Table of Contents
1. Introduction
2. Starting a Business in Canada
- 2.1 The Sole Prop Business
- 2.2 Pros and Cons of the Sole Prop Business
3. Registering Your Business
- 3.1 Operating Under Your Personal Name
- 3.2 Registering a Business Name
- 3.3 Steps to Registering Your Business Name
- 3.4 Protecting Your Brand
- 3.5 Registering for Taxes
4. Liability Protection and Incorporation
- 4.1 Understanding Liability Protection
- 4.2 Incorporating Your Business
- 4.3 When to Consider Incorporation
- 4.4 Pros and Cons of Incorporation
5. Conclusion
Introduction
Starting a business in Canada can be an exciting venture, but it's important to understand the process and make informed decisions along the way. In this article, we will explore the different options available for starting and registering a business in Canada. We will also discuss the concept of liability protection and when it might be beneficial to incorporate your business. So, whether you're a budding entrepreneur or looking to expand your existing business, this article will provide you with valuable insights and guidance.
Starting a Business in Canada
The Sole Prop Business
One of the simplest forms of business in Canada is the sole proprietorship, commonly known as the sole prop. This type of business allows you to operate under your personal name without the need for government registration or fees. As a sole prop, you and your business are considered one entity, making taxes and financial management relatively straightforward. All your business income, after deducting expenses, is taxed under your personal name.
