Going back to 1990, many Nova Scotia lawyers would have favoured an overhaul of the Act. Call the company. The Supreme Court of Nova Scotia recently issued a decision that confirms the availability of this procedure, which will likely increase the use of said procedure. Category - Nova Scotia (NS). Nova Scotia lawyers and, through them, legislators, are beginning to focus on how the NSULC can be brought into the 21st Century without interfering with its usefulness. These shareholders only suffer from unlimited liability if the company is liquidated or (perhaps) becomes bankrupt, in which case the liquidator can call upon these shareholders to contribute to any corporate deficit.• Certain Canadian tax rules, including rules under the Canada-US Income Tax Convention, are more favorable to corporations than partnerships in particular circumstances.• As a Canadian corporation, the NSULC is considered resident in Canada for Canadian tax purposes, regardless of where its members are located. 3328840 NOVA SCOTIA LIMITED : DBA Name: CHASE MARITIME TRANSPORTATION : Physical Address: 99 WYSE ROAD SUITE-1100 DARTMOUTH, NS B3A 4S5 Phone: (647) 515-1020 : Mailing Address: 99 WYSE ROAD SUITE-1100 DARTMOUTH, NS B3A 4S5 USDOT Number: 3317749 : State Carrier ID Number: MC/MX/FF Number(s): MC-1055073 : DUNS Number:-- Power Units: 1 : Drivers: NAFTA and its predecessor, the Canada-US Free Trade Agreement, have generally made it easier for Americans and Canadians to do business throughout North America without regard to borders, and the Nova Scotia unlimited company, or “NSULC” (sometimes pronounced “ensulk“), has been routinely used to provide tax-efficient structures for cross-border investment. Email. Most lenders are now fairly sophisticated about dealing with this liability. SAFER Home | The other three tests—limited life, freely transferable shares and centralized management—were also easier to fail in Nova Scotia as a result of the flexibility of its legislation. If you plan to do business, start a society or want information about existing companies in Nova Scotia, this section is for you. Only companies incorporated under the. Field Office Contacts, Other Information Options for this carrier, Federal Motor Carrier Safety Administration, 1200 New Jersey Avenue SE, Washington, DC 20590 • 1-800-832-5660 • TTY: 1-800-877-8339 •. As a Canadian incorporated entity, the NSULC is a resident of Canada for the purposes of the. Among the advantages in Canada of not being a true partnership are the following: • SULC ‘s members avoid the requirement to file their own tax returns in Canada.• Creditors have no direct rights against the NSULC’s share-holders. However, corporations with substantial US participation may be found to have sufficient Canadian content. 32221777 Nova Scotia Limited Conditions of Licence to Provide Aeronautical Mobile Satellite Services in Canada. These shareholders only suffer from unlimited liability if the company is liquidated or (perhaps) becomes bankrupt, in which case the liquidator can call upon these shareholders to contribute to any corporate deficit. That particular use of unlimited companies fell away as creditors and the public became more comfortable with the limited liability concept when dealing with limited corporations. Nova Scotia was by no means the only province to adopt the English legislation; an English model statute was already law in British Columbia and was later adopted by Alberta, Saskatchewan and Newfoundland as they entered confederation. Because the plan of arrangement is more legally complex and involves two court hearings, its use remains primarily for those cases where an amalgamation is not a practical option. It's all about the journey, not the destination. Once a company has been changed from an unlimited company to a limited company, it can be exported from Nova Scotia to another jurisdiction, if that is desirable. During the tech bubble, NSULCs were used as acquisition vehicles, especially in transactions in which US purchasers bought Canadian companies, using their own stock and exchangeable shares. All rights reserved. 3149411 Nova Scotia Limited has 49 total employees across all of its locations and generates $2.10 million in sales (USD). Contact - 3279356 NOVA SCOTIA LIMITED. • by US companies making Canadian acquisitions (including asset and share acquisitions); • by US persons with existing Canadian holdings seeking a more tax-efficient, or at least tax-transparent, corporate structure; • by Canadians emigrating to the US seeking to avoid double taxation on their Canadian holdings and to trigger an increased cost base for US purposes (an amendment proposed to the Convention in 2000 may eliminate the necessity of using a NSULC to create cost base for US purposes, but the amendment is pending, and the required US election regulations have not been created. | Beginning in 1992 as a trickle and escalating substantially with the adoption of the check-the-box regulations in 1997, NSULCs have proven indispensable to cross-border transaction planning. We now see new financial products developed with NSULCs as necessary components. Catégorie - Nova Scotia (NS) Stories are listed as a data type on the portal. Nova Scotia Business Inc. the province’s business development agency. / 3279356 NOVA SCOTIA LIMITED. 32221777 Nova Scotia Limited shall conform with the eligibility criteria as set out in section 10.1 of the Radiocommunication Regulations.. 