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B.C Section 201
§1. Legal Incorporation
a) Any business with the intent of engaging in economic activity in the State of San Andreas shall be registered and licensed with the Department of Finance by its majority shareholders. The registration shall mention the (fictitious) name, the business address, the statutes of the business (field of activities) and its shareholders.
b) For the purpose of the aforementioned paragraph, a majority shareholder shall mean any shareholder owning more than fifty percent (50%) of all shares of the business. In the case that the distribution of shares has resulted in every shareholder owning less than fifty percent (50%) of all shares, then the application for registration shall be submitted by the minimum number of shareholders required to collectively represent a majority of all shares.
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B.C Section 202
§2. Business Name
Whereas a business name implies the official name under which a business is registered as a legal entity, a fictitious business name refers to the name under which a business publicly presents itself and engages in commercial activities. The exclusive right to a particular (fictitious) business name belongs to the first business successfully registering it with the Department of Finance. The first actual visible, public and continuous use of a name shall not entitle the creator exclusive use of that name if the name was not registered with the Department of Finance.
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B.C Section 203
§3. Transfer of Ownership
New business owner(s) are required to report any form of change of ownership to the Department of Finance in order for the registration to preserve its legality. A notification of change of ownership shall contain the full name of every shareholder, the legal address of every shareholder, the date of birth of every shareholder, the distribution of the shares among all shareholders and written proof of the transfer of ownership.
