Sole proprietorships are registered in Prince Edward Island by filing a “Declaration for Registration of a Business Name” with the Prince Edward Island corporate 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 […]
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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 Prince Edward island
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 […]
The Importance of Protecting Your Prince Edward Island Corporate Status
An Prince Edward Island 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 […]
Incorporating a new Company In Prince Edward Island Checklist
If you are thinking of incorporating a new business in British Columbia, the following checklist may help you. Please note that not all steps will be necessary for every corporation, and there may be some steps that are necessary for your corporation that are not included. Decide to Incorporate File Articles of Incorporation Adopt Corporate […]
About Business Name Registration in Edward Island
Edward Island Business Name Registration. A business name does not have a legal existence in its own right. It is simply a name used by one or more persons to represent their business to the public. That means the sole proprietor or partners are personally responsible for the debts and obligations of the business. Registering […]
About Incorporation in Prince Edward Island
About Incorporation in Prince Edward Island. Corporations are incorporated provincially in Prince Edward Island, according to the provisions of the Prince Edward Island Business Corporation Act with the Prince Edward Island Registries Office “Prince Edward Island Registries”. Company Formations Canada provides fast and easy Prince Edward Island Incorporation Service and provides all the documents your […]