2. TAKE NOTICE on the 22nd day of August, 2016, PricewaterhouseCoopers Inc. was appointed Receiver of 3287256 Nova Scotia Limited. Charles S. Reagh • Tel: (902) 420-3335 • Fax: (902) 496-6173 • Email: csr@smss.com&Paul W. Festeryga • Tel: (902) 420-3302 • Fax: (902) 420-1417 • Email: pfesteryga@smss.comStewart McKelvey Stirling Scales900 Purdy's Wharf, 1959 Upper Water St, Box 997, Halifax NS   B3J 2X2. Every NSULC must have a registered office in Nova Scotia at which certain corporate (but not financial) records must be maintained, and must also have a “recognized agent” in Nova Scotia upon whom documents can be served. Happily, this coincided with post-NAFTA North American corporate integration and the tech boom. Taking place June 29–July 6, the Royal Nova Scotia International Tattoo is the world’s largest annual indoor show of its type. Listen now. | Last updated March 26, 2008. Please try again. 3328840 NOVA SCOTIA LIMITED The ability to incorporate three kinds of companies—companies limited by shares, companies limited by guarantee and unlimited companies—struck no one as being particularly useful. Search for real estate and find the latest listings of Nova Scotia Property for sale. We noted earlier in this article that there is no single-step procedure for turning a limited company into an unlimited company. The Nova Scotia Open Data Portal has a unique storytelling feature entitled Perspectives. Continue. So long as this limited entity is properly created under the laws of its incorporating jurisdiction (usually one of the United States ) and steps are taken to ensure that its separate limited liability nature will be respected under local law, there should be an effective shield against liability. There is no evidence that the NSULC was seen, even in the year it was introduced, as having any useful purpose, following the adoption by the Nova Scotia legislature of what was then the state-of-the-art corporate statute, the English Companies Act. Alternatively, of course, the limited company with which it wishes to amalgamate can move to Nova Scotia. | | This benefit is combined with the Canada child benefit (CCB) into one monthly payment.. You do not need to apply for the NSCB. Catalogue général des entreprises au Canada, entreprises et organisations du Canada. As a result, most practitioners continue to use costbump procedures for emigrating Canadians); There is nothing new about unlimited companies, nor have they been designed to meet a particular need of tax planners or to create a “Delaware North” in Nova Scotia. 325 likes. In an effort to simplify a business' interaction with government, Nova Scotia has adopted the Business Number (BN) as the one number to identify an individual business. Unlike the UK, Nova Scotia does not have a simple procedure for moving from limited to unlimited. The essential nature of unlimited companies remains somewhat of a mystery to many considering using an NSULC. We expect to see stream-lining of unnecessarily complex procedures (perhaps including limiting those circumstances where court applications are required to effect corporate changes). The. allNovaScotia is the essential daily report on the region's business and political news for more than 11,000 paying subscribers. This has not appeared, in most cases, to have affected the overall economics of their use). This article was edited and reviewed by FindLaw Attorney Writers Unlimited companies, like all other companies formed under the Nova Scotia Companies Act, are incorporated by filing with the Registrar of Joint Stock Companies a signed memorandum and articles of association (effectively a contract among the shareholders and the company), accompanied by a lawyer’s declaration concerning the propriety of the incorporation and one or two other simple documents. Novascotia.ca is the official website for the province of Nova Scotia. As a Canadian incorporated entity, the NSULC is a resident of Canada for the purposes of the Canada Income Tax Act (the “CITA”) and, as such, is taxable in Canada on its worldwide income. OIG Hotline (We note that in April 2002, Nova Scotia implemented a “tax” on the formation of NSULCs, which effectively increases the government filing fee to C$3,000. Many also make the understandable, but incorrect, assumption that an unlimited entity that is taxed as a partnership must truly be a partnership. client can make use of a Nova Scotia unlimited company. One of these four indicators was limited liability. Complete several transactions at one time and pay online. Other innovative uses of NSULCs have also been developed by tax advisers to address particular issues and particular circumstances. Unlimited companies, if anyone noticed them at all, seemed to be throwbacks to the days before limited liability became identified as a sine qua non of corporate status. The Nova Scotia Companies Act makes this perfectly clear, and it is this hybrid nature that makes the NSULC in many cases so much more attractive than “true” partnership under Canadian law. 1. Accordingly, Nova Scotia lawyers have recently began using the “plan of arrangement” procedures in the, At this point, we have been involved in conversions of companies from virtually every Canadian jurisdiction. Welcome to my retirement page. One reason for confusion is that their similar names and functions, NSULCs are often confused with limited liability companies (“LLCs”) of the type incorporated under US state laws. & D. ENTERPRISES LIMITED "(Nova Scotia (Canada), 2 May 1977 - , 311 MAIN ST … Save this job with your existing LinkedIn profile, or create a new one. Department. Your job seeking activity is only visible to you. Since the check-the-box regulations came into force, the cost of creating such a company has been reduced substantially; no longer is it necessary to have all aspects of the company carefully vetted by expert US tax counsel (although they should still be involved), nor is it usually necessary to compromise the flexibility available in a Nova Scotia company to reach the desired tax status. Using an NSULC to hold the partnership interest of a US resident maintains the Canadian