Ontario Agreement to Adopt Pre-Incorporation Contract
If you entered into a contract on behalf of a company that was not incorporated yet, you can assign it to the corporation later under this Agreement to Adopt Pre-Incorporation Contract.
- The Agreement is made between a newly incorporated Ontario company and its principal shareholder. The new company agrees to adopt a contract between the shareholder and another party, which was entered into prior to its incorporation.
- The shareholder assigns its interest in the prior contract to the new company, and the new company becomes a party to the prior contract in place and stead of the shareholder, as if it had been an original party.
- As a principal of the corporation, it is advisable that you do this as soon as possible after incorporating to avoid any tax or other liability arising under the contract.
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Last Updated: 22-November-2017