Starting a new business isn’t easy. There’s so much to do and it can be overwhelming and hard to navigate where to begin. That’s why Ownr is here to help you make registering your business simple.
5 Important questions to ask before registering a business in Canada:
1. What’s the difference between a sole proprietorship and incorporation?
A question we hear all the time. In essence, a sole prop means you are the sole owner of a business that isn’t distinct from your person—you take on all responsibilities, profits, and debts of your company. Incorporation, on the other hand, is the creation of an entirely separate legal entity. Incorporation limits your liability, is useful for helping to raise funding, and can offer you some tax benefits.