Corporations - Maintaining Records and a Registered Office

Corporate Records

 

A corporation exists independent of the person or persons that started it. This separate legal entity allows business owners to keep their personal assets independent of their business assets. However, creating a corporation requires records be maintained to provide evidence that the business is separate from the individual.

 

Provincially and Federally, legislation outlines which documents must be maintained in order for a company to remain in good standing. The rules also are intended to ensure that anyone dealing with the business can determine who the authorized individuals are who act for the company. Annually, documents must be filed with the corporate registry outlining the current status of the Company, while additional documents need to be signed for the corporate records book (also known as the Minute Book) that keep current the true history of the company.

 

Registered Office

 

Any corporation that conducts business in British Columbia (whether federal, extra-provincial or a provincial corporation) is required to maintain a registered office and records office with a mailing and delivery address in BC. The Registered office and records office are not required to be the same address, but often are for simplicity’s sake. The intention of the registered office is to have a formal address for the service of documents on the company, while the records office requirement is to provide public access to the company’s records during regular business hours.

 

Benefit of using a law firm

 

By maintaining a registered and records office at MJB Lawyers, a Company can ensure that they are compliant with legislation and will not be in danger of being struck from the corporate registry. By maintaining accurate records, the Company is also immediately able to transact with third parties, borrow or loan funds, document dividends, and provide records to your accountants, bankers or other professionals, without the additional cost or delay that comes with bringing a disorganized Company up-to-date. The public office requirement is also important. MJB has a corporate team that is able to respond promptly to requests for documentation and also limit access to documents to only those with rights relating to your company.

 

How we can help you

 

If you already maintain your Company’s records at MJB, you can be assured that your corporation is up-to-date and in good standing as long as you have signed and returned any documents we have provided to you. If you have any questions about your Company or would like us to provide documents to a third party on your behalf, please contact us and we will be happy to take care of that for you immediately.

 

If you currently maintain your records at home or your office and are not sure if they are accurate or current, we can assist by completing a deficiency review and preparing the documentation that you may be missing. Oftentimes when Company records are not formally maintained, the issues are not addressed until they are identified when a proposed transaction comes up. In those circumstances, the urgency of a potential closing date mixed with the need to remedy deficient corporate records can cause undue stress and delay. By updating your records and transferring your Company’s registered and records office to MJB Lawyers, you will have the peace of mind that your company is ready to transact at a moment’s notice!

 

Whether you currently maintain your records with us or have questions about your Company and want to make sure you are in good standing, we are happy to work with you. Give our office a call and one of our corporate team can make sure you are taken care of!