Guide Incorporating Your Business For Dummies

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All businesses in Canada have the option to incorporate federally or provincially. Federal incorporation lets you do business under the same name in all provinces and territories, but it's more expensive and a little more work to setup and maintain. Provincial incorporation is likely sufficient for most ecommerce business owners operating out of Canada. If your business is registered in Quebec you need to register with Revenue Quebec. Mistakes can be very costly.

As you weigh up the pros and cons of incorporation, remember you do have other options when it comes to officially structuring your business. Which one you choose really depends on whether you want to go it alone or go into business with partners or associates. Very easy to setup and run, with the minimal amount of paperwork, sole proprietorships are by far the most popular structure among new ecommerce store owners.

Business taxes are paid on your annual individual income tax return, and you are personally responsible for the debts, actions and obligations of your business. Going into business with a buddy? Looking to combine financial resources? A partnership might be the right option.

Incorporating Your Business For Dummies

Be sure to draw up a formal partnership agreement with the help of a lawyer to protect both your interests and ensure you have a mutual plan for the dissolution or succession of the business should either partner want to move on. If the partnership is not equally split between partners, you might consider a limited liability partnership in the business which gives you profit-share but removes you from direct control or management of the business.

The least common business structure in Canada, a cooperative is a business is owned and controlled by an association of members typically a group or people or businesses who team up to provide goods and services.


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Remember, incorporation requires careful planning and the right advice. Not all businesses need to take this step and not all will incur the perceived tax benefits. So take the time to consider incorporation as part of your wider business goals — not just because the next guy tells you need to do it.

Going into business with a buddy? Looking to combine financial resources?

How to Incorporate a Business: Your Guide to Benefits, Types & More

A partnership might be the right option. Be sure to draw up a formal partnership agreement with the help of a lawyer to protect both your interests and ensure you have a mutual plan for the dissolution or succession of the business should either partner want to move on.


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  6. If the partnership is not equally split between partners, you might consider a limited liability partnership in the business which gives you profit-share but removes you from direct control or management of the business. The least common business structure in Canada, a cooperative is a business is owned and controlled by an association of members typically a group or people or businesses who team up to provide goods and services.

    Remember, incorporation requires careful planning and the right advice. Not all businesses need to take this step and not all will incur the perceived tax benefits.

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    So take the time to consider incorporation as part of your wider business goals — not just because the next guy tells you need to do it. Check out our comprehensive guide on forming a business in the United States. Get free online marketing tips and resources delivered directly to your inbox.

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    Incorporating Your Business

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    How To Incorporate Your Business - S Corp, C Corp, LLC, Corporate Finance, Business Credit,Taxes/CPA

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    Importance of incorporating to protect your assets

    Planning a business Assessing your readiness, choosing a business structure, market research and writing a business plan. Choosing a business name Selecting a good name, checking if a name is taken, registering and protecting your business name. Registering your business with the government Registering or incorporating your business, plus how to apply for a business number or tax account.

    Is incorporation right for you?

    Applying for business permits and licences Permits and licences that you may need for your business from all three levels of government. Getting business support and financing National and regional business support, including financing for immigrant and aboriginal entrepreneurs. Report a problem or mistake on this page.