September for many people is a like finally getting a breath of fresh air and is re-start. Kids are back to school, post-secondary kids have left the nest and are off to college or university, and it’s the end of summer.
Big changes are coming in as much as we are starting to get “back to normal”. This year we get add an election into the mix.
Are you ready for these changes? Whether you are or not, you need to get ready for them.
On that note, did you know that when changes happen in a Corporation, they need to be recorded in the Corporation’s Minute Book, and in most cases, reported with the Ministry of Consumer and Business Relations? Did you know that there is an obligation to report those changes in 15 days?
If you are small business and just operating out of our home and you make a move, there are so many agencies where you need to update your address. MTO, banks, phone companies, loyalty cards, the list goes on. I’m sure the last thing on your mind is updating your corporate address.
While it may be one of the last things on your mind, there can be severe consequences for failing to update the Ministry, including but not limited to the dissolution of your Corporation. It could also result in a Director who may have resigned but not reported being liable for back taxes or environmental issues.
As part of our services, when you advise our offices of a change we will automatically update your corporation information with the Ministry so your mind will be at ease. Of course, you do need to inform us of the change.
So next time there is a change in anything, just send us an email and let us make it easy for you.
Christine Allan, Law Clerk