Whether you’re a sole proprietor considering incorporating, or if you already have an incorporated company, you’re probably familiar with just how challenging running a business can be. Incorporation comes with a host of benefits, but it also comes with some additional legwork. Managing your legal compliance, paperwork, and other requirements can feel like an uphill battle. That’s why Ownr offers so much more than just incorporation.
Starting the incorporation process on your own, or using a company that offers cheap incorporation, may only give you a fraction of what you actually need to get your business incorporated and keep it in good standing.
Ownr can help not only save you time, but we can also reduce your risk by keeping your company compliant with incorporation regulations, and unlock a whole host of features you’ll have to pay extra for if you go the DIY route. It’s a win-win. So let’s take a look at exactly what you get when you incorporate with Ownr.
Your Minute Book Plan
A minute book is a legally required compilation of documents that all corporations must keep. Traditionally, a minute book is a physical binder containing all of these documents, but with Ownr’s secure cloud document library, say goodbye to the binder.
Traditionally, keeping a minute book has been a cumbersome but necessary task that has a few key benefits beyond legal compliance, such as:
- Keeping track of your business finances
- Making things clearer during tax time
- Giving you an advantage when it comes to securing funding such as loans and grants
- Helping you secure investors
- Keeping everything in one place if you were to be audited
- Allowing for major changes in the company such as sales and acquisitions
That’s a lot of stuff! With our online Minute Book Plan, which is included for free for the first year when you incorporate with Ownr, you get the help you need to keep your company in good standing with automated Annual Returns and Annual Corporate Resolutions. Let’s take a closer look at these and other perks of the Minute Book Plan.
1. Annual Legal Returns with Ownr
Each year, a corporation is legally required to file an Annual Legal Return. This is a mandatory filing that ensures the corporation’s information is up-to-date on the public record. This comes in two parts:
- Filing your annual return with the government: Ownr helps you complete this by simplifying complicated legal jargon into simple questions for you to answer.
- Formation of three accompanying Corporation Resolutions: These resolutions require approval and e-signatures from directors and shareholders. Ownr can help you by forming your Shareholder Resolution, Director Resolution, and Waiver of Auditor Resolution.
Failure to comply with these two legal requirements can spell disaster. If not filed within 60 days of a company’s anniversary, the government may dissolve the corporation. The good news is Ownr can help you with both, and so much more. For example:
- Ownr is far less expensive than hiring a corporate lawyer and much faster than doing it yourself. Some lawyers charge upwards of $450 to file your Annual Legal Return, depending on its complexity. With Ownr, it’s just $199 per year. Plus zero headache.
- Ownr helps you stay compliant with government legal requirements. This means you will avoid the risk of facing heavy penalties for failure to hold meetings or appoint an auditor. Compliance also means you’ll avoid the considerable cost (and heartbreak) of having your company dissolved due to non-compliance.
An additional component of your annual return are the annual shareholder and director meetings, which need to be recorded in your company’s minute book. Most small businesses choose to have these meetings in writing by way of a written resolution (more on that later).
Now let’s take a closer look at the different types of corporate resolutions you’ll need, and how Ownr can make them a little easier to understand, create and utilize.
Corporate resolutions
Before the Annual Return is filed with the government, there are legally required corporate resolutions that must be prepared in order to:
- Acknowledge the corporation’s financial statements (don’t confuse this with your tax return)
- Confirm the corporation’s officers and directors
- Approve other corporate actions taken throughout the year.
Basically, think of corporate resolutions as the legal framework for your company, not something that should be a do-it-yourself task. That’s where an Ownr subscription can help.
Annual Shareholder and Director Resolutions
By law, every corporation, no matter how small and active they are, must hold both an Annual Shareholder meeting and Director meeting. Most small businesses will not have held these meetings. Instead, a Shareholder and Director Resolution is prepared and signed by all shareholders and directors of the company in lieu of holding a formal meeting.
Annual Waiver of Auditor Resolution
Corporations are also required to hire an auditor every year. For some small businesses, this can be both expensive and unnecessary. Thankfully, small business owners can waive this requirement by having a resolution signed by all of its shareholders. Whether your company has appointed an auditor or not, Ownr will prepare the corresponding resolution and automatically update your minute book.
2. Ongoing minute book updates and maintenance
Speaking of minute book updates, there’s nothing more cumbersome than keeping records up-to-date when you’re focused on running your business.
A large part of keeping your records up-to-date is maintaining a corporate minute book. If any of the following happen, you’ll need to update your minute book:
- You file your Company’s Annual Return on the Anniversary date of the business
- Your business has changed address
- A director has been added or removed or their address has changed
- An officer has been added or removed or their address has changed
- The ownership structure has changed
- An amendment to change the name of your business or its share structure has been filed
Failing to comply with minute book regulations can have expensive and disastrous consequences. But this can be avoided. Ownr’s Online minute book plan can help you keep your minute book up-to-date, saving you money each year without the need for clunky paper binders that can get lost or damaged, or the headache of having to update it yourself.
Ownr’s online Minute Book Compliance Program will automatically update your minute book in your personal Dashboard, giving you access to your important legal documents anytime from your phone, tablet, or computer. Plus, you can send documents to colleagues for review and e-signatures.
3. 24/7 Access to Dashboard & Cloud Storage
Use this to store everything in one place, like your business number and CRA number.
4. Ownr Customers Perks & Discounts
Ownr partners with leading brands to help you save time and money as you launch and grow your business. With a variety of exclusive discounts on service like branding, trademarking, accounting, and more, Ownr customers can find what they need all in one place.
Get more with Ownr
With your Ownr subscription, you’ll get everything you need to keep your company growing strong. Plus, we’re here with you every step of the way. How’s that for reassurance?
Ownr has helped over 60,000 entrepreneurs get hit the ground running for a fraction of the cost than if they’d hired a lawyer––and they don’t have to navigate the complex legal waters of incorporating and remaining compliant.
When you’re ready to take your company to the next level, we offer a Managed Corporation Plan, which gives businesses like yours access to our Online Minute Book, plus the essentials and perks you need to grow your company without self-managing legal compliance. If you’re considering making the move to become a Managed Corporation Plan member, schedule a call with our experts to learn more or upgrade here.
Keep in mind that it might be necessary to consult a lawyer depending on the regulations and the complexity of your business. Ongoing incorporation requirements can vary by province.
If you have any questions about how to register or incorporate your business, or have questions about your subscription, email us at [email protected] or schedule a meeting with an Ownr expert today.
This article offers general information only, is current as of the date of publication, and is not intended as legal, financial or other professional advice. A professional advisor should be consulted regarding your specific situation. While the information presented is believed to be factual and current, its accuracy is not guaranteed and it should not be regarded as a complete analysis of the subjects discussed. All expressions of opinion reflect the judgment of the author(s) as of the date of publication and are subject to change. No endorsement of any third parties or their advice, opinions, information, products or services is expressly given or implied by RBC Ventures Inc. or its affiliates.