Register or incorporate
Find out which type of business structure works best for you.
This type of business is owned by one person who calls all the shots - and that's you!
Sole proprietorship in a nutshell:
- You make all the decisions
- Personal tax credits
- All the profits are yours
- Simple tax structure and benefits
- Business lifespan is the same as the owner’s
- You are personally responsible for all the business' financial and legal liabilities
- You are responsible for protecting your business name
This type of business is a separate legal entity from its owner and it can be owned by one or more people.
Incorporation in a nutshell:
- Since corporations are separate legal entities, owners are not personally liable for the business' financial and legal liabilities
- Decisions are made by the corporation's directors (you and any others named as directors)
- Business has an unlimited life span
- Easier to grow your company and raise money
- Potential to qualify for certain small business tax deductions and other tax benefits (get more information from your accountant)
- Limited business name protection (Named only)