A corporation has a legal personality distinct from that of its shareholders and directors. From its incorporation and throughout its existence, it must comply with various obligations stipulated by the law under which it is incorporated, as well as by other applicable laws.

Depending on the circumstances, a company must, in particular:

• to keep and maintain the corporate records and documents required by law;
• document the decisions of the shareholders and the board of directors;
• hold the required meetings or, where permitted by law, adopt the written resolutions that replace them;
• to keep up-to-date information regarding directors, officers, shareholders and shares;
• document the issuance, transfer, repurchase, purchase and cancellation of shares;
• to maintain up-to-date information and records relating to persons exercising control over the company and to make the required declarations, when required by applicable rules;
• produce the required declarations and updates to government authorities;
• retain corporate, accounting and tax documents for the applicable periods;
• produce the required tax returns and comply with other tax and administrative obligations.

The obligations may differ depending on whether the company is incorporated under the Quebec Business Corporations Act or the Canada Business Corporations Act . Other requirements may also apply depending on the company's activities.

The directors must ensure that the company's obligations are met and that its minutes book and corporate documentation are kept up to date.

Comprehensive documentation also facilitates important company operations, particularly during financing, the arrival of an investor, a reorganization, or the sale of the company.

In summary , a corporation must comply with various corporate, governmental, accounting, and tax obligations throughout its existence. Regularly updating its documentation helps keep its records in order and facilitates future procedures and transactions.