An individual elected by the shareholder(s) of a corporation to supervise the corporation's management. The directors of a corporation are collectively referred to as the board of directors. Most Canadian jurisdictions require that a specified percentage of directors are residents of Canada.
The act of terminating the legal existence of a corporation. Dissolution may be voluntary or involuntary.
The distribution of current or accumulated earnings of a corporation to its shareholders based on the number of shares owned.
A situation in which corporate income is taxed twice: once when it is earned by the corporation and a second time at the personal level when it is removed from the corporation as a dividend.
The care or diligence that a prudent, reasonable person is expected to exercise in the evaluation of risks and the performance of duties that might affect a business’ operations or comportment. In the event of liability or prosecution, due diligence may provide an acceptable defence.