Federal online incorporation

I'm the sole director and shareholder of my corporation that I recently registered (online, on my own). Is there anything further I need to do in order to make sure everything's set up properly? As a one-person operation, do I need a shareholder's agreement and corporate by-laws, and is it possible to do this on my own, or would I need the help of a lawyer?


Asked over 3 years ago in Toronto, Ontario
Categories: Business Law

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Mike C Stewart, P.Eng

Answer by Mike C Stewart, P.Eng

VerifiedBritish Columbia lawyer

Hi there, no you don't need a shareholder's agreement. Those are only for when you have 2 or more shareholders. I am assuming that you used the default articles of incorporation when incorporating, so you are generally covered with respect to what I think you are referring to as bylaws.
There are other things that you legally require such as a signed consent for you to act as a director, as well as paperwork to effect the share transfers and various other steps, but as long as you are the sole shareholder and director the likelihood of issues arising as a result of these inconsistencies is low.  Nevertheless as a lawyer, I do advise you to get a lawyer to review or re-do your incorporation since it is clear to me you are missing legal steps.

Posted over 3 years ago

Please note that this is for informational purposes only and does not constitute legal advice to you. Legal advice pertaining to your particular situation can only be provided by a lawyer who has met with you to obtain all pertinent background information necessary to give you a formal legal opinion. For formal legal advice, hire a lawyer (many give a free first consultation). Contact Mike C Stewart, P.Eng, or search the Lawyer Directory.


Comment

Thanks for your advice, Mike; this is helpful. I'll definitely touch base with a lawyer then to go over any legal steps I may have missed.

Posted over 3 years ago


Jason Berger

Answer by Jason Berger

VerifiedOntario lawyer

Hi there,

I agree with what Mike advised. I would be happy to have to a chat with you to clarify whether you need anything else. I do corporate and tax-related work, so if you have any other corporate or tax questions I can address those as well.

I am located in Toronto.

Posted over 3 years ago

Please note that this is for informational purposes only and does not constitute legal advice to you. Legal advice pertaining to your particular situation can only be provided by a lawyer who has met with you to obtain all pertinent background information necessary to give you a formal legal opinion. For formal legal advice, hire a lawyer (many give a free first consultation). Contact Jason Berger, or search the Lawyer Directory.

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