7252569-MIdterm-1 (dragged) 38 - Kieso Weygandt Warfield...

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Kieso, Weygandt, Warfield, Young, Wiecek Intermediate Accounting, Eighth Canadian Edition 15-4 documents are appropriately completed. Once the certificate of incorporation is issued, the corporation is recognized as a separate legal entity bound by the laws of the country and the provisions of the CBCA. The entity’s owners have greater legal protection against lawsuits. An added advantage is that incorporation involves the issue of shares, which allows access to capital markets. Corporations may be classified by the nature of ownership as follows: public sector corporations (government units such as municipalities, cities; government business enterprises such as Canada Post) and private sector corporations. b. Provincially incorporated companies would be subject to the requirements and provisions of the respective province's business corporations act. 6. Within a given class of shares, each share is exactly equal to every other share. A person's
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