Week 3,4,5

Question 1

What are the 4 basic steps of incorporation? (then getting the Certificate of Incorporation)

Answer 1

1. Name Reservation
2. Incorporation Agreement
3. Articles
4. Form 1 - Incorporation Application and Notice of ArticlesFiled electronically with the Registrar

Question 2

What are ways do apply for a Name Reservation?

Answer 2

• Name Requests Online;
• Government Agent;
• OneStop Kiosk;
• BC OnLine;
• by mail;
• in person

Question 3

If a name is approved, how long will it be held for?

Answer 3

56 days

Question 4

What are the three distinct components of a name?

Answer 4

1. Distinctive element
2. Descriptive element - the nature of the business
3. Corporate designation - eg. Ltd., Limited, Corp., Corporation

Question 5

What type of searches can help you find an acceptable name?

Answer 5

telephone listings; 
business directories; 
trade journals; 
internet; 
NUANS search

Question 6

What is included on the “Incorporation Information Form”?

Answer 6

• Registered and Records Office
• Authorized Share Structure
• First directors
• Incorporators

Question 7

What type of details will you find in the description of the Authorized Share Structure?

Answer 7

• kinds of shares - without par value(NPV) or with par value (PV)
• one or more classes of shares – eg . common or preferred; w/ special rights and restrictions
• authorized capital – may have either unlimited or limited number of authorized shares

Question 8

In the authorized share structure, what is the difference between issued shares and authorized shares?

Answer 8

Authorized shares are shares that are authorized to be issued. Issued shares are shares that have been issued to a particular shareholder

Question 9

What are some responsibilities of the Incorporator?

Answer 9

• sign the Incorporation Agreement and the Articles

- must agree to take at least one share and so become the company’s first shareholder

Question 10

What two items create a contract between the company and its shareholders?

Answer 10

1 ) the Incorporation Agreement

2) the Articles

Question 11

What sets out the rules for the conduct of the company?

Answer 11

The Articles.

Question 12

What is Form 1?

Answer 12

• Incorporation Application and Notice of Articles e-filed with the Registrar through Corporate Online and made available to the public

Question 13

What is the Completing party ?

Answer 13

-Must be an individual, can’t be a law firm. Must confirm original signature on Articles and Incorporation Agreement