A quick guide to different forms of business
- Sole Proprietorship
- General Partnership
- Business or Style name for a Corporation
This term defines those individuals who are setting up a business and trying to run a business in its simplest form. When it comes paying debts, the person running the business is responsible. It is not a legal entity, though. A sole proprietorship can either choose to be run under the name of its owner or in some fictitious name.
A sole proprietorship will lose all of its assets and if a creditor has a claim against it. If there is a desire to carry on the business on some fictitious name like we mentioned before, then, in this case, it will have to be registered with the Ministry of Government Services (MGS) with implications from Business Names Act. The fee would have to be paid. But otherwise, there is no need to register the business.
In the former case, the registration is only valid up to 5 years after which it needs to be renewed.
As the name implies, a partnership is an agreement between two people who are willing to join their forces and resources in order to generate profits by establishing a business. A lawyer is needed to help establish some ground rules between the parties not only for the preservation of the business but also for the partnership itself. These rules also govern the division of the profit among the two shareholders.
In this type of business, all the partners are responsible for each other’s actions. Since the business is a divided among the shareholders, they are all entitled to its liabilities individually. For the purpose of safety and obeying the law, all of the credentials of the partners have to be registered with the Ministry of Government Services.
Like the partnership, the general partnership registration also has to be renewed every 5 years.
A legal entity which is separate from its owners and is capable of surviving on its own. A corporation has the right to enter into contracts, borrow money, sue and be sued, carry out human resource tasks, own assets, pay taxes just like any individual.
Often called a legal person, a corporation is formed by the partnership of many people or even by a single person for profit. When it comes to liabilities, a corporation is entitled to a limit, unlike an individual.
Investors and financial institutions mainly offer corporations because of the benefits such as setting up the pension plan, profit sharing options and the ability to carry out operations even if one of the shareholder dies.
If we talk about a not-for-profit corporation, then its sole purpose is to carry out charities, religious or professional tasks without any objectives for profit. In this category, there are five types.
Business name for a Corporation
There is a need to register any other name under BNA if a corporate run on it as opposed to its own. This registration has to renewed every 5 years, and it cannot end with any legal abbreviations.
The name other than the original is also called a style name, a trade name, or any other name added showing the ownership.
Are you ready to incorporate?
If you are thinking to incorporate under below conditions, then you need to buy the NUANS® Report.
Upon the purchase of the report, you are entitled to enter the database of NUANS® which contains the names of corporation, firm or business names and their trademarks which are in registration in Canada. These registered names are administered by Industry Canada and the provinces also have their part in it with the exception of Quebec.
Use the NUANS® Report to:
Our consulting services speak for our professionalism when it comes to helping you in searching for the areas that are intervening in successful profit generations. We can also help in evaluating the possible solution that is based upon practicality. We as a company also provide enough support in the form of effective strategies in order to mitigate the effects of any underlying issues that are causing problems for you.
The consulting services which we offer are spread among the following areas:
Selection of Proper Accounting Software and Its Usage
It is easy to get confused in selection when you are provided with so many accounting software for businesses these days. However, with our consultation, this endeavor is made easy and interesting. How do we do it? We employ our best accounting experience of programs achieved through various means. We have talent in providing you with the best solution for your confusion.
Our clients are always satisfied when it comes to enhancing the business profitability and growth. This is because we have helped them through their hard time and are ready to help you by providing all the possible solutions that can be applied.
Business Succession Planning
As you may know, by effectively transferring assets to your beneficiaries can result in the seamless continuation of the business. In order to make the succession process feasible and successful, we can help you through our experience and professionalism by paying heed to your problems and striving to find their solutions.
Business Valuation comes in handy in sales and purchases. Also, it is deemed paramount in resetting a business and seeing the agreement between partners, settlements of matrimony or proceedings of real estate.
If you are looking for someone who could help you in the above-mentioned area, then we are here to offer the best of our knowledge and experience.
Designing computer systems for your business require hard work and dedication. We are the right people for this job. Whether you are striving to add a new system to your business or you are thinking about setting apart the existing system for repairing purposes, please feel free to contact us.
Debt & Financing Services
Debt can be helpful in times of need but its management requires some serious artwork. This and the searching for financial options take ample time and experience. We are a firm that deals with such management and evaluations all day long and every day. Thus, to get your debt managed and to search for financial options, we are your best pick. Let us serve you.
Financial Planning beforehand is necessary to eliminate any possible risk that may affect your financial needs in the future. In order to chalk out the best road map for your finances and develop strategies that are not only effective but also long lasting, we have our staff well experienced and poised. We can help you in achieving financial stability and financial security.
We can be your support when you are trying to come up with a strategy for the development of your investment strategy. Our experience and client satisfaction show it that we help investment advisors in structuring the portfolio of investment and in keeping an eye on anything that can affect it such as taxes.
Management Advisory Services
Managers and their teams play a vital role in facilitating the growth of any business. We as a company can help strengthen the strategies of your management team through valuable feedback.
Purchase and Sale of a Business
Successful Transaction, valuation, analysis of cash flow, minimization of tax and transferring of assets are the keys to successfully sell and buy a business. As we have a pool of experienced employs, we can help you in planning and preparing strategies for successful function of the aforesaid.
Retirement Planning is necessary if you are seeking the peace of mind and financial independence of your business. Through proper financial planning, this task can be achieved in no time. We are the ones who can do it professionally.
We also offer other accounting services. These services speak of our professional experience that we have gained so far by satisfying the needs of many clients over the years and by learning through implementation. We take pride in being able to produce such variety and also thank our customers for allowing us a chance of involving the services below.
If your business is going through a financial setback, then we are here to support you through your hard times. With proper cash management, refinancing, and assistance in knowing about the potential risks, we can pull you out from your problems in no time.
Disaster Recovery Planning
As the name implies, we offer our services in planning to tackle any future emergency such natural disasters. We can develop a plan that will effectively pinpoint all the potentially risky agents that could cause a devastating harm to your business and will recover it for better operations
We understand the type of care that is necessary for an elder. Our special considerations allow us in constructing easy and implementable plans that can assit you in caring for your elders or your senior clients.