Sole proprietorships are registered in Ontario by filling the Registration Form 2 with the Ontario Ministry of Government Services, Central Production, and Verification Services Branch. 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 […]
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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 Ontario
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 […]
Creating and operating a business corporation in Ontario
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 Ontario Incorporating a new company in Ontario, Canada offers many benefits to your company, including: creation of a separate legal […]
Retaining the Corporate Status of Your Ontario Corporation
In order to retain the limited liability that your Ontario corporation offers, you must follow certain corporate formalities involving decision making and the proper record keeping of your Ontario Corporation records. In short, you’ve got to be organized. Retaining Corporate Status Ontario Corporations and their owners must observe certain formalities to retain the corporation’s status […]
Ontario Extra Provincial Registration Supporting Documents
Ontario Extra-Provincial Registration Support Documents Canadian and foreign companies interested in registering and operating in the province of Ontario can do so by registering extra-provincially in the province. The Extra provincial registration process is done by filing an Application for Extra-Provincial Licence with the Ontario Ministry of Government Services. This application must be accompanied by […]
About Incorporation in Ontario
Corporations are incorporated provincially in Ontario, according to the provisions of the Ontario Business Corporation Act with the Ontario Registries Office “Ontario Registries”. Company Formations Canada provides fast and easy Ontario Incorporation Service and provides all the documents your new Ontario corporation will need to stay up-to-date and in compliance with the Ontario Business Corporation […]
