Registration of a
Sole Proprietorship: $59*
If you are looking to register a company and will be the only person who performs all the functions required for the successful operation of the business this is called a Sole Proprietorship.
We are able to register a Sole Proprietorship in the following provinces:
Alberta, British Columbia, Manitoba, New Brunswick, Nova Scotia, Ontario, Prince Edward Island and Saskatchewan.
Sole Proprietorship Information |
|||
| Province | Time Frame for Registration | Validity of the Registration and Renewal |
|
| Alberta | 1 to 2 business days | No annual renewal fee, registration is valid until you file dissolution | |
| British Columbia |
Regular Processing 10 to 15 business days Expedited services in 1 to 2 business days for an additional fee |
No annual renewal fee, registration is valid until you file dissolution | |
| Manitoba |
Regular Processing 5 to 10 business days Expedited services in 1 to 2 business days for an additional fee |
Valid for 3 years and then requires a renewal | |
| New Brunswick | 7 to 10 business days | Valid for 1 year and then requires a renewal | |
| Nova Scotia | 7 to 12 business days | Valid for 1 year and then requires a renewal | |
| Ontario | 2 business hours | Valid for 5 years and then requires a renewal | |
| Prince Edward Island | 5 to 7 business days | Valid for 3 years and then requires a renewal | |
| Saskatchewan | 2 to 3 business days | Valid for 3 years and then requires a renewal | |
It’s important to know, an owner of a small business is fully responsible for the business debts and obligations with their own personal assets. Thus, the business owner has unlimited personal liability.
If you are interested to get a limited liability company protecting you from personal liability for your business, you should consider incorporating your company.
Benefits and Disadvantages of a Sole Proprietorship |
|
| Benefits | Disadvantages |
| Easy and inexpensive to set up | Unlimited personal liability |
| Little regulation from the government | Lack of continuity in business organization in absence of owner |
| Directly controlled by the owner/operator | Difficulty in raising capital |
| Minimal working capital required | Owners are taxed at individual tax rate, which is much higher than corporate tax rate |
| Business is taxed through owner’s personal income tax, and losses can be used to reduce taxes on other sources of personal income | |
| Wages payable to a spouse are deductible from the income of the business | |
Important Notice:
If you need to discuss your personal situation with a lawyer, chartered accountant or tax advisor, our company is able to refer you to a professional who is able to assist you.