Maintaining the records for your company is an important aspect of running your business. Under the Business Corporations Act in British Columbia and the Articles of Incorporation, there are certain matters that must be attended to each year including the filing of an annual report, annual resolutions (unless an annual meeting is held) and the updating of your corporate records book. We act for many companies in assisting them in keeping their records books up to date and properly organized.
Failing to take care of these matters can be problematic in several circumstances including: (a) where annual reports are not filed for two years and the company is at risk of being struck from the corporate registry; (b) if the company is obtaining financing and the bank requires current documentation or a solicitor’s letter of opinion with respect to the status of a company; or (c) where the company is being examined by a prospective purchaser who wants to ensure that everything has been properly taken care of and documented. Often it can be much more costly and stressful to try to attend to these matters under rushed circumstances than it is to have them taken care of as they come due.
If you have any questions with respect to your company (in either BC or Alberta), please contact us to discuss your personal needs.
This information is general in nature only. You should consult a lawyer before acting on any of this information. This information should not be considered as legal advice. To learn more about your legal needs, please contact our office at (250)448-2637
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