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01 FEBRUARY 2020

I often try to explain the creation of a corporation to be similar to giving birth to a child. Yes the baby is yours and you created it and the baby cannot do anything without you but like every human the baby has its own separate legal rights. Thus a Corporation can exist and continue separately without the original human who created it just like children live on without their parents.

With the origin in the British stockholders structure, the basic structure of a corporation is similar in all Western countries.  Shareholders own the corporation and they elect Directors to make the strategic decisions about the management of the corporation.

The Directors meet maybe once a month like a Strata Council or maybe only quarterly to make just long term decisions.  The Directors appoint Officers like the President etc to manage the business on a daily basis.  The Officers hire the employees to do the work of the business whether receptionist or engineer or truck driver etc.

The humans who own or work in the Corporation may change but the Corporation will continue so long as the minimum paperwork is done eg the annual Corporate Registry requirements are properly completed.  

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01 February 2020

There are three basic business structures to consider when you are starting a business.  A single owner of a business which has not been incorporated is Proprietor owning a Proprietorship.  If two or more people own a business together then they are Partners in a Partnership.  

As discussed in my blog about corporate structures, a person who owns shares in a corporation is a shareholder.  In a small business the shareholder might occupy all four positions in a corporation eg a Shareholder, Director, Officer and Employee.

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