Differences between annual update and annual update statement

  • Annual update

By law, certain formalities must be completed each year by the corporation such as the voting of. When the corporation receives its financial statements, the board of directors must adopt resolutions regarding these financial statements.

Following that resolution, the shareholders must also agree upon the financial statements and the composition of the Board of Directors. The annual update resolutions are completed by a resolution of the Board of Directors appointing the officers in office until the next annual Board meeting. The annual update refers to the company book.

 

  • Annual update statement

A corporation is required to file an annual update return with the Registraire des Entreprises within six months after the end of each fiscal year, failing to do so may result in penalties. The annual registration fee is indexed on January 1 of each year. For 2019, the annual fee is $90 for corporations.

This article does not constitute legal advice, to obtain a solution adapted to your needs, please consult a lawyer. Ponce Lawyers Inc.

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