Closing a corporation

There may be different reasons for closing a corporation, such as:

circumstances change and you no longer need a corporation
there is no one who wants to keep the corporation going
the corporation is not making enough money to keep going
the corporation owes money to people that it cannot afford to pay.

Even if your corporation has stopped doing anything, it's still registered as a legal entity. This means that you must still meet the legal obligations of a corporation, including maintaining records, preparing annual reports, holding meetings, and being responsible for any property or assets of the corporation.

To be free of these obligations, you will need to finish up any corporation business (wind up) and deregister it.

There are 4 ways of closing a corporation:

The right way to close your corporation depends on several things. These include:

how many members agree
what the corporation’s assets are worth
whether the corporation owes money to others.

Depending on your corporation’s circumstances you may be able to go straight to deregistration; otherwise you’ll need to go through a winding up (liquidation) process.