Sole Proprietorship in BC
BC small business registration
Sole Proprietorship is the most common form of business in Canada. A business associated only with you is known as Sole Proprietorship.
When an individual carries on business for the individual’s own account without involving the participation of other individuals (except employees), the individual is operating as a sole proprietor.
- Sole Proprietorship is the easiest form of business to register
- Sole Proprietorship has low start-up costs.
- Sole Proprietorship gives the greatest freedom from regulation. A sole proprietorship does not require to be registered if the business is carried on under the owner’s name. If the business uses a name other than the owner’s or adds “ and Company” or other word, the Business Names Act requires that the business name be registered before it is used.
- A Sole Proprietorship form of business can be incorporated at a later stage because it is not necessary to have the same form of business for life.
- Sole Proprietorship has unlimited personal risk. All assets of the owner are exposed to creditors of the business.
- Sole Proprietorship, as a form of business, is not a legal entity. It is best thought of as a legally registered business alias under which you operate.
When starting a business in BC, your first decision will be the type of business structure that is the most appropriate for you. Sole Proprietorship and Partnership both have their benefits and drawbacks. No one method is best in every case, and consideration must be given as to which method will be most appropriate in your situation. To analyze your options, consider the following criteria: desirability of limited liability; desirability of perpetual existence; number of proposed proprietors; borrowing requirements; cost; and income tax.
Package Services include:
|Government Filing Fees||$ 40.00|
|Name Reservation Fees||$ 59.95|
|Registration Fees||$ 45.00|
* Taxes and disbursements are extra, where applicable.