The termination of a 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. (Industry Canada, ic.gc.ca)
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.