FREDERICTON (GNB) – To create a more supportive environment for business, the provincial government is reviewing both the Business Corporations Act and the legislation governing Limited Liability Partnerships.
“Modernizing legislation on business operations will help foster economic growth and make our business environment more competitive with other jurisdictions," said Government Services Minister Ed Doherty. “I hope that New Brunswickers take the time to read the proposed changes outlined in the reports and participate in the consultation process.”
The Business Corporations Act provides the framework to incorporate and operate businesses and to register extra-provincial corporations in New Brunswick. Legislation governing Limited Liability Partnerships permit the designation of partnerships practicing an eligible profession as limited liability partnerships.
An overall review of the Business Corporations Act has not been carried out since its enactment in 1981. The Partnerships and Business Names Registration Act and the Partnerships Act were last amended in 2004.
The department drafted two proposals for review with stakeholders and the public after receiving extensive feedback from a representative group of legal and accounting professionals.
The review is part of the provincial government’s commitment to help New Brunswick businesses succeed.
Stakeholders and individuals are encouraged to participate in the consultation process by visiting the Citizen Engagement and Consultation website to submit their ideas and feedback. The consultation period will last 60 days. Those interested in submitting feedback as part of this review may do so until May 20.
20-03-15