Vehicle

SOLE PROPRIETORSHIP – you are the sole owner, and fully responsible for all debts and obligations related to your business.

Advantages:

  • Easy and inexpensive to register
  • Less regulatory
  • Direct control of decision making
  • Minimal working capital required for start-up
  • All profits belong to you

Disadvantages:

  • Unlimited liability
  • Income is taxable at your personal rate
  • Difficult to raise capital on your own

PARTNERSHIP – a non-incorporated business that is created between 2+ people with combined financial resources.

Advantages:

  • Easy and inexpensive to form
  • Equal managing power
  • Equal share in profits
  • Possible tax advantages

Disadvantages:

  • No legal separation between you and your business
  • Unlimited liability
  • Difficult to find a suitable partner
  • Financially responsible for business decisions made by your partner(s)

CORPORATION – most common form of business organization that is done at the federal or provincial level.

Advantages:

  • Limited liability
  • Continuous existence
  • Separate legal entity
  • Easier to raise capital
  • Tax advantageous

Disadvantages:

  • Closely regulated
  • More expensive to set up
  • Extensive corporate records required
  • Residency requirements for directors

Space

At Nava Wilson LLP, our Corporate and Real Estate teams will work together to make starting a business easier than you think.

Essential elements in a lease:

  • Identifying the landlord and the tenant
  • A proper description of the premises
  • Base rent and additional rent (TMI)
  • The length of the term and renewals
  • Commencement date that is fixed or determinable

Purchasing a property or dealing with a lease? Let us help you navigate the processes involved!

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Financing

Financing can be obtained in 2 ways:

  • Internally, for example by way of shareholder loans or equity
  • Externally by way of bank lines of credit and loans or private third-party loans.

We will work directly with your lender to smoothen the process!

License

Master Business Licence :

  1. If you have a number corporation, you could register for an operating/trade/business name.
  2. If you have a name corporation, you should register for an operating/trade/business name only if it is different than the corporation name.

The registration is valid for 5 years.

We can register this for you within minutes!


HST#

You should register for an HST number if your business earns more than $30,000 in revenues (not profits) in a year.

You could also voluntarily register for HST number if it is a new business and you plan to spend more than you earn in the first couple months of operations.

Nobody loves taxes, so we will work directly with your accountant to save you the tax headache!


WSIB

The Workplace Safety Insurance Board provides benefits and services to workers who have been injured/ill at work, and can be mandatory by law for certain businesses. Find out more here.

Not sure if your business must register with WSIB? Ask Us

Contracts

Business contracts that you may need to prepare, or sign, include:

  • Insurance contracts
  • Lease agreements
  • Employment contracts
  • Service agreements

Let us look over these contracts so you know your rights!

LET US HELP YOU DECIDE WHICH IS THE RIGHT FIT FOR YOU!

We will be there to help move your company forward through all the stages of growth.

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