Adding, removing and deleting corporations efficiently using Conquest’s intuitive interface for seamless corporate management.
Introduction
Adding a private corporation in Conquest is both fast and efficient, ensuring a seamless experience. The platform allows you to manage multiple corporations with various share classes, providing flexibility to meet diverse client needs. Whether your clients have complex corporate structures or straightforward setups, Conquest simplifies the process. Additionally, deleting corporations is just as straightforward, enabling you to maintain an organized and up-to-date client portfolio effortlessly.
Adding a Corporation
Step 1:
- Access the 'Client Data' tab located at the top of the navigation panel on the left side of the screen.
- Select "Current Data - Corporations" from the dropdown menu.
Step 3:
- The corporation details are displayed on a separate set of cards. From the center of the screen, select '+Corporation.'
Step 4:
- Within the Corporation Details card, you can input key information such as the Corporation Description, the most recent Fiscal Year-End Date, the Province of Taxation, Lifetime Capital Gains Eligibility, and Small Business Limit Eligibility.
This streamlined approach ensures that all critical corporate data is captured accurately and efficiently.
Step 5:
- Navigate to the Asset Allocation tab under Corporation Settings in the left menu to define the Current Profile and Recommended Profile for the investment account within the corporation.
This feature allows for precise alignment of investment strategies with corporate objectives.
Deleting a Corporation
To delete a corporation, simply select the Corporations drop-down menu located in the top-left corner of your screen. From there, click on the trash icon next to the corporation you wish to remove.
Customizing Corporate Structures and adding share classes
The Corporation Structure card provides the flexibility to modify existing share classes or add new ones.
By selecting "Share Class +" in the bottom-right corner of the screen, you can seamlessly create either a Common Share Class or a Preferred Share Class, ensuring the structure aligns with your clients' needs and corporate goals.
The default share class is Class A, allowing you to input details such as Paid-Up Capital and Adjusted Cost Basis. When both a client and co-client are entered, the shares automatically default to a 50/50 split between the two.
This allocation can be customized to reflect the specific circumstances. Additionally, shares owned by third parties can also be recorded, providing flexibility for diverse ownership structures.
Once the clients' corporate structure is finalized, the data cards on the Corporations screen are fully enabled, providing access to all necessary features for managing and refining corporate details with ease.
Shareholder
- You can seamlessly add an existing corporation or trust as a shareholder by selecting the + Shareholder button.
- Currently, Conquest supports the addition of one corporation and one trust, ensuring a clear and structured ownership framework.
