Keeping your company’s records in order is a critical part of managing your business effectively. In accordance with the Business Corporations Act in British Columbia and the Articles of Incorporation, there are several key tasks that must be completed annually to stay compliant. These include filing the annual report, adopting annual resolutions (unless an annual meeting is held), and ensuring your corporate records book is up to date. We assist numerous companies with maintaining well-organized, up-to-date record books to ensure they meet these requirements.

Neglecting these tasks can lead to a range of problems. For example: (a) if annual reports aren’t filed for two consecutive years, your company risks being struck from the corporate registry; (b) if your company is seeking financing, the bank may require current documentation or a solicitor’s opinion letter to verify the company’s status; and (c) if a prospective buyer is conducting due diligence, they will want to ensure that all corporate matters are in good standing and properly documented. Addressing these issues under pressure can be far more time-consuming, expensive, and stressful than keeping everything up to date as it becomes due.

If you have any questions regarding your company’s compliance or record-keeping, don’t hesitate to reach out. We’re here to help you navigate your specific needs and keep your business on track.

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 or by email to info@touchstone.law