A sole proprietorship is an unincorporated business that is owned by one individual only. While it is the most simple of the types of businesses, it also offers the least amount of financial and legal protection for the owner. Sole proprietorships do not create a separate legal identity for the business.
Therefore, the owner is fully liable for any and all liabilities incurred by the company. An entrepreneur may choose this option if they want to retain full control of the company. Additionally, it is a relatively easy and inexpensive process to establish a sole proprietorship. There are also tax benefits, as income is considered the owner’s personal income and therefore only taxed once.
Business Name and Activities
Proper name for sole proprietorship business is very impactful. For sole proprietorship business name no legal suffix required. As per name rules, name should cover distinctiveness and descriptive of the business.
(i.e. Retail, Finance, e-commerce)
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Required Services and Fees
We are committed to provide best quality service to Canadian.
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CRA Account Registration
Every business in Canada must have a business number from Canada Revenue Agency. This is the identification of your business with CRA. For any kind of CRA service you need to obtain Business number. On your business transaction, you need to charge HST/GST to your customers.
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Other Registration
If you want to cross the boundary of your locality and to show your presence globally you need domain reservation for webpage. Our dedicated team will help you to find appropriate name for your business domain. And If your business is in the following categories : construction, restaurant, domestic service and many more risk involve job it is highly recommended to WSIB registration.
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Final Cost
The final estimated price is :
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