In B.C., incorporation creates a legal entity known as a corporation, commonly referred to as a company. Three types of companies may be created through incorporation: Limited company (most common) Unlimited liability company Community contribution company What Incorporation Means Companies are incorporated in B.C. under the Business Corporations Act. The Act gives incorporated companies: All […]
Archive | Doing Business in British Columbia
RSS feed for this sectionDiscover the advantages of investing in British Columbia
British Columbia, Canada has one of North America’s most competitive, flexible, and supportive business climates. Our vast resources, low taxes, stable and well-regulated financial system and fiscally responsible government attract investment from around the world. British Columbia, Canada is an attractive location to start a business or expand existing operations. A stable, welcoming government has […]
How to register a sole proprietorship in British Columbia
Sole proprietorships are registered in British Columbia by filing a “Statement of Registration Sole Proprietorship” with the British Columbia registries office. Step 1: Choose a business name Although there are few restrictions on a business name, you should choose your name carefully. Business names: don’t have to be unique; duplicate business names may exist however, […]
How to form a sole proprietorship
Sole Proprietorships are formed in Canada by filing a statement of sole proprietorship registration with the registry office of the desired jurisdiction of registration. The Registration Process Sole proprietorships are registered in Alberta by filing a Declaration of Trade Name with the Alberta registries office. Step 1: Choose a business name Although there are few […]
Cons of running a sole proprietorship
Liability If your business owes someone money, so do you. And if someone sues your business, they’re suing you personally. Other structures like corporations—act as a shield for this kind of liability. The sole prop doesn’t provide any kind of shield. Uncertain lifespan If a sole prop owner decides to go out of business, the […]
Pros of running your business in Canada as a sole proprietorship
Total ownership When you have a sole proprietorship, you’re the sole owner. While you’re liable for all the business’s debts, you’re also entitled to all its income. And when it’s time to make a business decision, you’re not legally required to check with shareholders or partners. Cheap and easy setup It costs zero dollars to […]
What is a sole proprietorship in Canada?
A sole proprietorship is an unincorporated business that is owned by one individual. It is the simplest kind of business structure. The owner of a sole proprietorship has sole responsibility for making decisions, receives all the profits, claims all losses, and does not have separate legal status from the business. If you are a sole […]
Structuring & Registering Your Business in British Columbia
An important decision that needs to be made at the outset is the choice of legal structure for your business. There are numerous factors that will need to be considered to make the correct decision for your particular business. The most important consideration is that the corporate form will limit your liability for business debts […]
Creating and operating a business corporation in British Columbia
Is incorporation right for you? Whether you should operate your business as a corporation, partnership, sole proprietorship or co-operative depends on your particular situation and your particular needs. Benefits of incorporating a new company in British Columbia Incorporating a new company in British Columbia, Canada offers many benefits to your company, including: creation of a […]
Retaining the Corporate Status of Your British Columbia Corporation
In order to retain the limited liability that your British Columbia corporation offers, you must follow certain corporate formalities involving decision making and the proper record keeping of your British Columbia Corporation records. In short, you’ve got to be organized. Retaining Corporate Status British Columbia Corporations and their owners must observe certain formalities to retain […]
