In theory, the legal life of a corporation is...?
dependent on the firm's management
- Anonymous1 decade agoFavorite Answer
A corporation has "perpetual existence".
- D NLv 61 decade ago
A corporation is a legal entity unto itself thus having its own taxation year end, business numbers and bank account. It can only be closed when the Principal owner(s) proceed with the paperwork to, in essence, kill it. As with an individual death, the income tax preparation is involved and expensive.
This is true in Canada, however, it may be different in other countries. Check with your accountant who will know how it affects your company.Source(s): Small Business Trainer and Coach.
- miketorseLv 51 decade ago
I thought it was fifty years, and had to be renewed (technicality). But I could be wrong.