Incorporate or register your business?
This question is essential when starting a business
Registration is the easiest and most economical way to open a business.
Whether you are self-employed or own an ecommerce store, registration is necessary to operate legally.
The limits of a registered or sole proprietorship are:
- You are the sole owner
- All profits or losses are your responsibility
Incorporating your business allows it to become a legal entity in its own right, separate from its shareholders.
Here are some of the benefits of incorporating:
- Possibility of multiple owners (shareholders)
- Possibility of a lower tax rate
- Potential for expansion across Canada
- Less risk of financial impact on founders
- Easier to receive funding
- Presents a more professional and credible image
Before you incorporate, we recommend that you ask yourself this question:
Does your situation, and your company's plan, allow you to take full advantage of these benefits?
Neolegal is here to help you make this important choice.
Book a call with our specialists to launch your business in the right way according to your needs.
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