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The treasury regulation under the Code which identifies the entities that must be corporations for the purpose of the Code expressly excludes NSULCs and "any other company or corporation all of whose owners have unlimited liability pursuant to federal or provincial law".That language is expected to operate to extend check-the-box treatment under the Code to ABULCs. Companies Act and corporate actions such as share capital reductions and amalgamations still require court approval under the NSCA, often increasing the time, cost and risk of some transactions.It is extremely important to keep excellent paper records.Over the life of your company, you will be asked on any number of occasions to provide evidence of Board approval of certain actions, whether in connection with the opening of an additional credit line, a seed round financing or on the eve of your initial Public Offeringdue diligence requests from potential investors’ counsel or perhaps a company interested in acquiring your assets.
While the relatively low tax rates enjoyed in the province of Alberta (note also that there are no provincial capital or sales taxes of general application), the strong business community and levels of commerce in Alberta and the high administrative and incorporation fees charged under the NSCA are expected to fuel the demand for ABULCs, many consider that ABULCs may be preferred over NSULCs because of the differences between the governing statutes. NSULC shareholders have unlimited liability to the creditors on the wind-up of an NSULC if the assets are insufficient to pay its debts and liabilities on dissolution.
At each Board meeting, one individual will be designated secretary of the meeting who will be responsible for preparing written notes (a.k.a.
“minutes”) memorializing the discussions by the Board and setting forth any formal resolutions adopted at the meeting.
Service Alberta is the government’s solution provider and supports the significant events in Albertans’ lives, like having a child, getting married, mourning the loss of a loved one, getting a driver’s licence, or buying a home.
Whether you have organized your corporation in Delaware, California or any other state, your existence as a corporate entity begins with the filing of your organizational “Certificate of Incorporation Certificate of Incorporation” or “Articles of Incorporation” (states differ on what they call this document; Delaware uses “Certificate of Incorporation”).
After this initial document is filed, the company can only act through its Board of Directors Bylaws.