Reporting Guidelines Your Professional Corporation Needs to Follow
Every professional corporation in Canada must follow certain ongoing reporting guidelines in order to remain in good standing. If your professional practice recently became a professional corporation, you must report:
- Any changes to the corporation's registered office address — Your professional corporation’s registered office address is the official address the government uses to communicate with your organization. For this reason, your professional corporation is required to report any change to its registered office address, generally within 15 days of the change. The registered office address must be a physical street address, cannot be a post office box, and must be located within the province or territory that is listed in your articles of incorporation.
- Changes regarding directors — The directors of a professional corporation are responsible for managing the corporation's affairs. For this reason, all corporations need to report when new directors are elected, when one or more of the directors is removed or resigns, and when the address of a current director changes.
- Changes to the articles of incorporation — Articles of incorporation outline fundamental information about the corporation. When provisions contained in the Articles change, the Articles must be formally amended by Articles of Amendment. Examples of provisions which can be changed using Articles of Amendment are corporate name changes, changes to share classes and/or rights and restrictions which attach to share classes, or changes to the number or minimum/maximum number of directors.
Articles on this blog are general in nature and are provided for informational purposes only. Use of this blog does not provide or replace individualized legal advice and does not create a solicitor-client relationship with our firm. Users who require legal advice on a particular matter should consult directly with Mr. Eric Cohen, Barrister & Solicitor, an Ontario lawyer or a competent lawyer in their Province or State.