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Open HST, Payroll, Import/Export, Sole-Proprietorship or Partnership
Choose The Right Business Structure, Check Availability Of The Proposed Business Name
Learn How To Choose The Right Business Structure, How To Choose The Right Business Name
A. Choosing the Right Business Structure
When you are starting a new business, your first decision you have to make is about the business structure that is the most appropriate for your business. we can help you to select the right structure to better serve you and your business some common structures are listed below.
If you are planning to run the business on your own and without partners, then you will be operating as a sole proprietor.
- Low start-up costs.
- Greatest freedom from regulation.
- Unlimited personal risk. All assets of the owner are exposed to creditors of the business.
- Lack of continuity.
- More difficult to raise capital.
- You must report all income on your personal tax return. Very limited tax planning potential.
A partnership occurs when two or more persons are carrying on business.
- Ease of formation. A Partnership Agreement should be prepared.
- Low start-up costs.
- Limited outside regulation. The business name must be registered.
- Unlimited personal risk. Each of the partners is personally liable for the full amount of the debts of the partnership.
- Lack of continuity. The death or voluntary retirement of a partner dissolves the partnership. An individual interest in a partnership is transferable only with the consent of the remaining partners.
- More difficult to raise capital.
- Responsibility for your partner’s actions. Unless otherwise stipulated in a Partnership Agreement, each partner is authorized to act on behalf of the partnership and bind it legally.
- Very limited tax planning potential. The individual partners must each report their share of the partnership’s income (or loss) as their own, whether or not they have taken any of the profits out of the partnership. A partner is not taxed on draws but on his or her share of the partnership’s income.
A corporation is different because it its own legal entity separate from that of the people who own its shares.
- Limited personal risk. The greatest advantage of incorporation is the limited liability that it confers on shareholders with respect to debts, obligations, and liabilities of the corporation.
- Ability to raise capital. The ability to issue various classes of shares with preferences as to dividends, redemption or convertibility and to utilize bonds or debentures greatly enhances a corporations ability to obtain funds for expansion or development.
- Possible tax advantages. Small Canadian controlled private corporations are taxed at approximately half the regular rate on the first $500,000 of active business income in each year. A corporation also has additional tax planning and income splitting arrangements available.
- Continuous existence & Ownership is transferable. The death or withdrawal of a shareholder does not affect the existence of the corporation, which enjoys perpetual succession.
- More closely regulated.
- More expensive form to organize.
- More record keeping is necessary.
B. Check availability of the proposed business name
Choosing the right name is an important decision. You want a name that will draw potential customers, help clients identify your company and build your business image. A name that is easy to remember and provides information about the products or services you offer is always a good choice.
Choosing a business name
We Help you to Choose a distinctive name to stand out from your competitors. Make sure the name is not misleading or confusing in its description of the goods or services you will provide.
Before making a final decision on your business name and ordering forms or stationery, you may want to know if someone else is already using the name. You can do a Preliminary name search that will allow you to check up to 3 names for $15 plus tax. A more accurate NUANS search would be advisable if you want to be absolutely sure that your name is not used by someone else. You can order a NUANS here. The cost is $39.95 plus tax per each name you search.
Once you have selected your business name we can perform a name search, or to simplify the process, we can do the name search as part of your application form.
C. Register the business name or Incorporate the business
Registration of the business is done by completing an application form that is then delivered directly to the appropriate government department.
Once your application for a Sole Proprietorship or a Partnership is approved you would receive a document called a Master Business Licence. If you choose to Incorporate your business, you will receive a document called Articles of Incorporation.
Both documents are legal documents that confirm registration of the business with Ontario government or your selected Location. The Master Business License will be valid for 5 years. Articles of Incorporation are valid in perpetuity.
You can provide you with a sample of each document by email. Just send us a message in the box below
To register your business in Ontario, you will need to provide:
Name and address of the business.
Description of the business activity.
If you have a partner, the same information would be required for your partner.
D. Apply for HST, Payroll, Import/Export and WSIB Accounts
We Help you to apply for HST – GST any business that generates more than $30,000 in annual taxable sales has to register for HST
Payroll – Any business that has employees must register for a Payroll account
Import/Export – If you are planning to trade with other countries, this account would be very helpful
WSIB – This account is mandatory if you are going to have employees.
You can request all or any of the above tax accounts during the registration process. Simply check the appropriate checkbox on the application form.
E. Expected Costs
The cost of registering a Sole Proprietorship, Partnership or a Trade Name for 5 years is the same.
It is $135.00 plus applicable taxes. You can also request registration of the necessary tax accounts like HST, Payroll, and WSIB. When you go to the application form you would be able to create your own customized package.
Incorporation services are more expensive due to the higher government fees. Incorporation cost would range from $500 to $900. However registration never expires, so you pay only once for the entire life of the business.
Canadian Government registration fee chart by Provinces
|Province of Filing||Government Registration Fees||Processing Times|
|Alberta||$55||2 business days|
|British Columbia||$40||2 business days|
|Manitoba||$60||10 business days|
|New Brunswick||$112||7 business days|
|Nova Scotia||$66.55||7 business days|
|Ontario||$60||2 business days|
|Prince Edward Island||$90||10 business days|
|Quebec||$34||7 business days *|
|Saskatchewan||$55||7 business days **|
|Yukon Territory||$25||7 business days|
* Please be advised that the NEQ (Numero d’entreprise du Québec) is obtained at the time of filing, however, there is a government processing time of approximately 14 business days before the trade name is officially approved.
** Please be advised that the current government delay to obtain a name decision for Saskatchewan is approximately 15 business days. This delay is in addition to the processing times for incorporations and business name registrations.