We offer business registrations such as provincial and federal incorporations. Sole proprietorship, partnership registration and NUANS search reports at very reasonable rates.
Following are the kinds of business registrations:
This is the simplest form of operating a business. A sole proprietorship is an unincorporated business that is owned by one individual. The business has no existence apart from the owner. Only one owner is responsible for making all business decisions and, therefore, earns all the profits, but also assumes all risks and obligations. The owner includes the income and expenses of the business on his or her personal tax return.
A partnership is a relationship between two or more persons carrying on a business with a view to making a profit. Some individuals choose a partnership to carry on a business because of its ease of formation and dissolution, as well as its overall lack of formalities. However, like a sole proprietorship, one of the primary disadvantages to choosing a partnership as your business form, includes the unlimited personal liability of each partner for all debts and obligations of the partnership. In other words, every partner is liable for all debts incurred by the other partners while acting in the business, regardless of the capital contribution of individual partners. Also, the owner may be liable for the actions of employees in their employment.
A Corporation is a distinct and separate legal and tax entity from its owner(s). A corporation has its own rights, privileges and liabilities distinct from those its owners or managers. A corporation is owned by its shareholders and is managed and controlled by its board of directors who appoint the officers and agree on the policies and transactions to be undertaken by the corporation.
Benefits of Incorporating:
• Separate legal entity
The act of incorporating creates a new legal entity called a corporation, commonly referred to as a "company." A corporation has the same rights and obligations under Canadian law as a natural person. Among other things, this means it can acquire assets, go into debt, enter contracts, sue or be sued, and even be found guilty of committing a crime. A corporation's money and other assets belong to the corporation and not to its shareholders. When a business is incorporated, its separate legal status, property, rights and liabilities continue to exist until the corporation is dissolved, even if one or more shareholders or directors sell their shares, die or leave the corporation.
• Limited liability
Incorporation limits the liability of a corporation's shareholders. This means that, as a rule, the shareholders of a corporation are not responsible for its debts. If the corporation goes bankrupt, a shareholder will not lose more than his or her investment (unless the shareholder has provided personal guarantees for the corporation's debts). Creditors also cannot sue shareholders for liabilities (debts) incurred by the corporation, even though shareholders are owners of the corporation. Note, however, that if a shareholder has another relationship with the corporation — for example, as a director — then he or she may, in certain circumstances, be liable for the debts of the corporation.
For any other information please fill the following form and our experts will contact you soon.