McLennan​​
Consulting

Incorporating good ideas.

Frequently Asked Questions

Q.  How do I name my company? Do I even need a name?

You don't in fact need a name. But for those who want to incorporate with a name, it is surprisingly often one of the biggest stumbling blocks for start up businesses. There are three element required for your name: Distinctive, Descriptive and Designation.

Read more for answers to questions around how to name your incorporation, beginning with, do you even need to name your company?

Q. Why do I need a Minute Book?

s. 42 of the Business Corporations Act, British Columbia (the "BCABC") requires each company to keep copies of specific documents (your "Minute Book") at its Records Office.

Read more to see what goes in your Minute Book.

Q.  How long does it take to incorporate my company?

McLennan Consulting can incorporate your numbered company and have your Minute Book prepared in one buisness day.  A named company  takes a few days longer as we must submit a name reservation request first which can take a few days for the results to return.  Generally, it can completed within 3 to 4 business days.

Q. Other companies offer incorporations for way less than you? Why?

If it sounds to good to be true, it probably is and the likelihood is that they are not being upfront about all of the costs you actually have to pay.

Read more about McLennan Consulting's fees and what other companies are not being upfront about ...
Q.  Don't I need a lawyer to do the incorporation for me?

No.  s. 10 of the BCABC notes that anyone may form a company.

When you are starting your business, you need to be budget conscious and this is one area in which people often spend needless dollars. Law firms will typically charge anywhere from $1200 to $2000 for the same service provided by McLennan Consulting.

Q. What is the difference between the registered and records office?

Simply put, the registered office is an address at which your company can be served legal documents.  The Records office is an address at which your company Minute Book is kept.  These do not have to be the same address; however they must be addresses within British Columia. 

Q. Who can be a director of my company?

You must have at least one director and s. 124(2) of the Business Corportations Act, British Columbia sets out the qualifications of a director.  Most adults 18 years of age or older can be a director of your company.   Read more to ensure your director(s) of choice qualifies to be on your board.

Q.   Do we need to appoint officers?

Officers are not required.   But, there is a difference between the function and purpose of an officer and a director. Read more to understand the differences and determine if you need to appoint officers.

Q. What share structure should I adopt?

It's best to keep things simple.  "Unlimited" means you are never restricted in the amount of shares you wish to sell in the future should you want to raise capital.  "Common" means there are no restrictions on the shares, such as voting rights.  As to price, it is best to keep the starting price low which allows for growth in the future.  McLennan Consulting usually sets up an Unlimited, Common share structure setting the price at $0.05 per share.  Typically, issue 100 shares at the start and allocate them according to the percentage you wish amongst your shareholders ("Suzie, 30%, Darrell, 25% and Nicki 45%" or "Mom, 50%, Dad, 50%).