A foundation contract is an important document when a company takes integration action. It is also known as a pre-foundation agreement and will help to avoid misunderstandings about the roles and responsibilities of the main parties of a registered entity. There is no obligation to use a lawyer. The prescribed forms are available on the B.C. government`s websites. Creating a basic business can be a relatively simple process, and with a little care, most people should be able to integrate their own business. However, it is recommended that you be aware of the provisions of the Business Corporations Act if you intend to make your own creation. Foundation Contract This is a necessary agreement between each of the company`s incorporaters. It must indicate the number and type of actions each owner is willing to take, must contain the full name of each incorporater and be signed by each owner on the date signed by each incorporater. The agreement is not subject to the Registrar of Companies. It is kept when the company`s other official records are registered. In order to integrate a new business in British Columbia, the British Columbia Business Corporations Act provides that one or more individuals can form a business by entering into a incorporation contract, establishing articles for the company that establish their rules of conduct, and filing a business application with the business registry. The first step in the process is to decide if you have a name for the company or if you use a ”numbered company.” The company does not need to have a name.
You can join a company with a number. z.B. ”123456 B.C. Ltd.” To do this, you put the initiation request described below and leave a space in which the name must be located. The Registrar assigns the company the following serial number as part of its name. A company created in this way is a ”numbered company.” The constitution agreement is reached before the directors submit formal statutes to the B.C. Office of the Corporate Registry. Directors, also known as the company`s promoters, may be held personally liable for any breach of the agreement if the company is not actually incorporated. Therefore, all parties to the agreement should insist that the document confirm that the company has not yet been created. This language ensures that they avoid personal liability.
It contains information such as the name of the company created, its purpose, the names of directors and executives at the time of the creation of the company, the distribution of shares and even the salaries of directors and executives. With this document, you can certainly make agreements and make important decisions before you start your business as a business. Our British Columbia Incorporation Agreements includes: Postal Address: PO Box 9431 Stn Prov Gov Victoria, BC V8W 9V3 Tel: (250) 387-7848 . This article briefly explains the process of setting up a limited company or a limited company. . For more information on the pros and cons of using a company for the business, please see the article on the benefits of using a company for the business.