BUSINESS REGISTRATION

Starting a business can be very overwhelming. There are many questions and we have the answers to them.
Whether you decide to go solo or in a partnership there are two main legal structures. Sole Proprietorship or Incorporation. However, there is more it than just the legal structure. Business Registration may also involve:

HST Registration
Payroll registration
WSIB
Master Business License
Not-for-profit and more

At BG Accounting and Business Solutions we not only help you decide which registration is most suited for, but we can also register you in less 24 hours in most cases.

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Is it best for you to Register or Incorporate?

Find out which type of business structure works best for you.
Once your business is generating revenue, you may need to register for, collect, and remit the federal goods and services tax (GST) or, in some provinces (like Ontario), the harmonized sales tax (HST).

Do you need to register?

Your business must register for a GST/HST account and charge GST/HST if you sell taxable supplies in Canada and are generating over $30,000 in revenue.

Sole Proprietorship 
You make all the decisionsYou make all the decisions
Utilizes personal tax credits
All the profits are yours
Simple tax structure and benefits
Income is taxed on personal tax rate (higher than corporate rate)
Losses can be applied to other sources of income to generate funds
Business lifespan is the same as the owner’s (continuity concern)
You are personally responsible for all the business’ financial and legal liabilities (unlimited liability)
You are responsible for protecting your business name
Low cost to set up and maintain

Book a consultation now to figure out which registration is best suited for you

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Incorporation
The business is a separate legal entity from its owner The business is a separate legal entity from its owner
Can be owned by one or more people
Since corporations are separate legal entities, owners are not personally liable for the businesses financial and legal liabilities (limited liability)
Decisions are made by the corporation’s directors
The business has an unlimited life span
Lower corporate tax rate
Easier to raise money and/or grow your company
Potential to qualify for certain small business tax deductions and other tax benefits
Limited business name protection
Expensive to set up and maintain

Book a consultation now to figure out which registration is best suited for you

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