In Canada, there are two types of corporations: federal and provincial/territorial. Federal corporations are incorporated under the Canada Business Corporations Act (CBCA) and are regulated by the federal government. Provincial/territorial corporations are incorporated under the corporate legislation of their respective province or territory, such as the Ontario Business Corporations Act or the British Columbia Business Corporations Act.
There are also different types of corporations that can be incorporated under federal or provincial/territorial legislation, including:
- For-profit corporations: These are businesses that are owned by shareholders and operated for the purpose of making a profit.
- Non-profit corporations: These are organizations that are not operated for the purpose of making a profit, and are often formed for charitable, religious, or other similar purposes.
- Professional corporations: These are corporations formed by professionals who are licensed to provide specific services, such as doctors, lawyers, and accountants.
- Cooperatives: These are corporations that are owned and operated by their members, who share in the profits and decision-making.
- Crown corporations: These are corporations that are owned and operated by the federal or provincial/territorial government, such as Canada Post or Ontario Power Generation.
If you have any questions, you may contact us at info@falconlawyers.ca or 1-877-892-7778.
