as per your requirement
What is Sharecertificatefolder and why you need?
When you issue share certificates they need to be protected and
secured. A Share certificate has great history behind it. Don’t lose your that history just by storing
your certificates in a box or in sleeves with plasticizers that will damage
your old share certificate.
Sometimes, replacing a share certificate is a complex process
in some cases, the company issuing shares may require a resolution confirming
the replacement of the certificate from the board of directors. Our Share Certificate
Folder will safe your share certificates storage and display.
What is Wafer sticker:
Wafer seal stickers are self-adhesive that are used to emboss the seal on
Share certificates or other important corporate documents securely without
glue.
Note:If you want to add more than 5 shareholders, you may need to place a customized order. For now, you can place order with these five shareholders and afterwards, give us a call to convert it into a customized order.
Ontario Co-op Corporation is a business structure that operates in a cooperative mode. It focuses on serving its members rather than maximizing profit. Members are both the owners and users of the cooperative Corporation. They work together to achieve shared economic, social, or cultural goals. Decision-making in Ontario Co-op Corporations is democratic, which means each member has one vote.
Types of Ontario Co-op Corporations
Consumer Co-op Corporation: Customers who use the co-op’s goods or services own and control these Co-op Corporations. Examples are grocery co-op Corporations and housing co-op Corporations. Groups of consumers formed these co-op corporations to purchase goods or services at a lower cost.
Worker Co-op Corporation: Basically, employees own and operate these Co-op corporations. Worker co-op Corporation provides members with both employment and ownership stakes.
Producer Co-ops Corporation: Independent producers, such as farmers, own and operate these co-operative corporations. They want to bring their products to market. A group of producers formed this co-op corporation to sell their products at a higher price.
Multi-stakeholder Co-op Corporation: In this type of Co-op Corporation members are mixed. Such as workers, consumers, and producers.
Requirements for Registering an Ontario Cooperative Corporation
Minimum Membership: To form an Ontario Co-op Corporation at least three to five founding members are needed. In many provinces this minimum membership is different. In some places, there are at least seven members needed.
A unique Co-op Corporation Name: A co-operative Corporation name must be already not in use.
Age: All founding members of an Ontario co-op corporation must be above 18 years of age.
Bylaws of Co-op Corporation: Bylaws are daily instructions of a co-operative Corporation. Bylaws should specify the governance, including member rights, voting procedures, and profit distribution.
Member Capital: Each member is required to purchase shares or pay a membership fee.
Registered office address in Ontario: To register a co-op corporation in Ontario you must have a physical registered office in Ontario. If you do not have it, you can use our registered address service.
Is there any residency requirement for Ontario Cooperative Corporation?
In Ontario, there are no residency requirements to incorporate an Ontario Co-op Corporation. Any group of at least three people can register with Ontario Co-op Corporation.
Benefits of Ontario Co-op Corporation
Democratic Control: In a Co-op Corporation each member has an equal say and shared responsibility that ensures its democratic control.
Economic Benefits: A Co-op Corporation was formed to see Member’s interests. Profits which are typically distributed according to member’s usage of the co-op’s services.
Community Focus: Ontario Co-op Corporations often focus on local needs. It is enhancing the social fabric of communities.
Sustainability: Cooperative Corporations are more likely to prioritize long-term sustainability over short-term profits.
Differences Between Ontario Co-op Corporation and Ontario Corporation
The main differences lay in their Purpose. Ontario Cooperative Corporations focus on member service rather than profit maximization, but Ontario Corporations are formed to make profit maximization.
Co-op Corporations operate on an equality basis like on a one-member-one-vote basis, whereas Ontario Corporations use a share-based voting system.
Profits in Cooperative Corporations are shared among members based on usage, while in Ontario Corporations, profits are distributed based on share ownership.
Co-op Corporations rely on member contributions, while Ontario Corporations can raise funds through equity investors.
