Registered Sole Proprietors and Partnerships
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2 01.00 How to register a company Sole Proprietor or Partnership
Product description: Anyone can set up and register a sole proprietorship. The Basics You Need To Know How to register a company Registered Sole Proprietors and Partnerships

How To

Incorporate or Register Your Business

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How to incorporate or register your company anywhere in Canada

Registered

Sole Proprietors

and Partnerships

The Basics You Need To Know

How to register a company Sole Proprietor or Partnership

Registered Sole Proprietorships

 

Generally in a sole proprietorship, you are the sole owner of the business, its assets and are personally responsible for all debts and liabilities.

While you may have employees, usually you would manage the business and run the show yourself and be completely in charge.

Setting up a

Registered Sole Proprietorship

Usually you simply go to the local Provincial business registry office, fill in a very simple form, pay a small fee ($60 or so) and you are in business.

Each province has slightly different rules, but they are straight forward.

Choosing a Name:

You are not required to do a business name search through NUANS, but it is a very good idea to make sure no one else is using your proposed company name.

If you intend to operate under anything other than your own name, the business name must be registered.

In any event, make sure your name is not being used by someone else or so similar that it could be confused. You might be sued by the other company.

A proprietorship must be registered in the province in which it operates.

Legal Requirements

Anyone can set up and register a sole proprietorship.

Various licences are required. Usually these include a sales tax licence, vendors' permit, and any municipal permits. The registry office will tell you exactly which ones you require and can often direct you to the right office

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Registration

 

Registering a business costs less than $100 for 5 years, but gives little or no protection to the owner.

It's up to you to keep your registration up to date. This means renewing it before the end of the 5-year period, You will not be notified by the government when you need to renew. If you fail to renew, your registration ends.

Registration of your Sole Proprietorship or Partnership costs about $60 but varies by province.

You simply register your business with your local provincial business registration office and you are in business.

This just registers your business name with the government and lets you obtain GST and HST numbers, vendor permits and similar licences.

While it helps prove that you have registered a business name, it does not prevent others from using the same name.

Registering your sole proprietorship or partnership type business gives you no protection to speak of, but it is fast, easy and cheap. You can always incorporate at any time if you decide you want better protection.

Registered Partnerships

Limited and General

The biggest difference between a sole proprietorship and a partnership is the partnership has more than one owner.

General Partnership:

Each of the partners owns all the assets and is responsible for the debts and liabilities in the partnership.

Limited Partnership:

All of the partners own all the assets, but the limited partners can limit their liability to the amount invested in the partnership.

Partnership Declaration:

Limited partners must file a partnership declaration with the government.

Limited partners should also specify in writing, the rights and responsibilities of each partner

Partners can and do employ others to help run the business, but the partners are in charge.

Usually you simply go to the local Provincial business registry office, fill in a very simple form, pay a small fee ($60 or so) and you are in business.

Each province has slightly different rules, but they are straight forward

Anyone can set up and register a registered partnership.

Various licences are required. Usually these include a sales tax licence, vendors' permit, and any municipal permits.

The registry office will tell you exactly which ones you require and can often direct you to the right office

 

 

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This is not legal advice it is  information .