Sole Proprietorship
If you want a simple and straightforward business registration and do not go to complex taxation. And if you
do not want
to share your profits to anyone then Sole Proprietorship is best suit for you. But These offer no personal
liability
protection. Your personal assets are at risk if the business incurs debts or is sued.
Partnership Business Registration:
Partnership Business is also similar to Sole Proprietorship, but the difference is it is owned and managed by
Owned and
managed by two or more individuals who share profits and losses according to their agreement.
There are three types of Partnership Business:
A. General Partnership: One or more owners share all profits, losses, and responsibilities with
unlimited personal
liability.
B. Limited Partnership (LP): Combines general partners with limited partners who have limited liability
for
business debts.
C. Limited Liability Partnership (LLP): Similar to an LP, but all partners have limited liability for
business
debts.
This business is suitable for Professional Body like Doctor, lawyers, accountants and other professional body.
Trade Name registration Under a corporation:
A trade name, also known as a business name or operating name that is register under a corporation. While it
can be the
same as your legal company name, many businesses choose a simpler or more descriptive trade name for easier
recognition.
In some cases, registering your trade name might be required, especially if it differs from your legal name.
This helps
protect your business identity and prevents others from using the same name.
Here are some key points to remember about unincorporated businesses in Ontario:
A. They are easy to set up but offer no personal liability protection.
B. They are suitable for small businesses with limited risk.
C. Suitable for one or a few individuals or for a limited time.
D. Business Registration now has 5 years limited time. After 5 years you must renew it.
Master Business Licence:
There is no Master Business Licence in Ontario. Master Business Licence, now called Business Name
Registration in
Ontario. It's valid for five years and is ideal for sole proprietorships and partnerships and Trade Name.
Corporation:
A corporation is a separate legal entity, and it is completely distinct from its owners. If you do not want
your
personal property to be liable for business, then it will shield your personal assets from business
liabilities.
This business is owned by shareholders who elect a board of directors to manage the business. However, it is a
bit
complex setup process with associated fees for incorporation and ongoing compliance requirements. No worries
RegiCorp is
here to do all processes in an eye blink.
Additional factors to consider:
Industry regulations: Certain industries may have specific requirements for business structures. Please
beware of them
and take our business specialist help for that.
Easy Funding: Corporations may have easier access to capital compared to other structures.
Growth potential: Consider if your business has the potential to scale and if the chosen structure can
accommodate
future growth.