Incorporation is a big decision for an entrepreneur, and there is a lot of advice out there that can make it seem more complex than it needs to be. But never fear, this article is a comprehensive compilation of Ownr’s insights on incorporating a business in Canada.
Let’s get started!
1) When are you ready to incorporate?
There are two main drivers when considering whether to incorporate your business: limited liability and taxes.
The benefits of limited liability cannot be overstated. By incorporating, you will separate your personal and business obligations. This is crucial, as an Industry Canada study concluded that only half of all small businesses survive beyond their first five years.
If you incorporate and your company goes south, your personal assets will remain pr