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the long-term financing
Corporation In terms of size, the corporation is the most important form of business organization in Canada. A corporation is a legal entity separate and distinct from its owners; it has many of the rights, duties, and privileges of an actual person. Corporations can borrow money and own property, can sue and be sued, and can enter into contracts. A corporation can even be a general partner or a limited partner in a partnership, and a corporation can own stock in another corporation.
Not surprisingly, starting a corporation is somewhat more complicated than starting the other forms of business organization, but not greatly so for a small business. Forming a corporation involves preparing articles of incorporation (or a charter) and a set of bylaws. Th e articles of incor- poration must contain a number of things, including the corporation’s name, its intended life (which can be forever), its business purpose, and the number of shares that can be issued. Th is information must be supplied to regulators in the jurisdiction where the fi rm is incorporated. Canadian fi rms can be incorporated under either the federal Canada Business Corporation Act or provincial law.1
Th e bylaws are rules describing how the corporation regulates its own existence. For example, the bylaws describe how directors are elected. Th ese bylaws may be a very simple statement of a few rules and procedures, or they may be quite extensive for a large corporation. Th e bylaws may be amended or extended from time to time by the shareholders.
In a large corporation, the shareholders and the management are usually separate groups. Th e shareholders elect the board of directors, which then selects the managers. Management is charged with running the corporation’s aff airs in the shareholders’ interest. In principle, share- holders control the corporation because they elect the directors.