partnership status for Canadian tax purposes);• by US persons with existing Canadian holdings seeking a more tax-efficient, or at least tax-transparent, corporate structure;• by Canadian and US persons making investments in the other country to maximize the tax benefits of cross-border financing arrangements;• by Canadians emigrating to the US seeking to avoid double taxation on their Canadian holdings and to trigger an increased cost base for US purposes (an amendment proposed to the Convention in 2000 may eliminate the necessity of using a NSULC to create cost base for US purposes, but the amendment is pending, and the required US election regulations have not been created. Nova Scotia, however, is the only Canadian province to not only adopt English model legislation but also to maintain it with most of its original features to the present day. Nova Scotia, one of the maritime provinces, is best known for its rich cultural heritage and waterfront real estate. At this point, we have been involved in conversions of companies from virtually every Canadian jurisdiction. As a result, the Nova Scotia Companies Act retains features long viewed as anachronistic but that have, especially over the past 10 years, proven most useful. This is not so unusual, since the check-the-box regulations recognize similar-type hybrids in virtually every major country in the world. An NSULC is also a resident of Canada for the purposes of the Canada-US Tax Convention (the “Convention”). Find Property for sale in Nova Scotia. Manage your business registrations, permits and licenses. Having fun repurposing old buildings into modern apartments. (In the UK there is a three-year period during which these liabilities continue, but no similar provision has ever been enacted in Nova Scotia ). Throughout this period new uses—for example, as part of income trust structures—arose, and previous structures were refined. Feedback Scotiabank® includes The Bank of Nova Scotia and its subsidiaries and affiliates, including 1832 Asset Management L.P. and Scotia Securities Inc. ScotiaFunds® are managed by 1832 Asset Management L.P., a limited partnership the general partner of which is wholly owned by The Bank of Nova Scotia. One of the reasons why imports and exports are common in Canada is because in order to amalgamate two entities, they must both be incorporated under the same laws. The Company's line of business includes the retailing motor vehicle supplies, tools, and other automotive accessories. However, for whatever reason, using NSULCs did not catch on during the ‘80s. • Creditors have no direct rights against the NSULC’s share-holders. The Nova Scotia child benefit (NSCB) is a non-taxable amount paid monthly to help low- and modest-income families with the cost of raising children under 18 years of age. 3227155 NOVA SCOTIA LTD : DBA Name: TDR TRANSPORTATION AND LOGISITICS : Physical Address: 100 JOSEPH ZATZMAN DRIVE DARTMOUTH NS B3B 1N8, NS B3B 1N8 Phone: (902) 576-3190 : Mailing Address: 927 ROCKY LAKE DRIVE BEDFORD, NS B4A 3Z2 USDOT Number: 2582691 : State Carrier ID Number: MC/MX/FF Number(s): MC-904529 : DUNS Number:-- Power … NAFTA and its predecessor, the Canada-US Free Trade Agreement, have generally made it easier for Americans and Canadians to do business throughout North America without regard to borders, and the Nova Scotia unlimited company, or “NSULC” (sometimes pronounced “ensulk“), has been routinely used to provide tax-efficient structures for cross-border investment. USA.gov 3279356 NOVA SCOTIA LIMITED EXIT REAL ESTATE PROFESSIONALS. Take me there. Web Policies and Important Links One thing to keep in mind here: if the shareholder of the NSULC is an LLC (as opposed to a C corporation, S corporation or U.S. resident individual), favorable tax treatment given to dividends paid to U.S. corporations under the convention may be unavailable, and much of the benefit of the arrangement will be lost. The unlimited liability feature does, however, require that most investors using NSULCs take steps to reduce the negative impact of potential liability. By way of some examples, NSULCs are used: • by US companies making Canadian acquisitions (including asset and share acquisitions);• by US persons acquiring interests in Canadian partnerships (to qualify as a “Canadian partnership” as defined in the CITA and receive preferential tax treatment as compared to foreign partnerships, all partners must be Canadian residents. Again, this process has arisen as an innovative use of existing materials to fashion a procedure not expressly provided for by statute. Aircraft was towed off of the runway at 2359Z. Learn more about FindLaw’s newsletters, including our terms of use and privacy policy. Law firms are happy to fill both of these roles for a small annual fee. Company profile page for 3319014 Nova Scotia Ltd including stock price, company news, press releases, executives, board members, and contact information Offices will be closed: New Year’s Day – January 1st Maud Lewis Day – February 17th Good Friday – April 10th Easter Monday – April 13th Victoria Day – May 18th Canada Day – July 1st Natal Day – August 3rd Labour Day – September 7th Thanksgiving – October 12th The vast majority of these reflect the major advantage of the NSULC: Both under the so-called check-the-box regulations for international entity classification issued by the US Treasury Department and Internal Revenue Service effective January 1, 1997, and under the rules in place before that time, the NSULC acts as a flow-through, either as a partnership or as a branch, depending upon whether it has more than one shareholder. Much of the NSULC work in the mid-1990s involved reorganizing existing corporate structures for tax transparency. 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