Not for profit mags in Ontario need to look at proposed changes

Many smaller magazines operate in Ontario as not-for-profit corporations. It will be of interest to them that the Ontario government's Ministry of Government Services is undertaking a public consultation on the renovation and reform of the Ontario Corporations Act. It has possible implications and magazine publishers may wish to read the government's discussion document and make comments before the deadline of July 31.

Among the possibilities being considered are:

• Streamlining of the laborious "letters patent" process into an "as of right" system
• Listing and defining specified purposes for not-for-profit incorporation
• Regulating "for profit" activities carried on by "not for profit" corporations
• Creating classes of not-for-profit corporations rather than having one size fit all
• Possibly protecting offices and directors of not-for-profit corporations from liability or capping liability
• Mandating certain kinds of financial disclosure
• Changing or enhancing legal remedies provided for members of a not-for-profit corporation

[UPDATE: A friend reminds us that federal corporations would not be affected. Many magazine companies incorporate provincially because federal incorporation means you have to file both federally and with the province where you're headquartered and because it is somewhat more expensive to incorporate federally. If you want to learn more about federal incorporation, you can do so at the Corporation Canada website.]