Start a New Business | Nava Wilson LLP

Start a New Business

When embarking on a new business venture, it’s crucial to thoughtfully assess the most suitable business structure. The chosen structure has lasting effects on owners and operators, influencing aspects like personal liability and tax obligations. Consulting with an experienced business lawyer is essential to identify the optimal structure for each unique situation.

Our Services

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

the 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

Sole Proprietorship

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

Advantages

Disadvantages

Partnership

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

Advantages

Disadvantages

Corporation

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

Advantages

Disadvantages

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 Number

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 the HST number if it is a new business and you plan to spend more than you earn in the first couple of 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

Business Name Registration

  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 Number

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 the HST number if it is a new business and you plan to spend more than you earn in the first couple of 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

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

Essential elements in a lease:

  1. Identifying the landlord and the tenant
  2. A proper description of the premises
  3. Base rent and additional rent (TMI)
  4. The length of the term and renewals
  5. Commencement date that is fixed or determinable

Let us help you decide

which is the right fit for you!

Closing Cost Calculation

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Frequently Asked Questions

What legal steps are essential when starting a new business in Toronto, Ontario?

Critical legal steps include choosing a business structure, registering the business, obtaining necessary permits and licenses, and drafting contracts. Consulting with a corporate lawyer is recommended to ensure compliance.

What type of business structure is most suitable for my new venture, and how do I choose?

The choice of business structure (sole proprietorship, partnership, corporation, etc.) depends on factors like liability, tax implications, and business goals. Seeking advice from a business lawyer helps determine the optimal structure for your specific needs.

How do I protect my business name and brand legally?

To safeguard your business name and brand, consider registering trademarks. A business lawyer can guide you through the registration process and provide advice on intellectual property protection.

Are there specific regulations and permits I need to be aware of when starting a business in Toronto?

Yes, various regulations and permits apply, depending on your industry. A business lawyer can help identify and obtain the necessary permits and ensure compliance with local, provincial, and federal regulations