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Definitions and Terms


Master Business Licence
A legal entity, allowing you to operate a business for a period of 5 years with a business name. You are personally liable, personal taxed and do not have name protection. It is required to be renewed every 5 years.  This one form allows you to register as new, renew, change or cancel the registration.
Sole Proprietorship
Individual in business alone. Sole proprietorship's are the most common form of business structure. This type of business is simple to form and operate, and may enjoy greater flexibility of management and fewer legal controls. However, the business owner is personally liable for all debts incurred by the business.
General Partnership
Is composed of two or more persons who agree to contribute money, labour, and/or skill to a business. Each partner shares the profits, losses, and management of the business and each partner is personally and equally liable for debts of the partnership. Formal terms of the partnership are usually contained in a written partnership agreement.
Existing corporation that wishes to carry on business under a different legal name or the corporate name without the legal ending.
Articles of Incorporation
A legal entity, allowing you to operate a business name continually. The incorporation is a separate entity from the individuals, there is limited personal liability protection, and the corporation has its own taxation.
Not-for-profit Incorporation
A nonprofit corporation is a legal entity and is typically run to further some sort of ideal or goal, rather than in the interests of profit. Many nonprofits serve the public interest.
Charitable Incorporation
Registers individuals, organizations, and commercial fundraisers that solicit charitable donations from the general public.
Is a mandatory 7 page report when incorporating which is a computerized search system that compares a proposed corporate name or trade-mark with databases of existing corporate bodies, small businesses and trade-marks.
Shares/Share Certificates
A share certificate is a certificate issued by a company certifying that on the date the certificate is issued a certain person is the registered owner of shares in the company.
Share Structure
The ownership structure is defined by the distribution of equity with regard to votes and capital but also by the identity of the equity owners.
Articles of Dissolution
Ontario form filing to cancel the existence of an Ontario corporation
Articles of Revival
Ontario form filing to revive a cancelled corporation.
Extra Provincial Licence (EPL)
Ontario form filing to bring a foreign corporation into the Province of Ontario.
Initial Notice
Ontario filing due within 60 days after incorporation.  Confirms incorporations and provides officer positions held for the corporation.
Notice Of Change
Ontario filing due within 15 days of a change to a corporation including director change, address change, corporate address change.
Corporate Profile Report
Provides details as to legal name of corporation, address for corporation, directors names and addresses, activity, any tradenames listed under corporation
Certificate of Status, Certificate of Compliance, Certificate of Good Standing
Typically a one page certified document as to whether a corporation is active or not
Document Replica
Provides a copy of an Ontario Master Business Licence.
Microfiche – Articles of Incorporation
Provides a copy of the Articles of Incorporation, Articles of Amendment, Articles of Revival or Articles of Dissolution for an Ontario corporation
BN number
Corporate tax number provided by Revenue Canada for corporations
BIN number
9 Digit number provided for a Master Business Licence in Ontario
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