How Do You Register A Business In Ontario - Business Walls

Registering A Business in Ontario

Are you an entrepreneur planning to start a business in Ontario? Before you take the leap and embark onto your business journey, you need to understand the process of registering a business – a critical step in any business launch! By understanding how to register a business in Ontario, you’ll be able to make your dream a reality. This guide goes over the basics of what all entrepreneurs should know when registering a business in the Canadian province of Ontario.

1. Business Structures: What are Your Options?

The business structure you choose will be dependent on the size, scope and long-term goals of your business, but the most popular (also including the simplest) options for businesses operating in Ontario are as follows:

Sole Proprietorship

As the owner of a sole proprietorship, you’re personally responsible for all debts and obligations of your business – meaning your business and personal finances are not legally separated. However, one advantage to consider is the minimal set-up costs and paperwork you’ll need to file for a sole proprietorship.

Partnership

A partnership is when two or more people share ownership of a business. In Ontario, if your business has two or more owners, you’ll need to register as a partnership with your local government. In a partnership, each partner is responsible for paying taxes on their share of the profits that were earned as well as any liabilities that were incurred. Plus, depending on the written agreement, each partner is entitled to a share of the overall profits.

Corporation

You may want to consider registering your business as a corporation if you plan to expand your business or pursue financing. Incorporating your business separates the legal identity of your business from your personal identity – meaning that your personal assets will be protected in case of a lawsuit. The paperwork and setup costs for forming a corporation may require more time and money than other business structures.

2. Registering Your Business in Ontario

Registering your business in Ontario can be done by visiting the Service Ontario website. When registering a business in Ontario, you'll need to make important decisions such as deciding if you'll use a business name, if the name is already in use and if it’s available for your desired business structure. Moreover, in order to operate a business in Ontario you need to register with Corporations Canada, where you’ll need to provide your business name, the type of business, the incorporation date and more.

FAQs

1. Do I need a business name?

Not necessarily. If you wish to register a sole proprietorship or partnership, it's not required as you can use your own name. Working as a corporation, however, requires you to have a business name upon registration.

2. How long does the process take?

Typically, when registering a business in Ontario, it takes about 4-5 business days after you’ve submitted all the necessary paperwork to complete the process. Although, it can take longer depending on the complexity of your company's structure.

Once you've familiarized yourself with basics of registering a business in Ontario and completed the necessary steps, you'll be fully prepared to get your business off the ground. So, make sure to do your research and don't hesitate to reach out to your local government or knowledgeable professionals for extra guidance.

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