A sole proprietorship Registration is the simplest and most common business structure, where one individual owns and operates the business. Many entrepreneurs like to opt for a sole proprietorship due to its simplicity and ease of setup. This business structure is most suitable for those individuals who wish to have full control over their business operations and decisions and do not want to share profit with anyone.
Advantages Sole Proprietorship in Saskatchewan
Simple set up: Among all business Structure Sole Proprietorship Registration is straightforward. The set-up cost is also low than others.
Lower taxation: The business’s profits and losses pass through to the owner’s personal tax return. That’s why owner can easily avoid double taxation.
Owner Direct control: The sole proprietor has complete control over all business decisions.
Limited regulations: Accordingly, Business act this business structure faces face fewer regulatory requirements Compared to other structures.
Disadvantages Sole Proprietorship in Saskatchewan
Unlimited liability: Like all profits goes to owner, The owner is personally solely liable for all business debts and obligations.
Limited access to capital: sole proprietorship has no legal entity that’s why it is depend on personal loan. Raising funds can be challenging due to the lack of separate legal identity from the owner.
Business Ownership can not Change: Once a sole proprietorship registered you can not change the owner of the business. Even you can not change the name of a sole proprietorship.
Limited potential growth: Most sole proprietorship’s run their activity within the registered province that’s why Expanding the business may be hindered by the limitations of a single owner.
Continuity Concerns: The business is fully linked to the owner, meaning it may cease to exist upon the owner’s retirement, incapacity, or death.
Requirements for Registering a Sole Proprietorship in Saskatchewan
Register Business Name: If you choose to operate under a name other than your own, you’ll need to reserve and register the business name with the Information Services Corporation (ISC) of Saskatchewan.
Obtain permits and licenses: Depending on your business activity, you may require specific permits or licenses from municipal or provincial authorities.
Tax account Registration: Depending on your business operations, you may need to register for a Goods and Services Tax/Harmonized Sales Tax (GST/HST), PST, Payroll and Export import account with the Canada Revenue Agency (CRA).
How to Maintain your Sole Proprietorship Registration in Saskatchewan
Any changed information Sole Proprietorship must be file with corporate office by yourself or though RegiCorp within 15 days.
There are some maintenances that need to file on time to corporate Registry. Some are discussed here:
Renew your Sole Proprietorship: You must file renewal of your business name with corporate registry every three years after the original registration date. You may be filed up it to three months before the expiry date.
What is a Business Name Renewal?
A renewal verifies that the information of your business in the Corporate Registry is correct. It is recommended that you must verify your business information within time frame even if no information has changed.
What happen if I forgot to file a Renewal
If you forgot to renewal your business or it is not received by Corporate Registry by the due date, the registration of the business name will expire as of that date. After that it will show as ‘expired’ on the Corporate Registry in Saskatchewan.
Once expired your business name, your business name becomes available to public requesting a similar name after 90 days. That means anyone can take or reserve your name. After the 90 days, you will have to reserve your business name again and re-register your business.
How RegiCorp can help with Sole Proprietorship Registration in Saskatchewan
RegiCorp has been serving small and medium Business owner and entrepreneurs since 2007. Our Business and Corporate experts and lawyers have been incorporated and registered thousands of businesses and corporations. So, we know Registering a sole proprietorship in Saskatchewan may be relatively straightforward, but still involve complexities and require attention to detail. If any mistake happens during registration, you would be fined, or your business would be cancelled by corporate registry.
RegiCorp can assist you to the registration. Here’s how RegiCorp can help:
Expert guidance: We have team of an expert and experienced personnels. RegiCorp’s knowledgeable Business Specialists and agent will guide you through the complete registration process. Agent will explain each step and ensure you submit the necessary information correctly.
Save time and money: Our designated team will handle the paperwork and filings on behalf of you. That you save your time and money.
Business Name registration: RegiCorp is member of industry Canada we can assist you to reserve your name any jurisdiction in Canada along with Saskatchewan.
Compliance guidance: Our relationship with a customer is not finished after business registration. RegiCorp can provide ongoing guidance on maintaining compliance with relevant regulations and filing requirements. We will send email and call once need to file any annual compliance.
Experienced professionals: With our expertise in business registration, RegiCorp ensures your sole proprietorship as well as all business registration is registered accurately and efficiently.
Focus on your business: By delegating the registration process, you can focus on other essential aspects of launching and operating your business.