Quebec: New legislation governing businesses takes effect on February 14, 2011
By CO Staff @canadaone | February 11, 2011
Quebec -- On February 14, 2011 new legislation for registering and maintaining a sole proprietorship, partnership, legal person or corporation in the province will come into effect.
The changes will modernize many aspects of business registrations in the province and will now allow businesses in Quebec to take advantage of new technologies for things like online registration and distance voting.
Sole proprietorships and partnerships will now be governed by the Act respecting the legal publicity of enterprises, which consolidates the Act respecting the legal publicity of sole proprietorships, partnerships and legal persons and the Act respecting the enterprise registrar.
Corporations will be governed by the Business Corporation Act, which modernizes legislation that applies to companies governed by Parts I and IA of the Companies Act.
Under the new legislation businesses will be able to:
- register a sole proprietorship online;
- incorporate a company online; and
- make updates and changes online.
Key changes in the new Business Corporation Act are simpler, more flexible rules intended to reduce red-tape. The new legislation makes it possible for companies to use new technologies to simplify procedures such as distance voting for shareholder meetings. There is also improved protection of minority shareholders.
"The adoption of these two new statutes is the culmination of many months of work that involved a large number of stakeholders in the business and legal communities," said Minister of Finance and Minister of Revenue, Raymond Bachand. "When they come into force next February 14, they will be components of the most modern business law framework in Canada. All Québec companies subject to them will benefit."
Business registration forms were removed from the Enterprise Registrar website on February 4, 2011 in preparation for the change. The new registration and management tools will be available on Monday, February 14, 2011.
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