Closing a corporation that has property left over

Closing a corporation that has property left over


What do I do if the corporation has property left over?

After payment of creditors' claims, the remaining assets, if any, may be distributed to the owners of the company. Assets are distributed in proportion to the share of ownership of “common” and “participating” shares. If you have a corporation that has multiple classes of stock, such as common and preferred shares, the corporate bylaws typically outline the procedure for distributing assets to these shareholders. For additional information on the distribution of assets, it is best to contact an accountant or tax advisor.


To learn more or to perform some compliance check out our site: https://www.corpcentre.ca/compliance-centre/ 


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