1 / 10

Introduction to Forming a Non-Profit Corporation

Introduction to Forming a Non-Profit Corporation. SOHL Annual Provincial Conference Member Consultation October 20, 2013. Information Services Corporation (ISC). https://www.isc.ca/CorporateRegistry/FormingaNonProfitCorporation/Pages/default.aspx

aleshanee-clark
Download Presentation

Introduction to Forming a Non-Profit Corporation

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. Introduction to Forming a Non-Profit Corporation SOHL Annual Provincial Conference Member Consultation October 20, 2013

  2. Information Services Corporation (ISC) https://www.isc.ca/CorporateRegistry/FormingaNonProfitCorporation/Pages/default.aspx • There are two main types of corporations: A business corporation is formed to make a profit and distribute that profit to its shareholders. • A non-profit corporation is formed to carry on activities for purposes other than the financial gain of its members. It can earn a profit, but any profit must be used to further the goals of the group rather than be paid out to the members.

  3. Why a Non-Profit Organization May Wish to Incorporate • Some of the reasons to incorporate include: • - To have a formal structure under which to operate. A corporation can take part in legal proceedings in its own name. • - To hold title to land. A corporation can own and sell property in its own name. • - To qualify for grants or funding. Funding opportunities may be greater because the organization may have increased stability. • - To apply for a bingo or lottery license; and • To limit the personal liability of members. Generally, a shareholder of a corporation is only liable to the extent of his/her investment in the corporation. The membership may change, but the corporation continues to exist as the same legal being. • An unincorporated association is an organization created by an agreement or understanding among a group of individuals. It has no legal status. Its members are personally responsible for any debts of the organization. If it gets into legal trouble, all of its members can be sued individually. Also, title to any property must be in the names of all individual members, which can make buying and selling property difficult.

  4. There are two kinds of non-profit corporations:

  5. How to Incorporate a Non- Profit Organization An organization may incorporate under federal laws or provincial laws. If an organization will carry on its activities in more than one province it may wish to incorporate under federal law. A local organization that will operate and remain in the community or province will usually incorporate under provincial laws. A non-profit group may be incorporated by one or more people. Each person must be: - at least 18 years of age; - mentally competent; and - not have the status of bankrupt.

  6. Step 1: Conduct Name Search Before you may incorporate a Saskatchewan Non-profit Corporation, you must search and reserve a name for that corporation, unless you are incorporating as a number corporation (eg. 101010101 Saskatchewan Inc.). The Name Availability Search and Reservation can be performed online before submitting your application for incorporation OR you include the Non-profit Name Availability Search and Reservation form in your documentation submission (Steps 2-3).

  7. Step 2: Complete the Articles of Incorporation Once you have your name search results and reservation number, you may complete and submit the forms required to incorporate online - Click here to access our Corporate Registry online registration website.You may also view the Non-Profit Corporations Act Incorporation Kit, which contains a copy of all the forms (and instructions) required to incorporate and/or register a Non-Profit Corporation in Saskatchewan.

  8. Step 3: Submit the Required Documentation with Payment You can submit forms online, by mail, fax, or in person.Online (costs $65): You may file Articles of Incorporation online using the Corporate Registry's online registration website. Mail, Fax or In Person (costs $65):Forms may be faxed, mailed or dropped off at our Corporate Registry Customer Service Centre. Corporate Registry1301 1st Avenue Regina, SKS4R 8H2 Phone: (306) 787-2962Fax: (306) 787-8999 corporateregistry@isc.ca

  9. Step 4: Receiving your Certificate of Incorporation Once your request is successfully processed you will receive a Certificate of Incorporation in the mail. The turnaround time for receiving this certificate will depend on the method you chose for delivery.Mail, In Person or FaxIt usually takes two weeks to process incorporation documents submitted by mail, fax or in person. ElectronicallyIf you choose pre-defined text on the Articles of Incorporation, your corporation will be incorporated effective the date you started the incorporation online. Your Certificate of Incorporation will be mailed out to you the next business day. If you choose to enter your own text on the Articles of Incorporation, your forms must be reviewed by Corporate Registry staff. This normally takes two or three business days. You will be notified by mail if there is an issue with your Articles of Incorporation.

  10. All information presented today has been obtained from the ISC website: https://www.isc.ca • Forming a Non-Profit Corporation • How to Incorporate a Non- Profit Organization • Articles of Incorporation and Bylaws • Roles and Responsibilities of Directors, Officers and Members • Meetings • Bylaws • Corporate Records • Financial Management and Financial Reporting • Reporting and Filing Requirements • Electronic Communications • Frequently Asked Questions (FAQs)

More Related