Yukon updates business rules

Yukon updates business rules The Yukon government has asked for feedback on new rules for businesses. The proposed regulations will be part of laws that have already been passed, but not yet proclaimed, by the legislature.

The Yukon government has asked for feedback on new rules for businesses.

The proposed regulations will be part of laws that have already been passed, but not yet proclaimed, by the legislature.

They define how different kinds of businesses and societies are formed, and the rules they must follow while in operation.

The rules were written with the goal of balancing flexibility for businesses with the protection of shareholders, said Fred Pretorius, the director of corporate affairs with Community Services.

One change is that, under the new laws, limited liability partnerships will be allowed to form and to register in the Yukon.

That type of business is common in certain professions across Canada. It means that one partner in a business would not be liable for the malpractice of another.

The rules for naming corporations has also been updated. Before, each type of business had its own naming rules, which were sometimes inconsistent, said Pretorius.

Under the proposed regulations, the naming rules have been consolidated into one set of rules.

Yukon’s many societies will also see changes to their rules.

The proposed new regulations give clarity around what happens if a society fails to hold an annual general meeting, among other things.

They will also allow for societies from outside Yukon to register here if they meet the local requirements.

To review all the proposed regulations, visit Community Services’ Corporate Affairs website. Feedback will be accepted through Nov. 2.

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