Sole proprietorships are registered in Manitoba by filing the Form # 1 “Registration of a Business Name and Business Filing Request” with the Manitoba companies 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 […]
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RSS feed for this sectionHow 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 New Brunswick
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 New Brunswick
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 New Brunswick Incorporating a new company in New Brunswick, Canada offers many benefits to your company, including: creation of a […]
Retaining the Corporate Status of Your New Brunswick Corporation
In order to retain the limited liability that your New Brunswick corporation offers, you must follow certain corporate formalities involving decision making and the proper record keeping of your New Brunswick Corporation records. In short, you’ve got to be organized. Retaining Corporate Status New Brunswick Corporations and their owners must observe certain formalities to retain […]
Retaining the Corporate Status of Your New Brunswick Corporation
In order to retain the limited liability that your New Brunswick corporation offers, you must follow certain corporate formalities involving decision making and the proper record keeping of your New Brunswick Corporation records. In short, you’ve got to be organized. Retaining Corporate Status New Brunswick Corporations and their owners must observe certain formalities to retain […]
The Importance of Protecting Your New Brunswick Corporate Status
An New Brunswick corporation is a legal entity that is created and regulated by state laws. For legal, practical, and tax purposes, a corporation is legally separate from any of the people who own, control, manage, or operate it. If you want the advantages of having a corporation, you must follow legal requirements for running […]
