Sole Proprietorship
Sole Proprietorship in Ontario
The previous name of this product was Ontario Master Business Licence (MBL). It is also known as businessname registration in Ontario. A sole proprietorship in Ontraio must be owned by a single person and not a corporation. When this type of business entity is owned by a corporation, in Ontraio, it’s called Trade Name Registration.
Shelf Corporation
In most provinces, this is also known as business name registration. In Alberta, a sole proprietorship and a trade name registration is done in the same form and hence, sometimes a sole proprietorship is called trade name registration in Alberta. To register a sole proprietorship, you must have a address in the designated province.
What are the advantages of a sole proprietorship:
Its simple structure and your autonomy are among the greatest advantages of running a sole proprietorship, but there are more perks:
- They’re easy and inexpensive to set up
- You’ll have direct control of decision-making
- Minimal working capital usually required
- There are some tax advantages, such as expenses and losses offsetting your income
- All profits go to you, the business owner
What are the disadvantages of a sole proprietorship:
The main disadvantages result from the lack of a corporation or partnership to help assume your business’s risk:
- No corporation to assume liability risk so any claims may have to be paid from your personal assets
- As the business owner, you’re responsible for all debts
- Inability to sell equity in the business makes it difficult to raise capital
- Harder to sell or transfer your business to others when it’s solely dependent on your involvement
OUR SIMPLE PROCESS
Get it done in 3 Simple steps
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Fill out our website form step by step and place order with Credit Card, PayPal or e-transfer.
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Let our registry agent clear the payment, review your order and file with the Governmental unit.
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Check your inbox and receive the final documents. You are all set.
New Registration and Renewal
A Sole Proprietorship is an unincorporated business that is owned by one individual. It is the simplest kind of business structure. The owner of a sole proprietorship has sole responsibility for making decisions, receives all the profits, claims all losses, and does not have separate legal status from the business.
If you are a sole proprietor, you also assume all the risks of the business. The risks extend even to your personal property and assets.
Ready to start a sole proprietorship in Ontario?
Our expert team simplifies the new registration and renewal process, ensuring compliance with provincial regulations. We handle name registration, Business Number applications, and local permits for new businesses, and manage efficient renewal services to keep your business active. Trust Ontario Business for streamlined, hassle-free sole proprietorship services.
"As a first-time entrepreneur, I was overwhelmed by the paperwork and legal complexities of starting a business. Busines Ontario made the entire process incredibly smooth and efficient. Their user-friendly platform and expert guidance walked me through each step, saving me countless hours and headaches. I highly recommend their services to anyone looking to start a business hassle-free!" - Emily Chen
BENEFITS & ANSWERS
Frequently Asked Questions
Find out why Busines Ontario leads the way in our industry. Check out our FAQs to see why we're your top choice for all your needs.
NUANS Reports are used to determine the availability of a corporate/business name. In order for you to register or incorporate your business, a NUANS Report is required by the Federal & most provincial governments.
It is valid for 90 days. If the 90-day period has ended, you must order a new Nuans report to submit.
Name pre-search is a kind of name pre-checking process before obtaining a Nuans report. Pre-searches save you time and money by eliminating proposed names with exact matches before you pay for a Nuans report. Let’s explain a bit more. A Nuans report having exact conflict or partially conflict with an existing name, won’t work. In such case, again a new report required with an alternative name. This process will continue until you get a successful name that is free from conflict. The process costs money and time. To avoid this problem, government has introduced the pre-search system in the name database. Therefore, we may conclude that, conducting a pre-search determines whether the Nuans report going to work or not.
Yes, you still need a Nuans report. Web domain searches determine whether a certain url is available or not. Many companies are active in Canada without a website. Moreover, domain name registration is under a different authority while business name registration is under Industry Canada and provincial corporate registries. Your business domain name can be different than your registered business name. Reserving a domain name, does not give any guarantee that such a business name will be approved by government. Therefore, ideally speaking, reserving a domain name is the next process after getting a business name approved. In our agency, you may order a Nuans report and domain together, so we can do these both works together to avoid miss-match of each of them.
Yes. A google search is a general web search and only shows part of Canadian registered business who have online presence. A google search result does not represent a comprehensive search result from Canadian government’s corporate name database. Moreover, a NUANS search report has many other elements that are necessary to determine the name result, whereas a google search doesn’t have those elements.
The descriptive element of a corporate name is the part of the name that indicates the nature of the business of the company (e.g. Starbuck Coffee Shop). The descriptive element can be specific such as “Coffee Shop”, or it can be more general, such as “Enterprises”.