One of the most important requirements whenever starting a business is to register it. You have to fill out the application and whatever market you are targeting, you may need to obtain a license and permit to operate.
Before you start investing your money on a business, it is crucial to know the legal business structure that’s suitable to your enterprise. Basically, this is a decision that you must not take for granted as the decision you make is going to affect your taxation levels, liabilities, ownership status, succession, disposal of your company if you have decided to sell it in the future and other legal matters.
If you’re living in Ontario for example, you will notice in your research that Sole Proprietorship, Partnership and Company are the most common business structures being applied for.
Number 1. Sole proprietorship – this is a type of business structure …