Turning your idea into a reality

There are a number of “must do’s” when you are getting off the ground.

We provide all non-legal services starting at $379.

 

 

 

 

 

Business structure

Your first step is to decide which form of business structure best suits your needs. We always recommend seeking legal counsel but we will provide an overview of the different structures.

Sole proprietorship or Trade name

This is the simplest form of a business structure.  While the paperwork requirements are lighter than other business structures and there are some tax advantages, you do assume unlimited liability.

This means that creditors can make claims against your personal assets.

Funding and government grants (where available) are harder to secure using a sole proprietorship business structure.

 

Partnership

A partnership is an unincorporated business created between two or more partners.

If you choose this structure it is critical to seek legal advice to establish partnership agreements.

A partnership assumes many of the advantages and risks of a sole proprietorship, spread among the partner group.

 

Incorporation

A corporation is registered either at the provincial or federal level. When incorporated, a business is a separate legal entity, separate from its shareholders.

This biggest advantages are limited liability, transfer of ownership and greater access to capital.

Disadvantages include greater expense due to increased regulatory and filing requirements.

 

Business name

It’s likely that you already have a name for your business. A unique name is not required for sole proprietorship’s and partnerships, but is required for corporations.

Unique names are required for corporations. We provide a name search services.

Consider your business name in conjunction with domain registration.

 

Business registration

You are required to register your business (regardless of structure) with government.

Your requirements will depend on the nature of your business and where you will operate.

 

Business number

A business number identifies your business to federal, provincial and municipal governments.

Filing for GST and handling payroll will require a business number.

 

Permits and licenses

Specific permits and licenses are required for certain types of business.

Depending on the nature of your business, the industry and location will dictate the licensing requirements.