Glossary: Legal & Business Terms Explained

The main legal document that governs your company. It is filed with the Ontario Business Registry and contains your company’s name, share structure, registered office, and more.

A unique 9-digit number automatically assigned to your company by the Canada Revenue Agency at incorporation. It is separate from your company's Ontario Corporation Number.

This is your company's "birth certificate". It is issued by the government and contains the date your company was incorporated.

The legal process of creating a corporation - a business that exists as its own separate legal entity, distinct from its owners/shareholders.

A required name search report to ensure your business name is available. Any name that is available on the date of the NUANS Report is reserved for 90 days.

You choose the name (e.g., “ABC Design Inc.”). Allows you to brand your company right away.

The government assigns a number as your company's name (e.g., “1234567 Ontario Inc.”). Often used when speed is more important than branding.

Filing your incorporation paperwork through a digital platform (like ours), instead of going through a lawyer or mailing paper forms. Faster, simpler, and often more affordable.

A unique ID given to your business by the Ontario government once you incorporate. It is separate from your company's business number which is issued by the Canada Revenue Agency.

The official address of your corporation where legal documents and government mail are sent. It must be a physical address, not a P.O. Box.

Formal decisions made by the directors or shareholders (like appointing officers or issuing shares). These are recorded in your company's minute book.

Physical representation of shares issued. Shares do not need to be certificated in Ontario.

Shares represent ownership in your corporation. Each share can be assigned a dollar value when issued (e.g., $1 per share). You decide how many shares to issue and at what price.

A company that’s owned by another company (the parent). Useful for structuring multiple brands or separating business risks.

A special type of corporation for licensed professionals (like doctors, lawyers, or accountants). There are stricter rules around naming, ownership, and what business it can conduct.

Shareholder: Owns the company. Director: Legally responsible for the company’s actions and governance. Officer: Handles the day-to-day operations (e.g., CEO, Treasurer). In small businesses, one person often fills all three roles.

A business owned and operated by one person, without incorporation. It’s simple, but offers no legal separation between you and the business.

A single person starting and running a business. Could be incorporated or operating under a sole proprietorship.

The legal process of creating a corporation. It gives your business a separate legal identity from you personally.

A yearly update to the Ontario Business Registry confirming your corporation’s info. It is not the same as a tax return.

Rules that define how your corporation is run - like how to hold meetings, appoint officers, or issue shares.

Filed with the Canada Revenue Agency (not the Ontario Business Registry). It’s your corporation’s income tax return, required every year even if your company has not made any money.

A form that tells the Ontario government about your directors and registered office. Must be filed within 60 days of incorporating.

A physical or digital record that contains all your company’s key legal documents: articles, resolutions, share records, by-laws, and more. It’s legally required in Ontario.

Initial decisions made by the directors and shareholders to set up the corporation, such as approving by-laws, appointing officers, and issuing the first shares.

A document signed annually by the directors to confirm key business decisions, such as approving financial statements and appointing officers for the upcoming year.

A document signed annually by shareholders to confirm key business decisions, such as approving financials or electing directors for the upcoming year.

A required record showing who has "true ownership" of the company (even if they’re not directly listed as shareholders). Helps with anti-money laundering compliance.

A confidential code issued by the Ontario Business Registry. It lets you access and manage your company’s profile online. Don’t lose it!

A record of all individuals who have served as directors or officers, including their names and dates of appointment and/or removal.

A record of all share ownership - who owns how many shares, when they were issued, and at what price.