Definitions and Common Terms

Master Business Licence
A Master Business Licence is a type of business registration that allows you to operate a business for a period of 5 years. You are personally liable, personal taxed and do not have name protection. It is required to be renewed every 5 years. There are three types of Master Business Licences; a sole proprietorship, a general partnership or tradename.

Sole Proprietorship A sole proprietorship is a type of Master Business Licence. A sole proprietorship is an 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
A general partnership is a type of Master Business Licence. A general partnership is composed of two or more persons who agree to contribute money, labor, 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.

Tradenames A tradename is a type of Master Business Licence. This provides the opportunity for an existing corporation to operate under a name that is different than the legal name of the corporation. It can be completely different, slightly similar or can be the same as the corporate name just without the legal ending.

Business Amendment
A business amendment is a filing that allows a Master Business Licence to file an address change with the Provincial Government. A revised Master Business Licence is received once the changes have been completed.

Business Cancelation
A cancelation is a filing that allows a Master Business Licence to close down the business prior to the 5 year expiry. A confirmation of filing is received.

Articles of Incorporation
Articles of Incorporation are 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 not-for-profit 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
A charitable incorporation is a special kind of not-for-profit Corporation. This type of registration is for individuals, organizations, and commercial fundraisers that solicit charitable donations from the general public. Charitable organizations also have the availability to provide a tax receipt.

Professional Incorporation
A professional incorporation is specifically designed for those who hold a professional designation, such as Physicians, Lawyers, Accountants, Chiropractors, Engineers, etc.

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.

The Nuans pre-search is a useful tool to those who want to see if a name is available prior to ordering the Nuans.

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 Amendment
A form filed to change the name, the structure or the minimum/maximum amount of directors for a Corporation.

Articles of Dissolution
A form filed to cancel the existence of a Corporation.

Articles of Revival
A form filed to revive a cancelled corporation.

Extra Provincial Licence (EPL)
Ontario form filing to bring a foreign corporation (outside of Canada) into the Province of Ontario.

Form 2 – Bringing an existing Corporation within Canada into Ontario
A form filed to register another Provincial Corporation as operating in Ontario.

Form 1 – Initial Notice
Initial notice is a filing required by the Province of Ontario, which is due within 60 days after filing a new Ontario Incorporation. This provides officer positions held for the corporation.

Form 1 – Notice Of Change
The Ontario filing due within 15 days of a change to a corporation, including director change, address change and/or corporate address change.

Annual Report
An annual return is a yearly filing that is required to keep your Corporation active. This filing is different than your Tax Return due with Revenue Canada.

Corporate Profile Report
Provides current details that are listed for the corporation; including address for the corporation, current director’s names and addresses, how long the business has been established, if active and may possibly provide information on business activity. It will also confirm if there are any active tradenames on file for the 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 as of the date of the request.

Document Replica
This is a document that provides a replacement copy of an Ontario Master Business Licence.

Point in Time Report
The Point in Time report provides the details of the corporation including the head office address, director(s) and officer(s) names and addresses at a specific timeframe.

Document List
The Business Names List provides the name and BIN number of any current Master Business Licences (operating names) currently held by a corporation.

Business Names List
The Business Names List provides the name and BIN number of any current Master Business Licences (operating names) currently held by a corporation.

BNLP Document List
The BNLP Document List provides a list of all filings attached to a specific Master Business Licence including the registration, any changes, renewals or cancellations.

Business Names report
The Business Names Report provides details of a current Master Business Licence including business address, owners, owners address, date of registration and business activity.

Microfiche – Articles of Incorporation
Provides a copy of the Articles of Incorporation, Articles of Amendment, Articles of Revival or Articles of Dissolution for a Corporation.

BN number
A BN number is a corporate tax number that is provided by Revenue Canada for corporations.

BIN number
9 Digit number provided for a Master Business Licence in Ontario.

Corporate number
A number provided by the government to each Corporation in that Jurisdiction.

PPSA Search
The PPSA (Personal Property Securities Act) search allows you to search an individual or corporation for any current loans under motor vehicles, equipment, inventory or consumer goods.

Bank Act Certificate (section 427) search
The Bank Act Certificate provides if any financial institution in Canada has first priority on any debt owing including goods and equipment.

Official Receiver search
The Official Receiver is a databank held by the Registrar General of Canada and maintains a databank of bankruptcy filings of either an individual or a corporation. The certificate will either provide details or the bankruptcy or confirm there are no bankruptcies listed.

Bankruptcy Search
The Bankruptcy Search is a manual search conducted at the local courthouse to the individual or corporation being searched. This will indicate of an individual or corporation has been petitioned into bankruptcy within Ontario.

Litigation searches
The Litigation Searches are available to search within the local courthouse for either an individual or corporation to see if there are litigations files listed. Often the litigation searches are ordered to see if an individual or corporation has had issues with previous lenders and creditors.