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  • Incorporation vs Sole Proprietorship
    Incorporation and sole proprietorship are two different business structures, each with its advantages and disadvantages. Understanding the differences between them can help you decide which option best suits your business needs A sole proprietorship is the simplest and most common form of business ownership. It is an unincorporated business owned and operated by one individual. Incorporation involves creating a separate legal entity known as a corporation. It is owned by shareholders and managed by a board of directors. The corporation is considered a distinct legal entity separate from its owners.
  • Liability
    The owner of a sole proprietorship is personally responsible for all business debts and liabilities. There is no legal separation between the business and its owner, which means personal assets are at risk. Shareholders' liability is limited to the amount they invest in the company. Their personal assets are generally protected from business debts and liabilities. NOTE: There are times when directors can remain personally liable for a business's debt if certain preconditions are met. For example: > Unpaid employee wages and vacation pay. > Employee source dedications and remittances. > GST/HST remittances
  • Taxation
    In a sole proprietorship, the business income is considered the owner's personal income and is reported on their personal tax return. There is no separate business tax return. Corporations file their own tax returns, and corporate profits are subject to corporate income tax. Shareholders also pay taxes on any dividends they receive.
  • Control
    In sole proprietorship the owner has full control over the business and makes all decisions without having to consult other stakeholders. Corporations are managed by a board of directors, and major decisions are made collectively. Shareholders elect the board of directors and may have a say in certain decisions through voting rights.
  • Advantages
    Sole Proprietor: Easy and inexpensive to set up, less paperwork and formalities, direct control over the business, and flexibility in decision-making. Incorporation: Limited liability, potential for easier access to funding, more credibility with customers and suppliers, and potential tax benefits.
  • What business structure is right for you?
    Choosing between incorporation and sole proprietorship depends on factors such as the nature of your business, potential risks, tax implications, growth plans, and personal preferences. Many small businesses start as sole proprietorships due to simplicity, while others may choose incorporation for added protection and growth opportunities.
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