Business Registration

There are a few things you need to do when opening a new business. First of all, you need a business name. In Canada, you may choose to operate your business under your first and last name, or you can register a unique name and obtain a Master Business License. From a business point of view, having a unique business name will make you look more professional, which may potentially increase the number of clients who are interested in your products or services. This license will be good for five years, and then it will need to be renewed. Second step is to register for tax related accounts with the Government. Certain types of businesses may also be required to register for WSIB account.

 

Before you begin providing services or selling products, it is very important to understand that as a self-employed entrepreneur, you may be liable personally for things that go wrong when doing business. Hence it is very important that you consider purchasing business insurance policy.

 

While self employed individuals are exposed to liability risks, shareholders of most corporations have limited liability up to the amount of their investment in the entity. This benefit combined with the opportunity to pay lower rate of tax on income earned by a corporation make a lot of entrepreneurs interested in incorporating their business.

 

Partnership is another form of conducting business in Canada. Many businesses decide to use this business structure as it provides flexibility when sharing profits of a business between business partners.

 

Whether you choose to be self-employed, incorporate or become a partner, our firm will help you with all steps required to register the business. In addition, we can provide advice on whether it makes sense to incorporate a business based on financial and non-financial factors discussed with clients. Once the best structure is chosen, we will help with all the steps required to open your business.