Business Registration
Congratulations! you are about to start your own business. You will need to determine what business structure or organization best fits your needs. The structure of your business will depend whether you want to run your business yourself, with a partner or an associate.
Sole Proprietorship
As a sole proprietorship, you are fully responsible for all debts and obligations related to your business and all profits would be yours alone to keep. As a sole owner of the business, a creditor can make a claim against your personal or business assets to pay off any debt.
General Partnership
A general partnership is best if you want to carry on a business with a partner and you do not wish to incorporate your business. With a partnership, financial resources are combined and put into the business. As partners, you would share in the profits of your business according to the terms of your agreement.
Corporation
A corporation is a distinct and separate legal and tax entity from its owner(s). Incorporating reduces your personal liability, has tax advantages, offers credibility. You can choose to incorporate Federally or provincially in the province of your head office.
