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Steps required to become a corporation

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Why would a company choose to form as a corporation? What are the steps that are required to become a corporation? What are the advantages and disadvantages of the corporate form of doing business?

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Solution Summary

Six advantages and five disadvantages are discussed.

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Corporation

A corporation is a legal entity that is separate from its owners, the shareholders. No shareholder of a corporation is personally liable for the debts, obligations or acts of the corporation. Directors, officers and insiders can bear some liability for their involvement with the corporation. A corporation can be formed at either the federal or provincial level. A corporation is identified by the terms "Limited", "Ltd.", "Incorporated", "Inc.", "Corporation", or "Corp.". Whatever the term, it must appear with the corporate name on all ...

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