Canada CBCA vs Partnership

CBCA is a law enacted by the federal government of Canada, applicable to companies nationwide. It allows companies to exist in the form of consolidating all ownership, meaning that the ownership of the company can be jointly held by multiple shareholders. As a limited liability company, CBCA protects the personal property of shareholders from the impact of company debts. CBCA companies can publicly participate in the market, issue stocks, and be listed on stock exchanges. According to the provisions of CBCA, a company must have at least one shareholder and one director, but these roles can be held by the same person. The directors manage the company; officers, including a secretary, are optional, and one person may hold several offices. There is no minimum registered capital, and no capital verification is required. However, CBCA requires companies to reserve enough capital to fulfill their debts. In addition, CBCA also stipulates that companies must keep corporate records, including shareholder lists, board meeting records, and financial statements.