Now that you have successfully incorporated your not-for-profit business, have you thought about your next course of action? If you thought that getting your incorporation certificate will put an end to your legal obligations, then you are mistaken. Getting your business incorporated through a business lawyer in Edmonton, Alberta is just the initial step of legalizing your business. To ensure healthy growth and smooth functioning of your organization, you have to follow these steps after incorporating your not-for-profit business:
1. Have an Organizational Meeting
Ideally, the first thing to do after getting your not-for-profit business incorporated is setting up a meeting of the incorporators or the first directors of the company. The aim of this meeting should be to organize the corporation by adopting resolutions that ensure the smooth functioning of your business. A minimum of 5 days notice should be given to all the directors to prepare for the meeting.
2. Make Bylaws
During the organizational meeting, collectively come up with the necessary bylaws for your company. These set of rules concerning the operations and governance of your corporation should include the date of your corporation’s financial year-end, the banking arrangements, the hiring process and the qualification requirements for hiring employees. You will also have to set up a process for amending these by-laws and define the powers given to each of the directors. You can do this after consulting your business lawyer in Edmonton, Alberta to ensure successful execution.
3. Maintain Corporate Records
One of the requirements of the Not-for-profit Act is for corporations to maintain their records systematically. This includes registers of members, directors, and officers, and the minutes of member and director meetings. One of the agendas to be discussed in the first organizational meeting will be the maintenance of the corporate records and the rules required to ensure all the records are well-maintained.
4. Create a Corporate Bank Account
After incorporating your not-for-profit organisation, you will have to choose a financial institution for all your banking requirements. This means having your corporate account in that financial institution. In the first meeting, you, along with the other directors, should finalize on the financial institution, determine the process of conducting banking transactions, and authorise the signing officers.
5. Incorporate Provincially and Territorially
Once you get your not-for-profit organization incorporated federally, the next step is to get it incorporated provincially and territorially. Federal incorporation makes your organization a legal entity, but provincial and territorial incorporations let you carry on activities within Canada’s provinces and territories. There are different types of registrations, such as extra-provincial corporate registrations, business name registrations, and fundraising registrations that need to be completed post the incorporation of your organisation.
These were a few things you should do after incorporating your not-for-profit organization. To know more about the legalities involved in incorporating your business, get in touch with a good business lawyer in Edmonton, Alberta.