Business Registration Services
When you are starting a new business, the first decision is determining the business structure that is most appropriate for your organization. There are essentially four forms of business ownership in Canada: Sole Proprietorship, Partnership, Corporation and the Cooperative.
We will help you to identify the most appropriate form of business, based on your needs. We will also assist you in the process of business registration, including registration for HST, payroll, import/export for trade and WSIB.
List of services:
- New business set up
- Incorporation services
- Share structure
- Annual filings
- Corporate minute book services
- Set up Holding Company
- RC1 – Request for Business Number
- Articles of Amendment
- Dissolution and closing down of corporation
Main advantages and disadvantages of each of these forms of business ownership:
The Sole Proprietorship
Advantages
- Easiest form to set up
- Owner solely controls the business
Disadvantages
- Unlimited liability
- Can be hard to raise capital
The Corporation
Advantages
- Limited liability
- Easier to raise capital
Disadvantages
- Most expensive form of business to set up
- Involves extensive paperwork
The Partnership
Advantages
- Shared risk
- Shared management
Disadvantages
- Risk of conflict between partners
- Shared decision making
The Cooperative
Advantages
- Owned and controlled by its members
- Limited liability
Disadvantages
- Decision making can be slow
- Risk of conflict between members
Incorporation creates a distinct legal entity separate from its shareholders/owners. Limited liability is one of the primary reasons that businesses prefer incorporation. The shareholders are generally not personally liable for the company's debts, obligations, or other acts. A shareholder is only liable for the unpaid portion of shares owned. Businesses can be incorporated provincially, giving a company the right to operate in a particular province. Federal incorporation allows a company the right to operate throughout Canada.