There are several types of business structures to choose from when starting a new business, including sole proprietorship, partnership, limited liability partnership (LLP), and corporation. Each structure has its own unique benefits and drawbacks, so it's important to consider the specific needs of your business before making a decision.

A sole proprietorship is a business owned and operated by one person. The owner is personally responsible for all debts and liabilities of the business, and there is no legal distinction between the owner and the business

An LLP is a business structure that offers personal asset protection for partners while retaining the tax benefits of a partnership. Partners in an LLP have limited personal liability for the debts and obligations of the business and are typically only liable for the extent of their capital contributions.

A partnership is a business owned by two or more people. Partners are personally responsible for all debts and liabilities of the business, and there is no legal distinction between the partners and the business.

A corporation is a separate legal entity from its owners, and shareholders are not personally responsible for the debts and liabilities of the business. A corporation can be taxed as a separate entity, and shareholders are taxed on their share of the profits.

The tax implications of each business structure will vary depending on the type of business and the specific circumstances of the owners. Contact us to determine the best structure for your business and to ensure compliance with all applicable tax laws.

The best business structure for your company will depend on the specific needs of your business, including its size, goals, and operations. Considerations such as personal liability, management structure, and tax implications should all be taken into account. Contact us to help determine the best structure for your business.

To register a business in Canada, you will need to choose a unique business name, obtain any necessary licenses and permits, register for taxes and workers' compensation, incorporate the business if desired, and open a business bank account. The process may vary depending on the type of business and the province or territory in which it is located. Contact us for any additional details.