Taking the ‘work’ out of paperwork!

challenges with failing to maintain corporation’s records (the paperwork)

Paperwork - often the most pressing and vital activities focus on running their business, maintaining profitability and ensuring survival.

With many business owners, paperwork and regulatory requirements are often the furthest from our minds. Often, the most pressing and vital activities focus on running their business, maintaining profitability and ensuring survival. The challenge with this approach is that a failure to maintain a corporation’s records (the paperwork) correctly can prove to be a stumbling block at the most inopportune moments.

 

Starting with the simplest items, like changing directors’ details or the registered office address, a mismatch between the public record and the true situation can cause issues everywhere from dealing with other private businesses to affecting your day-to-day banking. These seemingly administrative changes, which must be reported via a Form 1 Notice of Change within 15 days of occurring, are a vital part of any business’ public record.

 

Further requirements relate to the documentation of shareholder meetings, which should occur at least once annually in order to facilitate financial reporting and the adoption of annual resolutions, amongst other things. The minutes of these meetings are important parts of a corporation’s ongoing record and should be maintained in a minute book. Shareholder information also needs to be maintained, as well as the allotment of shares and any transfers thereof. In addition to these, corporations are mandated to file an Annual Return. This process is also a potential problem as the Annual Returns can be filed separately from the Corporate Tax Returns, resulting in inconsistent information being recorded. Failure to submit this filing can, however, lead to monetary fines.

 

As the paperwork and administration piles up, some entrepreneurs will unfortunately let some of these administrative tasks fall through the cracks, leading to problems down the line when they may approach a bank for financing or attempt to issue shares. Fortunately, most responsible businesses will turn to a law firm or other qualified third party for assistance with the maintenance of their corporate information. While much of this process can be onerous and involve a fair amount of manual process, there are software solutions that help law firms manage the corporate clients’ information effectively. While these systems undoubtedly help with records management, there are still some elements of the process which are manual or dependant on the creation and storage of hard copy documentation.

 

With this in mind, Cyberbahn has created a completely integrated solution, combining a new user interface and dashboard with a complete line of entity management transactional and direct-to-government services. This Canadian solution provides a single portal for the all of the activities related to the management and maintenance of a corporate record. Our ability to provide up-to-the-minute corporate information eases the information management process, whilst reminders ensure that you never forget a crucial date. Data storage is provided free of charge, as is the creation of an online electronic minute book post initial organization. 

 

Our Entity Management Solution helps you work smarter, not harder.
Contact us and see a demo >

 
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