Closing Down A Business

The closing down of a business/corporation involves the concept of dissolution, the legal termination of a corporation. In other words, dissolution is the act of ending the existence of a corporation.” In Canada, a corporation is dissolved when a Certificate of Dissolution is issued by the appropriate federal or provincial body. With the exception of bankruptcy, a corporation can apply to dissolve when it has no property (any property has been distributed) and all of its liabilities have been discharged.

To implement terminating the corporate existence of a corporation on a voluntary basis Howard Nightingale conducts the following steps:

• Obtain instructions and all basic preliminary advice.
• Prepare all material.
• Arrange the holding all requisite meetings, preparation of minutes of such meetings.
• Obtain permission from the Ministry of Finance to voluntarily dissolve/terminate a corporation.
• Arrange for publication of all requisite notices and obtaining consents of tax authorities.
• Arrange necessary attendances, correspondence and report to the client.

Please contact Howard Nightingale to discuss any questions you may have regarding the termination of a corporation.