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 proprietor, you also assume all the risks of the business. The risks extend even to your personal property and assets.
You may choose to register a business name or operate under your own name or both.
If you operate as an individual, just bill your customers or clients in your own name. If you operate under a registered business name, bill your clients and customers in the business’s name. If your business has a name other than your own, you’ll need a separate bank account to process cheques payable to your business.
When you run a sole proprietorship, you and your business are identical for tax purposes (even if you have a registered business name). If you are a sole proprietor, you pay personal income tax on the net income generated by your business.
Register your new sole proprietorship business name in Canada
Company Formations offers fast & easy sole proprietorship in Canada for only $39.99 plus government fees.
Alberta
British Columbia
Manitoba
New Brunswick
Newfoundland ……………………………………..N/A
Northwest Territories
Nova Scotia
Nunavut
Ontario
Prince Edward Island
Saskatchewan
Yukon
