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.